pedregosa st | santa barbara ca 93101 614618...unit configuration status current rent market 614-a...
TRANSCRIPT
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Steve G [email protected] LIC. 00772218
Mike L o p [email protected] LIC. 01970736
614–618W PEDREGOSA ST | SANTA BARBARA CA 93101
FOR SALE
Well-Maintained 10-Unit Multifamily Asset on Santa Barbara's Westside
F O R S A L E | 1 0 - U N I T M U L T I F A M I LY A S S E T6 1 4 – 6 1 8 W. P e d r e g o s a S t . | S a n t a B a r b a r a , C A 9 3 1 0 1
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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.
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Steve G [email protected] LIC. 00772218
Mike L o p [email protected] LIC. 01970736
This well maintained property comprises three buildings: two apartment
buildings and one freestanding, 3BD+1BA house. The apartments include
(1) 3BD+1BA, (4) 2BD+1BA, and (4) 1BD+1BA. The property also features
8 carport spaces, plus 3 additional spaces. Nestled on a residential block
with only light traffic, the buildings are situated on a deep lot with lush
landscaping providing a quiet, oasis-like feel despite their proximity to
the Mission St./101 Fwy. interchange. Harding Elementary School & La
Cumbre Junior High School are nearby, and downtown Santa Barbara is
within easy bicycling distance. This property has not been available for sale
in decades and is competitively priced at $437,000/unit with a proforma cap
rate of 4.2%. Please contact listing agents for additional information.
P R O P E R T Y O V E R V I E W
Offering Specifics
Type Multifamily
Price $4,375,000 | $437,000 Per Unit
Cap Rate Actual: 3.7% | Proforma: 4.2%
Land Size ±16,117 SF
Unit Mix Apartments: (1) 3BD+1BA; (4) 2BD+1BA; (4) 1BD+1BA House: (1) 3BD+1BA
APN 043-131-024
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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.
2 0 5 E . C A R R I L L O S T . S U I T E 1 0 0 | S A N T A B A R B A R A C A 9 3 1 0 1 | 8 0 5 . 9 6 5 . 5 5 0 0 | R A D I U S G R O U P . C O M3 . 1 7 . 2 1
Steve G [email protected] LIC. 00772218
Mike L o p [email protected] LIC. 01970736
SUBJECT PROPERTY
W. P
EDREGOSA S
T.
F O R S A L E | 1 0 - U N I T M U L T I F A M I LY A S S E T6 1 4 – 6 1 8 W. P e d r e g o s a S t . | S a n t a B a r b a r a , C A 9 3 1 0 1
2 0 5 E . C A R R I L L O S T . S U I T E 1 0 0 | S A N T A B A R B A R A C A 9 3 1 0 1 | 8 0 5 . 9 6 5 . 5 5 0 0 | R A D I U S G R O U P . C O M3 . 4 . 2 1
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.
2 0 5 E . C A R R I L L O S T . S U I T E 1 0 0 | S A N T A B A R B A R A C A 9 3 1 0 1 | 8 0 5 . 9 6 5 . 5 5 0 0 | R A D I U S G R O U P . C O M3 . 1 7 . 2 1
Steve G [email protected] LIC. 00772218
Mike L o p [email protected] LIC. 01970736
F O R S A L E | 1 0 - U N I T M U L T I F A M I LY A S S E T6 1 4 – 6 1 8 W. P e d r e g o s a S t . | S a n t a B a r b a r a , C A 9 3 1 0 1
2 0 5 E . C A R R I L L O S T . S U I T E 1 0 0 | S A N T A B A R B A R A C A 9 3 1 0 1 | 8 0 5 . 9 6 5 . 5 5 0 0 | R A D I U S G R O U P . C O M3 . 4 . 2 1
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.
2 0 5 E . C A R R I L L O S T . S U I T E 1 0 0 | S A N T A B A R B A R A C A 9 3 1 0 1 | 8 0 5 . 9 6 5 . 5 5 0 0 | R A D I U S G R O U P . C O M3 . 1 7 . 2 1
Steve G [email protected] LIC. 00772218
Mike L o p [email protected] LIC. 01970736
W. M
ISSIO
N ST.
PUEBLO ST.
W. P
EDREGOSA ST.
W. IS
LAY ST.
W. V
ALERIO S
T.
CHAPALA ST.
STATE ST.
ANACAPA ST.
DE LA VINA ST.BATH ST.
W. L
OS OLIV
OS ST.
CASTILLO ST.
MODOC RD.
