618 Olive Street, SANTA BARBARA, CA 93101 (MLS# 24-3988)

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618 Olive Street, SANTA BARBARA, CA 93101

$3,650,000

Property Type: Res Inc Lot Size (sq. ft.): 10,019 Status: Closed

Current Price: $3,650,000 List Date: 1/02/2025 Last Modified: 11/07/2025

Overview

Description

Located in the heart of downtown Santa Barbara, this multifamily investment property presents a rare opportunity, featuring a mix of newly constructed and renovated buildings. Three of the six units were built from the ground up between 2023 and 2024, while the remaining three have been extensively improved, all with market rents in place. Offered at a current 5.47% cap rate and a GRM of 12.71, the property is ideal for investors seeking a more passive investment. Tenants enjoy exceptional walkability, with a Walk Score of 94 and a Bike Score of 99, providing easy access to Santa Barbara's most exciting destinations including Arnoldi's, Santa Barbara's iconic Italian restaurant and the emerging Haley corridor. Total current monthly income is $25,650.

Listing Details MLS# 24-3988

Location Info

District: 15 - SB/EAST OF STATE
Street #: 618
Street Name: Olive
Street Suffix: Street
State: CA
Country: US
Postal Code: 93101
Compass Map: Santa Barbara
Map Grid: P12
County: Santa Barbara
Parcel Number: 031-171-009
Cross Street: Cota
Walk Score: 94
Bike Score: 99

Contract Info

Price: 3795000
Financing: Exchange
Seller Consider Concessions: Yes
Begin Date: 2024-12-27

Status Information

Sold Date: 2025-11-07
Under Contract Date: 2025-09-19

Property Information

Number of Units: 6
Stories: 2
Year Built: 2024
Apx # Acres: 0.23
Recurring Fees: No

NeighborhoodSchools

Neighborhood: 15 or 20 - Downtown

Remarks

Hot Sheet Comment: new

More Information

Owner Info

Deposit: 3

Miscellaneous

# Refrigerators: 6
# Stoves: 6

Unit 1

# Units: Yes
# Bedrooms: 3
# Baths: 3
Furnished: N
Rent: 5000
Monthly Total: 5000
# Half Baths: 0
Lease: Yes

Unit 2

# Units: Yes
# Bedrooms: 3
Furnished: N
Rent: 5400
Monthly Total: 5400
# Half Baths: 0
Lease: Yes

Unit 3

# Units: 4

Neighborhood/Schools

Elementary School: Franklin
Junior High School: S.B. Jr.
High School: S.B. Sr.

Zoning

C-M: Yes

Terms

Cash: Yes
Conventional: Yes

Listing Type

ER: Yes

Property Features

Unit 1: Lease Unit 2: Lease Zoning: C-M Terms: Cash; Conventional Listing Type: ER

Listing Office: Beachside Partners

Last Updated: November - 07 - 2025

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