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:
2/18/2023
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.
More Information MLS# 22-3942
Location Info
District: 20 - SB/WEST OF STATE
Street #: 509
Street Name: Fig
Street Suffix: Avenue
State/Province: CA
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
Current Price: $5,150,000
Price: 4500000
Buyers Agent $/%: 2
Begin Date: 2022-12-15
Status: Closed
Status Information
Sold Date: 2023-02-17
Sold Price: $5,150,000
Under Contract Date: 2022-12-23
Property Information
Number of Units: 17
Year Built: 1923
Main House SqFt: 8434
Recurring Fees: No
Neighborhood/Schools
Elementary School: Monroe
Junior High School: LaCumbre
High School: San Marcos
Remarks
COVID Showing Remarks: Inspection of the units after offer.
Hot Sheet Comment: new
Owner Info
Deposit: 3
Unit 1
# Units: 12
# Baths: 1
Furnished: N
Rent: 2000
Monthly Total: 24000
Unit 2
# Units: 2
# Bedrooms: 1
# Baths: 1
Rent: 2400
Monthly Total: 4800
Unit 3
# Units: 2
# Bedrooms: 2
# Baths: 1
Rent: 3000
Monthly Total: 6000
Unit 4
# Units: 1
# Bedrooms: 3
# Baths: 1
Rent: 3300
Monthly Total: 3300
Income/Expenses
Total Monthly Income: 38100
Annual Income: 457200
Gross Rent Multiplr: 9.84
Capitalization Rate: 6.82
Vac Factor: 2%
NOI: 306,789
Meters
Sep Meter Elec: Y
Parking Info
Total # Unconvered Spaces: 4
Property Features
Income/Expenses: Estimated
Foundation: Raised
Parking Info: Uncovered
Proximity: Near Bus; Near Ocean; Near Shopping
Laundry: Some; Bldg
Zoning: Other
Terms: Cash; Ctnl
Listing Type: ER
Documents
Marketing Brochure ›Listing Office: Cooperation Capital Group, Inc
Last Updated: February - 18 - 2023
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