Residential Income In Santa Barbara

The subject property is a 3 unit apartment building located in the Montecito area of Santa Barbara. One mile east of the 101 Freeway, and just south of the Coast Village shopping area and the Montecito Country Club and one and a half miles to the beach. The unit mix consists of 2 three-bedroom units and 1 two-bedroom town bath units. All units are separately metered for gas and electricity. There are no public records regarding the year built or the square footage of the building. The year built and the square footage has been estimated in this marketing package. Buyer to do their own investigation regarding the year built and square footage of the building. Unit A has been completely remodeled including a new kitchen with appliances in August 2018. Plus, a new patio was installed in the front yard of Unit A in May 2022. Unit B had new concrete work completed at their front door in March 2024. A new sump pump + concrete work + a new drainage line was installed to the west side of the property to improve the exterior drainage in March of 2026. On site parking consist of a carport for 5 cars plus open parking spaces for additional parking spaces on the premises. There is a common laundry room for the use of all tenants. There is an existing loan with Chase Bank in the approximate amount of $723,045 which is assumable. Starting in October 2026 the interest rate will be 7% and the monthly payment will be $4,217.76.