2015 castillo st.€¦ · 4 santa barbara chicken ranch 5 handlebar coffee roasters 6 grocery...

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2015 CASTILLO ST.SANTA BARBARA, CA 93105

FOR SALE

6-Unit Apartment Building

Near Cottage Hospital

OFFERED AT

$ 2 ,9 9 5 , 0 0 04 .18% CA P Ac t u al

4 .66% CA P Pr o j e c te d

Steve G olis805.879.9606

[email protected] Lic. 00772218

Sharif El s eif y805.879.9650


B rian Johns on805.879.9631


5 . 1 9 . 2 0

mailto:selseify%40radiusgroup.com?subject=Property%20Inquiry

F O R S A L E | 6 - U N I T M U LT I F A M I LY A S S E T2 0 1 5 C a s t i l l o S t . | S a n t a B a r b a r a , C A 9 3 1 0 5

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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.



This rare 6 unit apartment building is nestled within one of the most

coveted areas of Santa Barbara. Just 3 blocks from Cottage Hospital in a

quiet location just blocks away from amenities such as the Daily Grind,

Mission Ice Cream, Cajun Kitchen, and Handlebar Coffee, the building

provides a peaceful setting with easy access to everything one could hope

for in Santa Barbara. The units are all 2 bedroom, one bath, and have

been extensively upgraded by ownership. The building is consistently

leased up with little vacancy, with strong demand coming from young

professionals and cottage hospital employees. There is room for upside in

this investment as the neighborhood has seen increased renter demand,

driving up rents. With a 4.18% capitalization rate already in place, this

investment provides stability, upside, and pride of ownership.

P R O P E R T Y O V E R V I E W

Offering Specifics

Type Multifamily

Price $2,995,000

Cap Rate 4.18%

GRM 15.27

Land Size ±8,276 SF

Unit Mix (6) 2BR+1BA

APN 025-291-010

mailto:sgolis%40radiusgroup.com?subject=











SUBJECT PROPERTY

CASTILLO STREET

MIS

SION

STREET












W. M

ission S

t.

Pueblo St.

W. P

edregosa S

t.

Chapala St.

State St.

De La Vina St.

Bath St.Castillo St.

5

6

13

2

1519

21

20

11

12

18

16

17

16

1413

109

8

4

7

Nearby Merchants & Amenities

1 Daily Grind Coffee 2 Mission Street Ice Cream 3 Derf's Cafe 4 Santa Barbara Chicken Ranch 5 Handlebar Coffee Roasters 6 Grocery Outlet 7 Los Agaves Mexican Restaurant 8 Trader Joe's 9 CVS 10 Coffee Bean & Tea Leaf 11 Daily Grind Coffee 12 MacKenzie Park 13 Gelson's Market 14 Seven Day Nursery 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

2015 CASTILLO STREET












A N A LY S I S

Analysis

Purchase Price: $ 2,995,000

Current CAP: 4.18%

Projected CAP: 4.66%

Current GRM: 15.13

Projected GRM: 14.07

PPU: $ 499,167

Unit Mix & Current Rent Data

Units Unit Mix Rent/Unit (Avg) Mo. Rent Market Rent

6 2 + 1 $2,582.50 $15,495 $2,789

Scheduled Gross IncomeCurrent Projected

Total Monthly Rent: $15,495 ••• $ 16,735 •••

Monthly Laundry Income: $150 ••• $150 •••

RUBS: $850 ••• $850 •••

Total Monthly Gross Income: $16,495 ••• $17,735 •••

ANNUAL GROSS INCOME: $197,940 ••• $212,815 •••

Less Annual Vacancy Reserve: $5,938 3.00% $6,384 3.00%

Gross Annual Operating Income: $192,002 ••• $206,431 •••

Less Annual Expenses: $66,773 33.73% $66,994 31.48%

NET ANNUAL OPERATING INCOME: $125,229 ••• $139,437 •••

Less Annual Loan Payments: ••• •••

Annual Pre-Tax Cash Flow:

Plus Annual Principal Reduction: 0 ••• 0 •••

TOTAL ANNUAL PRE-TAX RETURN: $0 $0 •••

Estimated Annual ExpensesCurrent Projected Current Projected

Property Taxes* (Based on purhcase price): $31,803 $31,803 Pest Control (Est.) $400 $400

Insurance (Act.): $2,520 $2,520 Utilities (Act.): $12,000 $12,000

Property Management (Est. 5%): $9,600 $10,322 Reserves (Est.): $3,000 $2,500

Advertising (Est.): $250 $250

General & Administrative (Est.): $1,000 $1,000

Maintenance & Repairs (Act.): $4,800 $4,800

Grounds (Act.): $1,800 $1,800

TOTAL ESTIMATED ANNUAL EXPENSES: $66,773 $66,994

ESTIMATED ANNUAL EXPENSES PER UNIT: $11,129 $11,166

General Information

No. Units: 6

Lot Size: 0.19 Acres

APN: 025-291-010












PROPERTY ADDRESS DATE OF SALE PRICE NO. OF UNITS PRICE PER UNIT UNIT MIX CAP RATE

1 Subject Property: 2015 Castillo St. — Suggested:

$2,995,000 6 $499,167 (6) 2BD/1BA 4.18%

2 215 W. Arrellaga St. 4/17/2018 $3,700,000 10 (6) 1 + 1 (4) 2 + 1 $370,000 3.40%

3 307 W. Pedregosa St. 8/21/2018 $2,650,000 6 (2) 3 + 2 (4) 2 + 2 $441,667

4 1407 Bath St. 12/10/2019 $1,781,000 6 (3) Studio (3) 1 + 1 $296,833 4.74%

5 823 E. De la Guerra St. 7/10/2019 $2,010,000 6 (2) 2 + 1 (4) 1 + 1 $335,000 4.56%

3

27

8

9

4

6

1

C O M P A R A B L E S O L D P R O P E R T I E S

5












PROPERTY ADDRESS DATE OF SALE PRICE NO. OF UNITS PRICE PER UNIT UNIT MIX CAP RATE

6 806 N. Nopal St. 12/30/2019 $2,815,000.00 8 (4) 2 + 1 (4) 1 + 1 $351,875 4.19%

7 221 W. Micheltorena St. 12/5/2019 $4,425,000.00 10(2) 2 + 1 (4) 2 + 2 (4) 1 + 1

$442,500 4.24%

8 1320 Laguna St. 8/15/2019 $2,450,000 6(3) 2 + 1 (2) 1 + 1 (1) 1 + 1

$408,333

9 204-206 W Yanonali St. Pending* $5,649,996 11 (7) 1 + 1 (4) 2 + 1 $513,636 3.50%

3

27

8

9

4

6

1

C O M P A R A B L E S O L D P R O P E R T I E S C O N T.

5












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.

Santa Barbara | 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



2015 castillo st.€¦ · 4 santa barbara chicken ranch 5 handlebar coffee roasters 6 grocery...

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