427 W Islay Street, SANTA BARBARA, CA 93101
$6,500,000
Property Type:
Res Inc
Lot Size (sq. ft.):
16,117
Status:
Closed
Current Price:
$6,500,000
List Date:
9/09/2024
Last Modified:
4/02/2025
Description
22 Units in the Heart of Santa Barbara. This is an incredible investment opportunity, ideally situated to take advantage of the city's robust rental market. This property features a mix of 1-bedroom, 1-bathroom apartments and cozy studios. A convenient common laundry facility adds to the property's appeal for tenants. Recent upgrades too numerous to mention. Ample off-street parking. Priced to deliver a cap rate of over 5 percent, this investment offers both strong cash flow and potential for long-term appreciation. With its prime location near Cottage Hospital and the entire medical district, residents will enjoy easy access to Santa Barbara's dining, shopping, and entertainment, making this property a standout addition to any investor's portfolio.
More Information MLS# 24-2981
Location Info
Country: US
Compass Map: Santa Barbara
Map Grid: N12
Cross Street: Castillo St
District: 20 - SB/WEST OF STATE
Street #: 427
Dir: W
Street Name: Islay
Street Suffix: Street
State: CA
Postal Code: 93101
County: Santa Barbara
Parcel Number: 027-081-021
Contract Info
Seller Consider Concessions: Yes
Current Price: $6,500,000
Price: 6995000
Begin Date: 2024-09-09
Status: Closed
Property Information
Year Built: 1968
Apx # Acres: 0.37
Recurring Fees: No
Number of Units: 22
Neighborhood/Schools
Elementary School: Peabody
Junior High School: S.B. Jr.
High School: S.B. Sr.
Owner Info
Deposit: 3
Remarks
Hot Sheet Comment: price
Proximity
Near Bus: 1
Near Hospital: 1
Near Park(s): 1
Near Shopping: 1
Unit 1
# Units: 20
# Bedrooms: 0
# Baths: 1
# Half Baths: 0
Furnished: N
Rent: 1949
Monthly Total: 38980
Income/Expenses
Total Monthly Income: 42737
Other Income: 1020
Annual Income: 525084
Capitalization Rate: 5.46
Total Annual Exp: 127184
NOI: 403900
Unit 2
# Units: 2
# Bedrooms: 1
# Baths: 1
Monthly Total: 4257
Zoning
R-4: 1
Terms
Cash: 1
Conventional: 1
Listing Type
ER: 1
Parking Info
Total # Unconvered Spaces: 22
Status Information
Sold Date: 2025-04-01
Sold Price: $6,500,000
Under Contract Date: 2024-10-21
NeighborhoodSchools
Neighborhood: 15 or 20 - Downtown
Property Features
Proximity: Near Bus; Near Hospital; Near Park(s); Near Shopping
Zoning: R-4
Terms: Cash; Conventional
Listing Type: ER
Documents
Preliminary Title Report ›
Listing Office:
Keller Williams Realty Santa Barbara
Last Updated: April - 02 - 2025
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