55 Ocean View Avenue, SANTA BARBARA, CA 93103 (MLS# 17-1509)

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55 Ocean View Avenue, SANTA BARBARA, CA 93103

$4,275,000

Property Type: Res Inc Lot Size (sq. ft.): 16,522 Status: Closed

Current Price: $4,275,000 List Date: 6/02/2017 Last Modified: 9/15/2024

Overview

Description

Rare opportunity to acquire an asset of this size on the Lower Riviera. Located next to Montecito Country Club, 55 Ocean View Ave. has a unit mix of (2) 1BD/1BA & (9) 2BD/1.5BA townhouse-style units. Many of the apartments have been upgraded with new laminate flooring, granite counters, fixtures, appliances and paint. All 2-bedroom units have outdoor patios and a balcony off of one of the bedrooms upstairs. Laundry room and off-street carport parking. The building’s exterior has undergone extensive woodwork, including fascia replacement, all new energy-efficient LED exterior lighting, paint and drought-tolerant landscaping. Buyer to assume existing loan or pay prepay with pre-approved additional funds available upon lender conditions being met, 47 Ocean, 15 units, View is also available.

Listing Details MLS# 17-1509

Location Info

District: 15 - SB/EAST OF STATE
Street #: 55
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: 015-271-029
Cross Street: Old Coast Highway

Contract Info

Price: 4275000
Buyers Agent $/%: 2
Begin Date: 2017-05-08

Status Information

Sold Date: 2017-11-14
Under Contract Date: 2017-08-11

Property Information

Number of Units: 11
Year Built: 1964
Apx Lot SqFt: 16522
Recurring Fees: No

Remarks

Hot Sheet Comment: new

Owner Info

Deposit: 3

More Information

Unit 1

# Units: 2
# Bedrooms: Yes
# Baths: Yes
Furnished: N
Monthly Total: 23660
# Half Baths: 0
Rent: 0

Unit 2

# Units: 9
# Bedrooms: 2
# Baths: Yes
# Half Baths: Yes

Meters

Sep Meter Elec: Y
Sep Meter Gas: Yes

Neighborhood/Schools

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

Laundry

Laundry Room: Yes

Amenities

Deck: Yes
Patio: Yes

Income/Expenses

Gross Rent Multiplr: 15.30
Capitalization Rate: 4.24
NOI: 181048

Zoning

R-2: Yes

Terms

Cash: Yes
OTHER/CLA: Yes

Listing Type

ER: Yes

Parking Info

Carport: Yes

Property Features

Parking Info: Carport; Carport Laundry: Laundry Room Amenities: Deck; 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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