5
6
13
2
1519
21
20
11
12
18
16
17
16
14
13
10
9
8
4
7
Nearby Merchants & Amenities
1 Daily Grind Coffee
2 Mission Street Ice Cream & Yogurt
3 Derf's Cafe
4 Santa Barbara Chicken Ranch
5 Handlebar Coffee Roasters
6 Grocery Outlet
7 Los Agaves Mexican Restaurant
8 Bath Street Inn
9 SBCC School of Extended Learning
10 Ike's Love & Sandwiches
11 Yellow Belly
12 Bree'Osh Bakery
13 Marty's Pizza
14 Santa Barbara Tire Center
15 Garrett's Old Fashioned
16 Cajun Kitchen Cafe
17 Taffy's Pizza
18 Park Place Deli
19 7-Eleven
20 Sinclair Gas Station
21 ARCO
COTTAGE HOSPITAL
614–618 W. PEDREGOSA
STREET
F O R S A L E | 1 0 - U N I T M U L T I F A M I LY A S S E T6 1 4 – 6 1 8 W. P e d r e g o s a S t . | S a n t a B a r b a r a , C A 9 3 1 0 1
2 0 5 E . C A R R I L L O S T . S U I T E 1 0 0 | S A N T A B A R B A R A C A 9 3 1 0 1 | 8 0 5 . 9 6 5 . 5 5 0 0 | R A D I U S G R O U P . C O M3 . 4 . 2 1
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.
2 0 5 E . C A R R I L L O S T . S U I T E 1 0 0 | S A N T A B A R B A R A C A 9 3 1 0 1 | 8 0 5 . 9 6 5 . 5 5 0 0 | R A D I U S G R O U P . C O M3 . 1 7 . 2 1
Steve G [email protected] LIC. 00772218
Mike L o p [email protected] LIC. 01970736
A N A LY S I S614-618 Pedregossa StreetIncome Analysis, Pro Forma and Property Valuation
Rent Roll (Monthly)
Unit Configuration Status Current Rent Market614-A 3br / 1bath Vacant 2,800$ 2,940$614-B 1br / 1bath Leased 1,800$ 1,890$614-C 1br / 1bath Leased 1,800$ 1,890$614-D 1br / 1bath Leased 1,640$ 1,890$618-A 2br / 1bath Leased 2,500$ 2,625$618-B 1br / 1bath Leased 1,700$ 1,890$618-D 2br / 1bath Leased 2,200$ 2,400$618-E 2br / 1bath Leased 1,950$ 2,400$618-H 2br / 1bath Leased 2,600$ 2,730$House 3br / 1bath Vacant 3,200$ 3,360$
10 Total Units 100% 22,190$ 24,015$
Income Analysis (Annual)
Annual Income Current MarketAnnual Schedule Income $266,280 $288,180
Vacancy Factor 2% 2%Gross Income $260,954 $282,416
Annual ExpensesProperty Tax 52,500$ 52,500$
Property Management $13,048 $14,121Utilities $13,338 $13,338
Insurance 6,000 $6,000Gardener 3,500 $3,500
Pest Control 2,500 $2,500Reserve 3,000 $3,000
Repairs & Maintenance $5,000 $5,000Total Annual Cost $98,886 $99,959
Net Operating Income (NOI) $162,069 $182,458
Cap Rate Based Price Analysis:
$437,000 Price Per Unit
Asking Price $4,375,000Cap Rate 3.7% Current - 4.2% (pro forma)
F O R S A L E | 1 0 - U N I T M U L T I F A M I LY A S S E T6 1 4 – 6 1 8 W. P e d r e g o s a S t . | S a n t a B a r b a r a , C A 9 3 1 0 1
2 0 5 E . C A R R I L L O S T . S U I T E 1 0 0 | S A N T A B A R B A R A C A 9 3 1 0 1 | 8 0 5 . 9 6 5 . 5 5 0 0 | R A D I U S G R O U P . C O M3 . 4 . 2 1
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.
2 0 5 E . C A R R I L L O S T . S U I T E 1 0 0 | S A N T A B A R B A R A C A 9 3 1 0 1 | 8 0 5 . 9 6 5 . 5 5 0 0 | R A D I U S G R O U P . C O M3 . 1 7 . 2 1
Steve G [email protected] LIC. 00772218
Mike L o p [email protected] LIC. 01970736
PROPERTY ADDRESS DATE OF SALE PRICE NO. OF UNITS CAP RATE PPU
1 Subject Property: 614–618 W. Pedregosa St. — $4,375,000 10 3.7% $437,000
2 524 E. Arrellaga St. 2/26/2021 $3,400,000 6 — $566,667
3 204 W. Yanonali St. 5/15/2020 $5,650,000 10 3.47% $565,000
4 1501 Santa Barbara St. 1/16/2019 $4,394,000 8 — $549,250
C O M P A R A B L E S A L E S
2
7
12
811
3
4139
10
61 5
F O R S A L E | 1 0 - U N I T M U L T I F A M I LY A S S E T6 1 4 – 6 1 8 W. P e d r e g o s a S t . | S a n t a B a r b a r a , C A 9 3 1 0 1
2 0 5 E . C A R R I L L O S T . S U I T E 1 0 0 | S A N T A B A R B A R A C A 9 3 1 0 1 | 8 0 5 . 9 6 5 . 5 5 0 0 | R A D I U S G R O U P . C O M3 . 4 . 2 1
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.
