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
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.
More Information MLS# 24-3988
Location Info
Country: US
Compass Map: Santa Barbara
Map Grid: P12
Cross Street: Cota
Walk Score: 94
Bike Score: 99
District: 15 - SB/EAST OF STATE
Street #: 618
Street Name: Olive
Street Suffix: Street
State: CA
Postal Code: 93101
County: Santa Barbara
Parcel Number: 031-171-009
Contract Info
Financing: Exchange
Seller Consider Concessions: Yes
Current Price: $3,650,000
Price: 3795000
Begin Date: 2024-12-27
Status: Closed
Property Information
Year Built: 2024
Stories: 2
Apx # Acres: 0.23
Recurring Fees: No
Number of Units: 6
Neighborhood/Schools
Elementary School: Franklin
Junior High School: S.B. Jr.
High School: S.B. Sr.
Owner Info
Deposit: 3
Remarks
Hot Sheet Comment: new
Miscellaneous
# Refrigerators: 6
# Stoves: 6
Unit 1
# Units: 1
# Bedrooms: 3
# Baths: 3
# Half Baths: 0
Furnished: N
Rent: 5000
Lease: 1
Monthly Total: 5000
Unit 2
# Units: 1
# Bedrooms: 3
# Half Baths: 0
Furnished: N
Rent: 5400
Lease: 1
Monthly Total: 5400
Zoning
C-M: 1
Terms
Cash: 1
Conventional: 1
Listing Type
ER: 1
Unit 3
# Units: 4
Status Information
Sold Date: 2025-11-07
Sold Price: $3,650,000
Under Contract Date: 2025-09-19
NeighborhoodSchools
Neighborhood: 15 or 20 - Downtown
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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