Six-Unit Craftsman Apartment
New
For Sale
$2,099,000
1403 Bath, Santa Barbara, CA 93101
Santa Barbara, CA
Property Size4,870 SF
Lot Size0.21 Acres
Price / SF$431.01
Days on Market4
Property Features for 1403 Bath
General Information
Property type
Commercial Sale
Property subtype
Other
Bedrooms
6
Bathrooms
6
Full bathrooms
6
Rooms
Bedroom 5, Bedroom 3, Bedroom 6, Bathroom 2, Bathroom 5, Bedroom 1, Laundry Room, Bathroom 6, Bathroom 1, Bathroom 3, Bathroom 4, Bedroom 4, Bedroom 2
Parking features
Driveway
Subdivision
Santa Barbara: Other (80)
Lot features
Level with Street, Landscaped, Sprinklers Drip System, Lawn
Directions
Take exit 97 to merge onto Bath St. Property will be on the left.
Standard status
Active
APN
039052017
Lot size
0.21 Acres
Utilities
Sewer type
Public Sewer
Water source
Public
Building Details
Year built
1920
Floors in Building
2
Number of units
6
Flooring type
Wood
Building materials
Wood Siding
Roof type
Flat, Asphalt
Architectural style
Craftsman
Listing Agency:
Compass
(949) 438-4340
Listed By:
Sean McIver · License #02017526
(805) 698-5865
Added: Sep 21
Last Checked: Sep 24 at 10:06PM
MLS# NP26202089
Copyright © 2026 California Regional Multiple Listing Service, Inc. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
Built in 1920, this two-story Craftsman apartment building contains approximately 4,870 square feet across six residences. The unit mix includes two one-bedroom, one-bath apartments and four studio apartments. Wood siding, wood flooring, flat and asphalt roofing, and a driveway are among the recorded property features.
The property occupies a 9,148 SF lot at 1403 Bath in Santa Barbara, California. Public water and public sewer serve the building. Its six-unit configuration provides a defined multifamily layout with both studio and one-bedroom accommodations.
The property occupies a 9,148 SF lot at 1403 Bath in Santa Barbara, California. Public water and public sewer serve the building. Its six-unit configuration provides a defined multifamily layout with both studio and one-bedroom accommodations.
Key Highlights
- Six‑unit apartment building with two one‑bedroom units and four studio apartments
- Approximately 4,870 sqft of living space
- 9,148 SF lot, equal to 0.21 acres
Financial Insights
Estimated NOI and Cap Rate
NOI = area × lease_rate × (100 − vacancy) / 100 × (1 − expense_ratio). Net Operating Income — what the owner takes home each year before mortgage payments and income tax. Effective rent (asking rent minus vacancy losses) minus operating costs (taxes, insurance, maintenance, management).
NOI / Yr
$96,352
Cap rate = NOI / list price × 100. Capitalization rate — annual return on a fully cash purchase, before financing. NOI divided by price. Higher means more income per dollar invested, but usually also more risk or older condition. 5–8% is typical for stabilized commercial property; double digits often signal distressed deals.
Cap Rate
4.59%
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$1,927,040
$1.9M
Cap Rate 7%
$1,376,457
$1.4M
Cap Rate 9%
$1,070,578
$1.1M
Market Conditions
NOI Build-Up for 4,870 SF
Vacancy — income lost from leasable area expected to sit empty during the year, subtracted from gross rent.
EGI (Effective Gross Income) — gross rent minus vacancy losses, the realistic income before paying operating costs.
OpEx (Operating Expenses) — recurring costs to operate the property (property tax, insurance, utilities, maintenance, management); excludes financing and capital improvements.
NOI (Net Operating Income) — income a property generates after operating costs but before financing and taxes.
Gross rent
$181.2K $37.20/SF
− Vacancy
−$6.0K −$1.23/SF
EGI
$175.2K $35.97/SF
− OpEx
−$78.8K −$16.19/SF
NOI
$96.4K $19.78/SF
Area
Santa Barbara County, CA
Vacancy
3.30%
Lease Rate
$37.20 /SF/Yr
Expense Ratio
45.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$1,927,040
Cap Rate 7%
$1,376,457
Cap Rate 9%
$1,070,578
Alternative Uses
Best Use
Apartment 5plus
$1.38M
$1.20M – $1.61M
NOI $96,352 @ 7.0% cap · market cap 4.59%
Second Best
—
—
no second resolved use
Theoretical Best
Multifamily LT 5
$1.53M
$1.34M – $1.78M
NOI $106,994 @ 7.0% cap · market cap 5.10%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Unlock full access to Insights
Subscribe to Realmo Intelligence
Open Analytics
Current Use
Lease Details
6
Residential units
Location Intelligence
Trade Area within ½ mile
5,230
Businesses Nearby
Explore this area
Business Placement
Demographics for 93101, CA
30,513
Population
13,664
Households
2.2
Avg Household Size
36
Median Age
41%
College-Educated
83%
High-School Grad
3.2 sq mi
ZIP Area
9,535
Density / Sq Mi
$79,868
Median Household Income
$42,614
Median Earnings
$2,109
Median Rent
$1,122,200
Median Home Value
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
View Realmo Analytics
Market
Vacancy Rate% for Multifamily in West region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Apartment building - Two-story property with a mix of studio and one-bedroom apartments.
Where is this apartment building located?
The property is located at 1403 Bath Santa Barbara, CA.
What is the asking price?
The asking price for this property is $2,099,000.
What are key features of this property?
This property features: Six‑unit apartment building with two one‑bedroom units and four studio apartments; Approximately 4,870 sqft of living space; 9,148 SF lot, equal to 0.21 acres
