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:
4/17/2019
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.
More Information MLS# 17-1509
Location Info
District: 15 - SB/EAST OF STATE
Street #: 55
Street Name: Ocean View
Street Suffix: Avenue
State/Province: CA
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
Current Price: $4,275,000
Price: 4275000
Buyers Agent $/%: 2
Begin Date: 2017-05-08
Status: Closed
Status Information
Sold Date: 2017-11-14
Sold Price: $4,275,000
Under Contract Date: 2017-08-11
Property Information
Number of Units: 11
Year Built: 1964
Apx Lot SqFt: 16522
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: 2
# Bedrooms: 1
# Baths: 1
Furnished: N
Monthly Total: 23660
Unit 2
# Units: 9
# Bedrooms: 2
# Baths: 1
# Half Baths: 1
Income/Expenses
Gross Rent Multiplr: 15.30
Capitalization Rate: 4.24
NOI: 181048
Meters
Sep Meter Elec: Y
Sep Meter Gas: Yes
Property Features
Parking Info: 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: April - 17 - 2019
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