The sky’s the limit for this ultra-rare waterfront-area 8-unit multi-family offering steps to Santa Barbara’s best beach East Beach. Currently operated as standard long-term unfurnished rental apartments, the location of the building in the Coastal Zone and R-4 could allow for shorter-term rental uses. Other creative higher-return uses such as furnished long-term luxury rentals, corporate rentals or specialty group rentals are all possibilities in this A++ location. 2 of the 8 units have been kept intentionally vacant for the next owner to have a head start on re-positioning the property for their preferences. The property’s current good condition is reflective of 20+ years of local pride-of-ownership hands-on management; 6 of the 8 units include various levels of existing upgrades, but with plenty of room remaining for a new owner’s value-add to a next level of luxury appropriate for the location. Projected cap rate after next AB 1482 round of rent bumps is estimated at over 4%, before any new value-add or other re-positioning for much higher potential cap rates – great numbers for a solid Santa Barbara waterfront-area apartment building. Tenants and/or an owner-occupant would be within 1-2 blocks of casual and upscale dining and the world-renowned volleyball courts and the soft sand of East Beach, and within a mile of both State Street / Stearns Wharf and Coast Village Road in Montecito. Don’t miss this rare generational investment opportunity!
