MLS® ID: 18-3773
401 1/2 Old Coast Hwy
SANTA BARBARA, California, 93103 $1,289,000
This well maintained 3 unit SB apartment building, at 14.4 x current rents and a 4.76% CAP, offers the best return available for small income property in city of SB! Mixed use zoning allows for flexibility of use. Set on flag lot, consists of 1BD/1BA standalone unit w/ private patio plus duplex w/ 3BD/2BA & 3BD/1BA units. Largest unit totally rebuilt in 2012 & has AC, dual pane windows, enclosed yard. Front house has fireplace. Owner put over $50k into 1 BD unit. 6 parking spots, onsite laundry and sep elect, gas meters. Near zero % vacancy rate afforded by benefit of designation as project based voucher property thru affordable housing agency. Buyer has option to continue w/ program or convert 1 unit to commercial & rent out other 2 as residential use w/ or w/o affordable housing tenants.