427 W Montecito Street, SANTA BARBARA, CA 93101 (MLS# 23-2686)

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427 W Montecito Street, SANTA BARBARA, CA 93101

$4,800,000

Property Type: Res Inc Square Footage: 7,225 Lot Size (sq. ft.): 10,454 Status: Closed

Current Price: $4,800,000 List Date: 9/08/2023 Last Modified: 9/15/2024

Overview

Description

Twilight Apartments is a well-located multi-family property in Santa Barbara's West Beach area, close to Santa Barbara Harbor, West Beach, Santa Barbara City College, Pershing Park, and all that Santa Barbara's waterfront has to offer. Property consists of (1) 2Bed/1Bath, (6) 1Bed/1Bath, and (12) Studios, for a total of 19 units in 2 buildings. Property was originally built in 1962 and has a Certificate of Occupancy as apartments. R4 zoning provides investors flexibility on whether to keep a long term rental or use as student housing or convert to hotel/hospitality. All utilities are master metered. Studio apartments have compact kitchenettes. There are 19 tuck-under parking spaces and a common area laundry room. Income and GRM shown is Proforma.

Listing Details MLS# 23-2686

Location Info

District: 30 - SB/GOL SOUTH
Street #: 427
Dir: W
Street Name: Montecito
Street Suffix: Street
State: CA
Country: US
Postal Code: 93101
Compass Map: Santa Barbara
Map Grid: O13
County: Santa Barbara
Parcel Number: 033-022-019
Cross Street: Castillo St

Contract Info

Price: 5995000
Financing: CTNL
Buyers Agent $/%: 2.5
Begin Date: 2023-09-08

Status Information

Sold Date: 2023-12-29
Under Contract Date: 2023-10-27

Property Information

Number of Units: 19
Year Built: 1962
Main House SqFt: 7225
Apx # Acres: 0.24
Recurring Fees: No

Remarks

COVID Showing Remarks: Call Listing agent to schedule an appt to tour property during the following dates. Sept 14, 2023 2-4PM Sept 19, 2023 1-3PM
Hot Sheet Comment: new

Owner Info

Deposit: 175000

More Information

Miscellaneous

Parking Spaces: 19

Unit 1

# Units: Yes
# Bedrooms: 2
# Baths: Yes
Furnished: N
Rent: 2100
Monthly Total: 2100
# Half Baths: 0

Unit 2

# Units: 6
# Bedrooms: Yes
# Baths: Yes
Rent: 1750

Unit 3

# Units: 12
# Baths: Yes
Rent: 1055
# Bedrooms: 0

Meters

Sep Meter Wtr: N
Sep Meter Elec: N
Sep Meter Gas: No

Parking Info

Total # Carport Spaces: 19
Carport: Yes

Neighborhood/Schools

Elementary School: Other
Junior High School: Other
High School: Other

Foundation

Slab: Yes

Laundry

Laundry Room: Yes

Amenities

Patio: Yes

Income/Expenses

Annual Income: 532200
Gross Rent Multiplr: 11.26
Capitalization Rate: 5.73
Total Annual Exp: 172703
NOI: 343531

Heating

Wall: Yes

Zoning

R-4: Yes

Reports Available

TDS: Yes
Pest Inspection: Yes
Prelim: Yes

Terms

Cash: Yes
Conventional: Yes

Listing Type

EA: Yes

Owner Provides

Heat: Yes
Elec: Yes
Gas: Yes
Water: Yes
Trash: Yes

Property Features

Foundation: Slab Parking Info: Carport; Carport Laundry: Laundry Room Amenities: Patio Heating: Wall Owner Provides: Heat; Elec; Gas; Water; Trash Zoning: R-4 Reports Available: TDS; Pest Inspection; Prelim Terms: Cash; Conventional Listing Type: EA

Listing Office: Battaglia Commercial Real Esta

Last Updated: September - 15 - 2024

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