Active
440 Por La Mar Drive
SANTA BARBARA CA, 93103
$7,400,000
$1,056.24 per sqft
Active
2 Beds
1 Bath
7,006 sqft
Residential
Built in 1957
Courtesy of Ken Switzer, Berkshire Hathaway HomeServices California Properties
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, including tile floors throughout, 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 ~4%, before any new value-add or other re-positioning for much higher potential cap rates - great numbers for a solid well-located 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 soft sand of East Beach, and within a mile of both State Street / Stearns Wharf and Coast Village Road in Montecito. See the Offering Memorandum (unbranded) under Documents for more details about financial projections, floorplans and nearby amenties. Don't miss this rare generational investment opportunity!
24-3381
MLSⓇ ID
October 11, 2024
Listed
November 30, 2024
Updated
Map
440 Por La Mar Drive
SANTA BARBARA CA, 93103
Interior Features
Total Stories
2
Bedrooms
2
Total Bathrooms
1
Full Bathrooms
1
Laundry Description
Laundry Room, In Unit
Floor Description
Tile
Fireplace
No
Cooling
No
Heating
No
Exterior/Building Features
Lot Size
0.25 Acres
Lot Features
Near Public Transit
School Information
High School
S.B. Sr.
Elementary School
Franklin
Other Property Details
Area Name
15 - SB/EAST OF STATE
Days on Market
51
Garage
No
Parking
Uncovered
Parking Total
8
View
No
County
Santa Barbara
Pool
No
Zoning
R-4
Listed by Berkshire Hathaway HomeServices California Properties, Ken Switzer,
Listing Contact: [email protected]
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Data last updated 5:18 PM UTC, 11/30/2024