515 E Arrellaga Street, SANTA BARBARA, CA 93103 (MLS# 22-1425)

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515 E Arrellaga Street, SANTA BARBARA, CA 93103

$6,595,000

Property Type: Res Inc Status: Closed

Current Price: $6,595,000 List Date: 5/05/2022 Last Modified: 4/24/2025

Overview

Description

THE SALE OF THIS PROPERTY IS PART OF A LARGER PORTFOLIO LISTED AT $12,190,000. The Seller would prefer to sell as a portfolio, but would consider selling the properties individually. The Portfolio offering represents an excellent investment opportunity with three unique multifamily properties totaling 17 units and approx. 18,879 SF with 515 E Arrellaga being the largest of the three multifamily assets. Situated on Santa Barbara's Lower Riviera close to downtown, 515 E. Arrellaga St. is a beautiful 10- unit, 12,036 SF building with stunning ocean & mountain views (every deck has ocean views!) spanning downtown to East Beach.

Supplements: Built in 1969, this clean and well-maintained, low-maintenance property sits on Â±0.33 acres of newly landscaped land and comprises eight (8) 960 SF 2BD/1.5BA and two (2) 2BD/2BA units Two single level units are located at the front of the building, with eight townhouse units sitting above 10 covered parking spaces on the ground level in the back ... (Read more)

Listing Details MLS# 22-1425

Location Info

District: 15 - SB/EAST OF STATE
Street #: 515
Dir: E
Street Name: Arrellaga
Street Suffix: Street
State: CA
Country: US
Postal Code: 93103
County: Santa Barbara
Parcel Number: 027-132-013
Cross Street: Olive Street

Contract Info

Price: 6595000
Buyers Agent $/%: 2
Begin Date: 2022-05-05

Status Information

Sold Date: 2022-09-21
Under Contract Date: 2022-06-09

Property Information

Number of Units: 10
Year Built: 1969
Recurring Fees: No

Remarks

Hot Sheet Comment: new

Owner Info

Deposit: 3

More Information

Unit 1

# Units: 10
# Bedrooms: 20
# Baths: 12
# Half Baths: 8
Furnished: N
Rent: 31420
Monthly Total: 31420

Parking Info

Total # Carport Spaces: 10
Total # Unconvered Spaces: 9
Carport: Yes
Mixed: Yes

Neighborhood/Schools

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

Condition

Excellent: Yes

Proximity

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

Income/Expenses

Annual Income: 378440
Gross Rent Multiplr: 17.43
Taxes: 69749
Total Annual Exp: 137522
NOI: 233349

Zoning

R-3: Yes

Terms

Cash: Yes
Conventional: Yes

Listing Type

ER: Yes

Property Features

Condition: Excellent Parking Info: Carport; Mixed; Carport Proximity: Near Bus; Near Hospital; Near Ocean; Near Park(s); Near School(s); Near Shopping Zoning: R-3 Terms: Cash; Conventional Listing Type: ER

Listing Office: Radius Group Commercial R.E.

Last Updated: April - 24 - 2025

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