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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: 9/22/2022

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 ±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. All units boast a large deck/patio with low rooftop view. This property is zoned R-3 (multi-family residential) under the jurisdiction of the City of Santa Barbara. This property has a potential for condo conversion. The portfolio comprises of three listings. The following addresses are included and are listed at $12,190,000: 515 E Arrellaga (APN# 027-132-013) 1417 Bath Street (APN #039-052-013) and 1916-1920 Chino Street ( APN #043-122-022). CALL TO OFFERS DATE IS MAY 25th, 2022. All three listings will be open for showings on May 17th, 2022. This listing will be open 12:00 am-2:00 pm. ; 515 E Arrellaga at 10am-12:00 pm, and 1916-1920 Chino Street- 12:00-2:00 pm. PLEASE DO NOT DISTURB THE OCCUPANTS

More Information MLS# 22-1425

Location Info

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

Contract Info

Current Price: $6,595,000 Price: 6595000 Buyers Agent $/%: 2 Begin Date: 2022-05-05 Status: Closed

Status Information

Sold Date: 2022-09-21 Sold Price: $6,595,000 Under Contract Date: 2022-06-09

Property Information

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

Neighborhood/Schools

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

Remarks

Hot Sheet Comment: new

Owner Info

Deposit: 3

Unit 1

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

Income/Expenses

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

Parking Info

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

Property Features

Condition: Excellent Parking Info: Carport; Mixed Proximity: Near Bus; Near Hospital; Near Ocean; Near Park(s); Near School(s); Near Shopping Zoning: R-3 Terms: Cash; Ctnl Listing Type: ER
Listing Office: Radius Group Commercial R.E.
Last Updated: September - 22 - 2022
515 E Arrellaga Street, SANTA BARBARA, CA 93103- MLS# 22-1425
The listing broker's offer of compensation is made only to participants of the MLS where the listing is filed.

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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