, SANTA BARBARA, CA 93101 (MLS# 21-3772)

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SANTA BARBARA, CA 93101

$8,835,000

Property Type: Res Inc Square Footage: 4,771 Status: Closed

Current Price: $8,835,000 List Date: 10/11/2021 Last Modified: 9/15/2024

Overview

Description

The crown jewel of Santa Barbara's waterfront, ''El Palacio De La Reina'' is in the very best of locations - 1 block to the beach and 1 block to State St. Its recent renovation is a passion project masterpiece of authentic architectural restoration and gorgeous modern interiors, at a cost of ~$5.5M. The exquisite Spanish Colonial building is capped by a unique and luxurious owner's residence of nearly 2000 square feet. Each residence has its own exterior entrance, and the 3 smaller apartments are finished with the same high-quality designer touches as the owner's home. Works as income generation for long-term or short-term (currently allowed) beach area rentals, or for guests on-and-off, there are many options for use or investment. Offering Memorandum in Documents, do not disturb tenants

Listing Details MLS# 21-3772

Location Info

District: 20 - SB/WEST OF STATE
State: CA
Country: US
Postal Code: 93101
Compass Map: Santa Barbara
Map Grid: P13
County: Santa Barbara
Cross Street: Mason

Contract Info

Price: 8800000
Financing: Cash
Buyers Agent $/%: 2.5
Begin Date: 2021-10-11

Status Information

Sold Date: 2022-03-15
Under Contract Date: 2022-03-03

Property Information

Number of Units: 4
Year Built: 1937
Main House SqFt: 4771
Recurring Fees: No

NeighborhoodSchools

Neighborhood: 20 - West Beach

Remarks

Hot Sheet Comment: new

More Information

Owner Info

Deposit: 3

Miscellaneous

Parking Spaces: 4

Unit 1

# Units: Yes
# Bedrooms: 2
# Baths: 2
Furnished: Y
Rent: 15000
Monthly Total: 15000
# Half Baths: 0

Unit 2

# Units: Yes
# Bedrooms: 2
# Baths: 2
Furnished: Y
Rent: 6800
Monthly Total: 6800
# Half Baths: 0

Unit 3

# Units: Yes
# Bedrooms: Yes
# Baths: Yes
Furnished: Y
Rent: 4800
Monthly Total: 4800
# Half Baths: 0

Unit 4

# Units: Yes
# Bedrooms: Yes
# Baths: Yes
Furnished: Y
Rent: 4800
Monthly Total: 4800
# Half Baths: 0

Meters

Sep Meter Wtr: N
Sep Meter Elec: N
Sep Meter Gas: No

Neighborhood/Schools

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

Condition

Excellent: Yes

Foundation

Raised: Yes

Proximity

Near Bus: Yes
Near Ocean: Yes
Near Park(s): Yes
Near Shopping: Yes

Amenities

Fireplace: Yes

Income/Expenses

Total Monthly Income: 31400
Annual Income: 376800
Gross Rent Multiplr: 23.4
Capitalization Rate: 2.32
Estimated: Yes
NOI: 204000

Heating

GFA: Yes

Cooling

A/C Other: Yes

Zoning

R-4: Yes

Terms

Cash: Yes
Conventional: Yes

Listing Type

ER: Yes

Parking Info

Unc #4: Yes

Flr/Wdw Coverings

Hardwood: Yes
Tile: Yes
Marble: Yes

Contingent Remarks

HOME INSPECTN: Yes

Owner Provides

Heat: Yes
Elec: Yes
Gas: Yes
Water: Yes
Trash: Yes

Property Features

Condition: Excellent Foundation: Raised Parking Info: Unc #4 Proximity: Near Bus; Near Ocean; Near Park(s); Near Shopping Amenities: Fireplace Cooling: A/C Other Heating: GFA Owner Provides: Heat; Elec; Gas; Water; Trash Zoning: R-4 Terms: Cash; Conventional Listing Type: ER Contingent Remarks: HOME INSPECTN

Documents

Offering Memorandum (unbranded) ›

Floorplan of all units, levels ›

Listing Office: Berkshire Hathaway HomeServices California Properties

Last Updated: September - 15 - 2024

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