427 W Islay St Santa Barbara, CA 93101
Pending
$6,995,000
5%
22 Units
0 Beds
22 Baths
7,088 Area(sq.ft.)
16,117 Lot Size(sq.ft.)
| Type | # of Units | Bedroom | Bath | Furnished | Rent | Actual Rent | Projected Rent |
|---|---|---|---|---|---|---|---|
| Unit 1 | 20 | studio | 1 | No | $ 1,949 | $ 38,980 | $ 49,000 |
| Unit 2 | 2 | 1 | 1 | No | $ 2,128 | $ 4,257 | $ 5,700 |
| 2 | 22 | 2 | 22 | $ 43,236 | $ 788,114 | $ 991,400 |
| MLS #: | 24-435575 |
| Days On Market: | 42 |
| County: | Santa Barbara |
| Property Type: | Residential Income |
| Price per ft2: | $ 987 |
| Price per unit: | $ 317,955 |
Property Details
22 Units in the Heart of Santa Barbara. This is an incredible investment opportunity, ideally situated to take advantage of the city's robust rental market. This property features a mix of 1-bedroom, 1-bathroom apartments and cozy studios. A convenient common laundry facility adds to the property's appeal for tenants. Recent upgrades too numerous to mention. Ample off-street parking. Priced to deliver a cap rate of over 5, this investment offers both strong cash flow and potential for long-term appreciation. With its prime location near Cottage Hospital and the entire medical district, residents will enjoy easy access to Santa Barbara's dining, shopping, and entertainment, making this property a standout addition to any investor's portfolio.Interested in this Listing?
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Income Details
| Gross Operating Income: | $ 531,084 |
| Total Annual Expense: | $ 127,184 |
| Net Operating Income: | $ 403,900 |
| Gross Annual Income: | $ 531,084 |
| Cap Rate: | 5.46% |
| Gross Rent Multiplier: | 13.92 |
Structure
| Type of Units: | Apartments |
| Buildings: | 1 |
| Levels: | Two |
Land & Parking
| Zoning: | R-4 |
| Parking Garage: | Uncovered |
| Total Parking: | 22 |
Interior
| AC/Cooling: | None |
| Equipment: | Range/Oven, Refrigerator |
| Heating: | Wall |
| Laundry: | Community |
Exterior
Detailed Map
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