1501 Santa Barbara St....8 La Playa Azul Cafe 9 Savoy Cafe & Deli 10 Santa Barbara Public Market 11...
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205 E. Carrillo st. suitE 100 | santa BarBara Ca 93101 | 805.965.5500 | Fax 805.965.5300 | radiusgroup.Com 5.17.18 Brad Frohling 805.879.9613 [email protected] CA Lic. 01323736 1501 Santa Barbara St. Santa Barbara, CA 93101 For Sale | Eight 2-Bedroom, 2-Bath Apartments One of Santa Barbara’s most iconic multi-family properties located in the coveted Upper East neighborhood and never before on the market. Brian Johnson 805.879.9631 [email protected] CA Lic. 01361925 WATCH VIDEO
Transcript of 1501 Santa Barbara St....8 La Playa Azul Cafe 9 Savoy Cafe & Deli 10 Santa Barbara Public Market 11...
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Brad [email protected] Lic. 01323736
1501 Santa Barbara St. Santa Barbara, CA 93101For Sale | Eight 2-Bedroom, 2-Bath ApartmentsOne of Santa Barbara’s most iconic multi-family properties located in the coveted Upper East neighborhood and never before on the market.
Brian [email protected] Lic. 01361925
WATCH VIDEO
iconic Santa BarBar a apartment Building for Sale 1 5 0 1 Sa n ta Ba r Ba r a St. | Sa n ta Ba r Ba r a , c a 93 1 0 1
Brad [email protected] Lic. 01323736
Brian [email protected] Lic. 01361925
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property brief
The information provided here has been obtained from the owner of the property or from other sources deemed reliable. We have no reason to doubt its accuracy, but we do not guarantee it.
Never before on the market, this Iconic Santa Barbara multi-family property
is located in the prestigious Upper East neighborhood. Built in 1960 by a
highly regarded contractor/architect, D’Alphonso, this well-crafted building
has undergone numerous improvements in recent years, including, remodeled
units, a new roof with copper detailing, landscaping, paint and water heaters.
The building features classic Spanish-style details, front and rear entries,
excellent natural light, concrete stairs and decks, large floorplans, on-site
laundry, on-site storage and pull under on-site parking. Incredible views of
Alice Keck Park, the Riviera and the Santa Ynez mountains and just two blocks
from State Street and the theater district. Many under-market tenants are in
the building and we ask interested parties not to disturb them. The Seller
desires to close escrow by the late 4th quarter of 2018.
Offered at ▶ $4,800,000 (Minimum bid) (Offers will be responded to in late June).
NOI ▶ $171,339 (Projected)
Unit Mix ▶ Eight (8) 2-Bedroom, 2-Bath
Land Size ▶ ±10,018 SF
Zoning ▶ R-3
APN ▶ 027-241-009
Parking ▶ Eight (8) Covered On-Site Spaces
Year Built ▶ 1960
CSO ▶ 2%
iconic Santa BarBar a apartment Building for Sale 1 5 0 1 Sa n ta Ba r Ba r a St. | Sa n ta Ba r Ba r a , c a 93 1 0 1
Brad [email protected] Lic. 01323736
Brian [email protected] Lic. 01361925
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Santa Barbara St.
iconic Santa BarBar a apartment Building for Sale 1 5 0 1 Sa n ta Ba r Ba r a St. | Sa n ta Ba r Ba r a , c a 93 1 0 1
Brad [email protected] Lic. 01323736
Brian [email protected] Lic. 01361925
2 0 5 E . C a r r i l lo st. s u i tE 1 0 0 | s a nta B a r B a r a C a 93 1 0 1 | 8 0 5 .9 6 5 . 5 5 0 0 | Fa x 8 0 5 .9 6 5 . 5 3 0 0 | r a d i u s gr o u p.Co m5.17.18
1 EF International Language Center
2 South Coast Deli
3 Brasil Arts Café
4 CVS Pharmacy
5 The Arlington Theatre
6 Crushcakes Cafe
7 Cantwell’s Market & Deli
8 La Playa Azul Cafe
9 Savoy Cafe & Deli
10 Santa Barbara Public Market
11 Carlitos Café y Cantina
12 Corepower Yoga
13 Santa Barbara Museum of Art
14 Granada Theatre
15 The Upham B&B
16 Soho Restaurant & Music Club
17 Starbuck’s
18 Chase Bank
19 Jane Restaurant
20 La Quinta Inn & Suites
21 Santa Barbara Yoga Center
22 Santa Barbara Public Library
23 Ensemble Theatre Company (ETC) at the New Vic
Anacapa St.
