47 Ocean View Avenue, SANTA BARBARA, CA 93103 (MLS# 17-1510)

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47 Ocean View Avenue, SANTA BARBARA, CA 93103

$4,175,000

Property Type: Res Inc Lot Size (sq. ft.): 17,859 Status: Closed

Current Price: $4,175,000 List Date: 6/02/2017 Last Modified: 9/15/2024

Overview

Description

Great opportunity to acquire an asset of this size on the Lower Riviera. Located next to the Montecito Country Club, 47 Ocean View Ave. has a unit mix of (6) studios, (8) 1 bd/1ba and (1) 2 bd/1ba units. Some have been upgraded with laminate flooring, granite counters, fixtures, appliances and paint. Lower units feature private outdoor space. A common laundry room and off-street parking are also available for tenants. The building’s exterior has undergone extensive woodwork, including fascia replacement, new modern energy-efficient LED exterior lighting, new paint and new, drought-tolerant landscaping. Buyer to assume existing loan or pay prepay with the unique potential for additional funds upon meeting certain lender conditions. 55 Ocean View also available 11 units w/ 9 townhouse uni

Listing Details MLS# 17-1510

Location Info

District: 15 - SB/EAST OF STATE
Street #: 47
Street Name: Ocean View
Street Suffix: Avenue
State: CA
Country: US
Postal Code: 93103
Compass Map: Santa Barbara
Map Grid: Q12
County: Santa Barbara
Parcel Number: 015-271-024
Cross Street: Old Coast Highway

Contract Info

Price: 4225000
Buyers Agent $/%: 2
Begin Date: 2017-05-08

Status Information

Sold Date: 2017-08-18
Under Contract Date: 2017-07-26

Property Information

Number of Units: 15
Stories: 2
Year Built: 1964
Apx Lot SqFt: 17859
Recurring Fees: No

Remarks

Hot Sheet Comment: new

Owner Info

Deposit: 3

More Information

Miscellaneous

Parking Spaces: 15

Unit 1

# Units: 6
# Baths: Yes
Furnished: N
Monthly Total: 23920
# Bedrooms: 0
# Half Baths: 0
Rent: 0

Unit 2

# Units: 8
# Bedrooms: Yes
# Baths: Yes

Unit 3

# Units: Yes
# Bedrooms: 2
# Baths: Yes

Meters

Sep Meter Elec: Y
Sep Meter Gas: Yes

Neighborhood/Schools

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

Proximity

Near Bus: Yes
Near Hospital: Yes
Near Ocean: Yes
Near Park(s): Yes
Near School(s): Yes
Near Shopping: Yes

Laundry

Laundry Room: Yes

Amenities

Patio: Yes

Income/Expenses

Gross Rent Multiplr: 14.96
Capitalization Rate: 4.22
NOI: 178315

Zoning

R-2: Yes

Terms

Cash: Yes
OTHER/CLA: Yes

Listing Type

ER: Yes

Parking Info

Outside: Yes

Property Features

Parking Info: Outside Proximity: Near Bus; Near Hospital; Near Ocean; Near Park(s); Near School(s); Near Shopping Laundry: Laundry Room Amenities: Patio Zoning: R-2 Terms: Cash; OTHER/CLA Listing Type: ER

Listing Office: Radius Group Commercial R.E.

Last Updated: September - 15 - 2024

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