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:
12/30/2023
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.
More Information MLS# 23-2686
Location Info
District: 30 - SB/GOL SOUTH
Street #: 427
Dir: W
Street Name: Montecito
Street Suffix: Street
State/Province: CA
Postal Code: 93101
Compass Map: Santa Barbara
Map Grid: O13
County: Santa Barbara
Parcel Number: 033-022-019
Cross Street: Castillo St
Contract Info
Current Price: $4,800,000
Price: 5995000
Financing: CTNL
Buyers Agent $/%: 2.5
Begin Date: 2023-09-08
Status: Closed
Status Information
Sold Date: 2023-12-29
Sold Price: $4,800,000
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
Neighborhood/Schools
Elementary School: Other
Junior High School: Other
High School: Other
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
Miscellaneous
Parking Spaces: 19
Unit 1
# Units: 1
# Bedrooms: 2
# Baths: 1
Furnished: N
Rent: 2100
Monthly Total: 2100
Unit 2
# Units: 6
# Bedrooms: 1
# Baths: 1
Rent: 1750
Unit 3
# Units: 12
# Baths: 1
Rent: 1055
Income/Expenses
Annual Income: 532200
Gross Rent Multiplr: 11.26
Capitalization Rate: 5.73
Total Annual Exp: 172703
NOI: 343531
Meters
Sep Meter Wtr: N
Sep Meter Elec: N
Sep Meter Gas: No
Parking Info
Total # Carport Spaces: 19
Property Features
Foundation: Slab
Parking Info: Carport
Laundry: Laundry Room
Amenities: Patio
Heating/Cooling: Wall
Owner Provides: Heat; Elec; Gas; Water; Trash
Zoning: R-4
Reports Available: TDS; Pest Inspection; Prelim
Terms: Cash; Ctnl
Listing Type: EA
Listing Office: Battaglia Commercial Real Esta
Last Updated: December - 30 - 2023
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