2 0 5 E . C A R R I L L O S T . S U I T E 1 0 0 | S A N T A B A R B A R A C A 9 3 1 0 1 | 8 0 5 . 9 6 5 . 5 5 0 0 | R A D I U S G R O U P . C O M3 . 1 7 . 2 1
Steve G [email protected] LIC. 00772218
Mike L o p [email protected] LIC. 01970736
PROPERTY ADDRESS DATE OF SALE PRICE NO. OF UNITS CAP RATE PPU
5 1530 Bath St.. 12/16/2020 $2,695,000 5 4.26% $539,000
6 2015 Castillo St. 2/01/2020 $2,795,000 6 4.66% $465,833
7 221 W. Micheltorena St. 12/5/2019 $4,425,000 10 4.24% $442,500
8 1320 Laguna St. 8/15/2019 $2,450,000 6 — $408,333
C O M P A R A B L E S A L E S , C O N T.
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7
12
811
3
4139
10
61 5
F O R S A L E | 1 0 - U N I T M U L T I F A M I LY A S S E T6 1 4 – 6 1 8 W. P e d r e g o s a S t . | S a n t a B a r b a r a , C A 9 3 1 0 1
2 0 5 E . C A R R I L L O S T . S U I T E 1 0 0 | S A N T A B A R B A R A C A 9 3 1 0 1 | 8 0 5 . 9 6 5 . 5 5 0 0 | R A D I U S G R O U P . C O M3 . 4 . 2 1
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.
2 0 5 E . C A R R I L L O S T . S U I T E 1 0 0 | S A N T A B A R B A R A C A 9 3 1 0 1 | 8 0 5 . 9 6 5 . 5 5 0 0 | R A D I U S G R O U P . C O M3 . 1 7 . 2 1
Steve G [email protected] LIC. 00772218
Mike L o p [email protected] LIC. 01970736
PROPERTY ADDRESS DATE OF SALE PRICE NO. OF UNITS CAP RATE PPU
9 1032 E. Mason St.. 3/22/2019 $3,100,000 8 — $387,500
10 410 W. Micheltorena St. 1/29/2020 $5,225,000 14 5.36% $373,214
11 806 N. Nopal St. 12/30/2019 $2,815,000 8 4.19% $351,875
12 160 Camino de Vida 12/15/2020 $4,200,000 12 4.20% $350,000
13 28 W. Pedregosa St. 7/18/2019 $4,250,000 14 3.06% $303,571
C O M P A R A B L E S A L E S , C O N T.
2
7
12
811
3
4139
10
61 5
F O R S A L E | 1 0 - U N I T M U L T I F A M I LY A S S E T6 1 4 – 6 1 8 W. P e d r e g o s a S t . | S a n t a B a r b a r a , C A 9 3 1 0 1
2 0 5 E . C A R R I L L O S T . S U I T E 1 0 0 | S A N T A B A R B A R A C A 9 3 1 0 1 | 8 0 5 . 9 6 5 . 5 5 0 0 | R A D I U S G R O U P . C O M3 . 4 . 2 1
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.
2 0 5 E . C A R R I L L O S T . S U I T E 1 0 0 | S A N T A B A R B A R A C A 9 3 1 0 1 | 8 0 5 . 9 6 5 . 5 5 0 0 | R A D I U S G R O U P . C O M3 . 1 7 . 2 1
Steve G [email protected] LIC. 00772218
Mike L o p [email protected] LIC. 01970736
Symbolizing the ultimate in casual California lifestyle, Santa Barbara is undoubtedly one of America’s most desirable destinations to live and travel.
Located on a pristine coastline approximately 337 miles south of San Francisco and 93 miles north of Los Angeles, Santa Barbara is nestled between the Pacific Ocean and the Santa Ynez Mountains. This stretch of coast is known as the “American Riviera” because of its mild Mediterranean climate.
With a population of approximately 92,101, Santa Barbara is both small and vibrant. Locals and visitors are drawn to the city’s charming downtown and picturesque State Street with its rich Spanish architecture and historical sites, wide variety of shops and galleries, numerous Zagat-rated restaurants and thriving open-air shopping centers like the famed Paseo Nuevo Mall. Pristine, sunny beaches, an exapansive harbor and countless outdoor attractions including the Santa Barbara Zoo, Santa Barbara Mission, Stearns Wharf and Santa Barbara Museum of Natural History all add to the area’s appeal. And with nearly 220 vineyards within a short drive, Santa Barbara County is a renowned wine region offering an array of some of the finest labels in the world.
THE AMERICAN RIVIERA
“Best Beach Town”Sunset Magazine’s 2015 Inaugural Travel Awards
“The 12 Best Cities for a Weekend Getaway”
U.S. News & World Report
“30 Best Small Cities in America”
Condé Nast Traveler’s Readers’ Choice Awards
T H E M A R K E T | S A N T A B A R B A R A