1924 San Pascual St, Santa Barbara, CA 93101
14 Unit Apartment Building | $4,950,000 ($353,571/Unit) | 4.11% Cap Rate | Santa Barbara, CA 93101
Asking Price $4,950,000
- Property Type
-
Multifamily
- Square Feet
- 9,192 SF
Listing Contacts
- Property Info
Property Overview
Enjoy the benefits of a decent existing investor return for the central Santa Barbara area, while working to realize a significant upside (4%-5%+ cap rate) which may be attainable for this well-located 14-unit asset. The location is a few blocks to Cottage Hospital, and within 1-2 miles of several other major employment centers and the signature Santa Barbara amenities of downtown restaurants/retail, the Theater/Arts district, the waterfront/beaches, and Santa Barbara City College. Along with close proximity to freeway access and artery streets allowing tenants ease of reaching the employment centers and amenities, these factors combine to generate unmatched tenant demand. Recent upgrades include a brand-new roof and sewer lateral improvements. See Offering Memorandum in Documents.
Property Details
- Class
- C
- Year Built
- 1964
- Stories
- 2
- Lot Size (sq. ft)
- 17,860 SF
- Units
- 14
Highlights
- Location central to major employment centers, including Cottage Hosptial
- Near to neighborhood retail/restaurants, and within 1-2 miles of downtown Santa Barbara, City College and beaches/waterfront
- Easy access for tenants to go to work and amenities, with location near the 101 freeway on-ramp and major artery streets
- Long-term high upside through condition/rent re-positioning, as well as possibilities for additional units through recent legislation
- Brand-new roof, new sewer lateral upgrades, new landscaping
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