618 Olive Street, SANTA BARBARA, CA 93101
$3,795,000
Property Type:
Res Inc
Lot Size (sq. ft.):
10,019
Status:
Active
Current Price:
$3,795,000
List Date:
1/02/2025
Last Modified:
4/08/2025
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
District: 15 - SB/EAST OF STATE
Street #: 618
Street Name: Olive
Street Suffix: Street
State/Province: CA
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
Current Price: $3,795,000
Price: 3795000
Seller Consider Concessions: Yes
Begin Date: 2024-12-27
Status: Active
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
Owner Info
Deposit: 3
Miscellaneous
# Refrigerators: 6
# Stoves: 6
Unit 1
# Units: 1
# Bedrooms: 3
# Baths: 3
Furnished: N
Rent: 5000
Monthly Total: 5000
Unit 2
# Units: 1
# Bedrooms: 3
Furnished: N
Rent: 5400
Monthly Total: 5400
Unit 3
# Units: 4
Property Features
Unit 1: Lease
Unit 2: Lease
Zoning: C-M
Terms: Cash; Ctnl
Listing Type: ER
Listing Office: Beachside Partners
Last Updated: April - 08 - 2025
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