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509 Fig Avenue, SANTA BARBARA, CA 93101

$5,150,000
Property Type: Res Inc Square Footage: 8,434 Status: Closed
Current Price: $5,150,000 List Date: 12/15/2022 Last Modified: 9/15/2024

Overview

Description

6.82% Stabilized Cap Rate and $306,789 NOI. Location, location, location. With a WalkScore of 98, this is prime Santa Barbara real estate surrounded by shopping, restaurants, tourist attractions and situated perfectly between downtown and the ocean. Value-add apartments mix of 12 Studios and a triplex on 509 Fig Ave, and a duplex on 514 Chapala St. Ideal for value-add investor or developer, only 3 units are currently occupied by tenants; some units are already gutted. ***Please do not disturb the tenants or walk on property.*** Marketing Package is in the documents.

Listing Details MLS# 22-3942

Location Info

District
20 - SB/WEST OF STATE
Street #
509
Street Name
Fig
Street Suffix
Avenue
State
CA
Country
US
Postal Code
93101
Compass Map
Santa Barbara
Map Grid
O12
County
Santa Barbara
Parcel Number
037-171-007
Cross Street
W Haley St
Walk Score
98
Bike Score
99

Contract Info

Price
4500000
Buyers Agent $/%
2
Begin Date
2022-12-15

Status Information

Sold Date
2023-02-17
Under Contract Date
2022-12-23

Property Information

Number of Units
17
Year Built
1923
Main House SqFt
8434
Recurring Fees
No

Remarks

COVID Showing Remarks
Inspection of the units after offer.
Hot Sheet Comment
new

Owner Info

Deposit
3

More Information

Unit 1

# Units
12
# Baths
Yes
Furnished
N
Rent
2000
Monthly Total
24000
# Bedrooms
0
# Half Baths
0

Unit 2

# Units
2
# Bedrooms
Yes
# Baths
Yes
Rent
2400
Monthly Total
4800

Unit 3

# Units
2
# Bedrooms
2
# Baths
Yes
Rent
3000
Monthly Total
6000

Unit 4

# Units
Yes
# Bedrooms
3
# Baths
Yes
Rent
3300
Monthly Total
3300

Meters

Sep Meter Elec
Y

Parking Info

Total # Unconvered Spaces
4
Outside
Yes

Neighborhood/Schools

Elementary School
Monroe
Junior High School
LaCumbre
High School
San Marcos

Foundation

Raised
Yes

Proximity

Near Bus
Yes
Near Ocean
Yes
Near Shopping
Yes

Laundry

Some
Yes
Bldg
Yes

Income/Expenses

Total Monthly Income
38100
Annual Income
457200
Gross Rent Multiplr
9.84
Capitalization Rate
6.82
Estimated
Yes
Vac Factor
2%
NOI
306,789

Zoning

Other
Yes

Terms

Cash
Yes
Conventional
Yes

Listing Type

ER
Yes

Property Features

Foundation: Raised Parking Info: Outside Proximity: Near Bus; Near Ocean; Near Shopping Laundry: Some; Bldg Zoning: Other Terms: Cash; Conventional Listing Type: ER
IDX
Listing Office: Cooperation Capital Group, Inc
Last Updated: September - 15 - 2024
The data relating to real estate for sale on this web site comes from the Internet Data Exchange Program of the Santa Barbara Multiple Listing Service. Real estate listings held by brokerage firms other than the displaying broker(s) are marked with the 'MLS' logo and detailed information about them includes the name of the listing brokers. All properties are subject to prior sale, change or withdrawal. Neither listing broker(s) nor displaying broker shall be responsible for any typographical errors, misinformation, or misprints. 2015 Santa Barbara Multiple Listing Service. All rights reserved.

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