3432 Richland Dr, Santa Barbara, CA 93105
8 Unit Apartment Building | $3,295,000 ($411,875/Unit) | 4.23% Cap Rate | Santa Barbara, CA 93105
Asking Price $3,295,000
- Property Type
-
Multifamily
- Square Feet
- 4,707 SF
Listing Contacts
- Property Info
Property Overview
3432 Richland Drive is a rare opportunity to purchase an attractive mid-size multi-family building in the center of Santa Barbara’s Upper State corridor - a hub of dozens of restaurants, all varieties of retail, and financial services. The location is a few blocks to the Municipal Golf Course, MacKenzie Park, Loreto Plaza, La Cumbre Shopping Center and Five Points Center, as well as nearby to the Whole Foods, Gelson’s and Bristol Farms gourmet markets. Cottage Hospital - Santa Barbara’s largest private employer with over 3000 employees – is within 1 mile, as are Adams Elementary and the highly-regarded Peabody Elementary schools. Downtown Santa Barbara is just 2 miles away, and the beaches and waterfront are 3 miles away.
There are 8 units configured in a single L-shaped 2-story building, the unit mix 1 x 2-BR/1-BA, 5 x 1-BR/1-BA and
2 studios. The apartments have been well-maintained inside and out, with a low expense history. A secluded and nicely-finished center courtyard with direct slider access from the downstairs units, provides a tenant amenity and shows pride of ownership. The property has great curb appeal with manicured landscaping and mature palm trees, and is set privately in a corner location where the street bends towards a cul-de-sac.
Beautiful and sunny Santa Barbara, California is one of the premier small coastal cities in the world, a magnet for tourism, and which offers an unmatched quality of life for its fortunate residents. Consider this very well-located property for a secure ongoing investment, or leverage its ideal location for value-added upside in the future.
There are 8 units configured in a single L-shaped 2-story building, the unit mix 1 x 2-BR/1-BA, 5 x 1-BR/1-BA and
2 studios. The apartments have been well-maintained inside and out, with a low expense history. A secluded and nicely-finished center courtyard with direct slider access from the downstairs units, provides a tenant amenity and shows pride of ownership. The property has great curb appeal with manicured landscaping and mature palm trees, and is set privately in a corner location where the street bends towards a cul-de-sac.
Beautiful and sunny Santa Barbara, California is one of the premier small coastal cities in the world, a magnet for tourism, and which offers an unmatched quality of life for its fortunate residents. Consider this very well-located property for a secure ongoing investment, or leverage its ideal location for value-added upside in the future.
Property Details
- Class
- C
- Year Built
- 1961
- Stories
- 2
- Lot Size (sq. ft)
- 9,583 SF
- Units
- 8
Highlights
- Located in popular mid-town area, central to all services, restaurants, parks, golf, hospital, schools
- Santa Barbara is a world-class coastal community, always with very high tenant demand
- Attractive curb appeal, pride of ownership
- Projected at ~4.75% cap rate at next AB 1482 increase renewal dates (first part of 2025), superb cap rate return for the location
- Pro-forma ~5.35% cap rate estimated for net after substantial remodel, including renovation/relocation costs
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