Upper East

Withoiut Question, A Very Best Buy!

This is a rare opportunity to own income-producing units in one of Santa Barbara's premier neighborhoods only 2 blocks to the famed Old Mission and Rose Garden. The lovely Cape Cod style, good condition, , quaint street, and rental history make it an ideal investment. What makes this income property special is that it located on a street which is almost exclusively comprised of single-family homes. Other features include 4 off street parking spaces and an on site laundry room. As an investment, the small lot and condition keep expenses very low, and this property currently has the lowest GRM in the city for under 4 units. For an owner occupant mortgage rates are very close to single family rates, making it much more affordable than a single family home.

Description:

Unit A – 1 Bd. 1 Ba.
This Upstairs unit is light, airy and on the upper right hand side facing the street. The Apartment features French doors leading from the living room to a nice deck for outdoor dining or BBQ. There is a quaint original eat-in Kitchen. This unit has been recently upgraded with new paint, baseboards, stove, carpet and floor coverings.

Unit B – 1 Bd. 1 Ba.
Unit B is an upstairs unit that mirrors the floor plan of Unit A. Located on the upper left hand side facing the street. It has a slightly more private feel and the same quaint eat-in kitchen. Both A an B kitchens are original and well maintained. Unit B also has French Doors leading to a deck which creates an open feel and lots of light.

Unit C – 1Bd. 1 Ba.
This downstairs unit on the Left hand side is largest with a remodeled kitchen open to the living room.. The bedroom is also a bit larger than the others. There is both a front and rear entrance.

Unit D – 1 Bd 1 Ba.
This is the smallest unit and is located downstairs on the right side of the property facing the street. It has limited cooking facilities and a sink, but no formal kitchen. This unit has also recently been upgraded in the same manner as unit A

Explanation of downstairs configuration:

Units C and D were originally one unit and are now separated by a single doorway covered by sheet rock. If one wanted to combine the downstairs units this could be very easily and inexpensively accomplished in order to have a 3 bed. 2-bath Unit of approximately 1000 sq.ft. Currently, Unit D has a small bedroom and a living room. When the units were previously joined the current living room served as an additional bedroom.

Income:

Current Income is $65,016 annually
Cap rate is 5%

Expenses and Maintenance

This property is located in a very high demand area and is always immediately rented, which accounts for an almost negligible vacancy factor. Because the building sits on a small lot and is in good condition maintenance costs are extremely low.