221 W Micheltorena St

    Santa Barbara, CA 93101
    • $5,000,000
    • STATUS: Active
    • ON SITE: 121 days
    • MLS #: 19-237
    UPDATED: 84 min ago
    $5,000,000
    • 0
      BEDS
    • 0.39
      ACRES
    • 0
      BATHS
    • 0
      1/2 BATHS
    Neighborhood:
    Type:
    Multi-Family
    Built:
    1928
    County:

    School Information

    Elementary School:
    Middle School:
    High School:
    Listing provided courtesy of Alpha Investment Management.

    Description

    Incredible opportunity to acquire a significant 10 unit showpiece asset in Downtown Santa Barbara. Close proximity to all Santa Barbara has to offer including State Street, Funk Zone, and Beaches. Every unit has the quintessential look and feel of early 1920's Santa Barbara construction. Original wood flooring refinished in rich walnut span the living area in all units. Every unit has a full size bathtub in the bathroom. 8 of the 10 units have a wood burning fireplace. Gorgeous, clean & renovated units along with ample off- street parking and a warm community feeling. This property has historically low turnover and stable market rents. Currently 16 total tenants on the property, all with 1-year leases extending into mid 2019.

    Monthly Payment Calculator



    © 2019 Santa Barbara Multiple Listing Service. All rights reserved. Based on information from the Santa Barbara MLS as of 2019-05-25T17:46:58.583. Display of MLS data is usually deemed reliable but is NOT guaranteed accurate by the MLS. Buyers are responsible for verifying the accuracy of all information and should investigate the data themselves or retain appropriate professionals. Information from sources other than the Listing Agent may have been included in the MLS data. Unless otherwise specified in writing, Broker/Agent has not and will not verify any information obtained from other sources. The Broker/Agent providing the information contained herein may or may not have been the Listing and/or Selling Agent. Data last updated 2019-05-25T17:46:58.583.
    www.theziagroup.com/homes/91125198

    221 W Micheltorena St Santa Barbara, CA 93101

    • Price: $5,000,000
    • Status: Active
    • Updated: 84 min ago
    • MLS #: 19-237
    0
    Beds
    0
    Baths
    0
    ½ Baths
    0.39
    Acres
    1928
    Built
    Neighborhood:
    15 Or 20 - Downtown
    County:
    Santa Barbara
    Area:
    SB/West of State
    Elementary School:
    Peabody
    Middle School:
    S.B. Jr.
    High School:
    S.B. Sr.
    Property Description
    Incredible opportunity to acquire a significant 10 unit showpiece asset in Downtown Santa Barbara. Close proximity to all Santa Barbara has to offer including State Street, Funk Zone, and Beaches. Every unit has the quintessential look and feel of early 1920's Santa Barbara construction. Original wood flooring refinished in rich walnut span the living area in all units. Every unit has a full size bathtub in the bathroom. 8 of the 10 units have a wood burning fireplace. Gorgeous, clean & renovated units along with ample off- street parking and a warm community feeling. This property has historically low turnover and stable market rents. Currently 16 total tenants on the property, all with 1-year leases extending into mid 2019.
    Exterior Features

    Parking Information Uncovered Parking Spaces 16.00

    Interior Features

    Amenities Cable TvFireplaceGas StoveRefrigerator Floor Window Coverings HardwoodOtherTileVinyl Heating Cooling BaseboardElecWall Laundry Bldg Refrigerators 10.00 Unit1 Baths 1.00 Unit1 Bedrooms 2.00 Unit1 Half Baths 0.00 Unit2 Baths 2.00 Unit2 Bedrooms 2.00 Unit3 Baths 1.00 Unit3 Bedrooms 1.00

    Property Features

    Condition Good Cross Street De La Vina Deposit 125000.00 Foundation Raised Income Expenses Estimated Income Expenses Annual Income 278580.00 Income Expenses Capitalization Rate 4 Pro Forma Income Expenses Gross Rent Multiplier 17.36 Pro Forma Income Expenses NOI 187734.98 Income Expenses Other Income 240.00 Income Expenses Total Annual Exp 85273.00 Income Expenses Total Monthly Income 22975.00 Meters Separate Meter Electric Yes Meters Separate Meter Gas Yes Meters Separate Meter Water No Owner Provides TrashWater Pets Yes Proximity Near BusNear OceanNear School(S)Near Shopping Stoves 10.00 Terms CashCtnl Unit1 Lease Unit1 Furnished No Unit1 Monthly Total 4925.00 Unit1 Rent 2475.00 Unit1 Units 2.00 Unit2 Lease Unit2 Furnished No Unit2 Monthly Total 10275.00 Unit2 Rent 2575.00 Unit2 Units 4.00 Unit3 Lease Unit3 Monthly Total 7775.00 Unit3 Rent 2000.00 Unit3 Units 4.00 Zoning R-4

    Listing information © 2019 Santa Barbara MLS
    Listing provided courtesy of Alpha Investment Management.



    © 2019 Santa Barbara Multiple Listing Service. All rights reserved. Based on information from the Santa Barbara MLS as of 2019-05-25T17:46:58.583. Display of MLS data is usually deemed reliable but is NOT guaranteed accurate by the MLS. Buyers are responsible for verifying the accuracy of all information and should investigate the data themselves or retain appropriate professionals. Information from sources other than the Listing Agent may have been included in the MLS data. Unless otherwise specified in writing, Broker/Agent has not and will not verify any information obtained from other sources. The Broker/Agent providing the information contained herein may or may not have been the Listing and/or Selling Agent. Data last updated 2019-05-25T17:46:58.583.
     
    The Zia Group | Keller Williams Santa Barbara
    1435 Anacapa Street
    Santa Barbara CA, 93101
    Listing provided courtesy of Alpha Investment Management.