Garden St.
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State St.
Chapala St.
De La Vina St.
1501 Santa Barbara St.
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Santa Barbara St.
Alice Keck Park Memorial Gardens
Santa Barbara Courthouse
& Sunken Gardens
Alameda Plaza
iconic Santa BarBar a apartment Building for Sale 1 5 0 1 Sa n ta Ba r Ba r a St. | Sa n ta Ba r Ba r a , c a 93 1 0 1
Brad [email protected] Lic. 01323736
Brian [email protected] Lic. 01361925
2 0 5 E . C a r r i l lo st. s u i tE 1 0 0 | s a nta B a r B a r a C a 93 1 0 1 | 8 0 5 .9 6 5 . 5 5 0 0 | Fa x 8 0 5 .9 6 5 . 5 3 0 0 | r a d i u s gr o u p.Co m5.17.18
property photos
iconic Santa BarBar a apartment Building for Sale 1 5 0 1 Sa n ta Ba r Ba r a St. | Sa n ta Ba r Ba r a , c a 93 1 0 1
Brad [email protected] Lic. 01323736
Brian [email protected] Lic. 01361925
2 0 5 E . C a r r i l lo st. s u i tE 1 0 0 | s a nta B a r B a r a C a 93 1 0 1 | 8 0 5 .9 6 5 . 5 5 0 0 | Fa x 8 0 5 .9 6 5 . 5 3 0 0 | r a d i u s gr o u p.Co m5.17.18
AdditionAl property photos
iconic Santa BarBar a apartment Building for Sale 1 5 0 1 Sa n ta Ba r Ba r a St. | Sa n ta Ba r Ba r a , c a 93 1 0 1
Brad [email protected] Lic. 01323736
Brian [email protected] Lic. 01361925
2 0 5 E . C a r r i l lo st. s u i tE 1 0 0 | s a nta B a r B a r a C a 93 1 0 1 | 8 0 5 .9 6 5 . 5 5 0 0 | Fa x 8 0 5 .9 6 5 . 5 3 0 0 | r a d i u s gr o u p.Co m5.17.18
Calculations
Current Market
EOI: $227,853 $268,593
Annual Exp.: $97,254 $97,254
NOI: $130,599 $171,339
GRM: 21.07 17.87
CAP Rate: 2.72% 3.57%
Annual ExpensesCurrent Current % GOI Market % GOI Market
Real Estate Taxes: 1.05% $50,160 22% 18.7% $50,160Insurance: Act. $8,000 3.5% 3.0% $8,000
Property Management: 6.00% $14,094 6.2% 5.2% $14,094Utilities: Act. $12,900 8.6% 4.8% $12,900
Electric $750 0.3% $750Water/Sewer/Trash $12,000 $12,000
Gas $150 $150
Maint/Repairs: $600/Unit $4,800 2.1% 1.8% $4,800Grounds: Act. $1,800 0.8% 0.7% $1,800Reserves: Est. $500/Unit $4,000 1.8% 1.5% $4,000
Legal & Accounting: Est. $750 0.3% 0.3% $750
Annual Expenses Per Unit $12,157 $12,157Annual Expenses $97,254 42.4% 36.2% $97,254
Unit Mix & Rent SchedulesCurrent Rent Market Rent
# Units Mix Est. SF Rent Unit Monthly Income Rent Monthly Income2 2/2 949 $2,025–2,500 $4,525 $2,800 $5,6002 2/2 937 $2,550–2,600 $5,150 $2,700 $5,4004 2/2 972 $2,025–2,800 $9,825 $3,000 $12,000
Monthly Rental Income: $19,500 $23,000
Estimated Monthly Laundry Income: $75 $75
Potential Gross Monthly Income: $19,575 $23,075
Potential Gross Annual Income: $234,900 $276,900
Less: Vacancy & Collection Loss: 3% $7,047 % Rent Upside $8,307
Effective Gross Economic Income: $227,853 17.9% $268,593
Executive Summary# Units: 8
Price: $4,800,000
Price/Unit: $600,000
NOI: $130,599
GRM: 21.07
CAP Rate: 2.72%
Lot Size: 0.23 Acres
Price/SF: $627/SF
Building Size: 7,660 SF
Zoning R-M
APN 027-241-009
Est. Year Built 1960
income AnAlysis
