6-Unit Two-Story Apartment
New
For Sale
$2,099,000
1403 Bath, Santa Barbara, CA 93101
Two-story multifamily property with a mix of studio and one-bedroom apartments in downtown Santa Barbara.
Property Size4,870 SF
Lot Size0.21 Acres
Price / SF$431.01
Days on Market4
Property Features for 1403 Bath
General Information
Standard status
Active
Size
4,870 SF
Lot size
0.21 Acres
Property subtype
Mixed Use
Units
Unit Mix
2 x 1BR/1BA, 4 x studio
Multifamily Units
6
Additional Details
Gross Income
$127,020
Taxes and HOA fees
Annual Taxes
$23,808
Building Details
Building Size
4,870 SF
Year Built
1920
Buildings
1
Stories
2
Listing Agency:
Compass
Listed By:
Sean McIver · License #02017526
(805) 698-5865
Source:
Velocityrealtysd
Added: Sep 21
Changed: Sep 24
Last Checked: Sep 24 at 4:52PM
Displayed information is deemed reliable but is not guaranteed and should be independently verified. All listing content including descriptions, pricing, images are the copyrighted material of Compass
Investment Insights
Based on property information with market context.
Located at 1403 Bath in Santa Barbara, this two-story apartment building was constructed in 1920 and contains 6 residential units totaling approximately 4,870 sqft of living space. The unit mix includes four studio apartments and two one-bedroom, one-bath units.
The property occupies a 9,148 SF lot in downtown Santa Barbara. Its established multifamily configuration offers a clearly defined residential income asset with a combination of smaller studio units and larger one-bedroom residences.
The property occupies a 9,148 SF lot in downtown Santa Barbara. Its established multifamily configuration offers a clearly defined residential income asset with a combination of smaller studio units and larger one-bedroom residences.
Key Highlights
- 6‑unit apartment building at 1403 Bath, Santa Barbara, CA 93101
- Approximately 4,870 sqft of living space
- Unit mix includes four studios and two one‑bedroom, one‑bath units
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
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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
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Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Multifamily in West region
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Frequently Asked Questions
What type of property is this?
Apartment building - Two-story multifamily property with a mix of studio and one-bedroom apartments in downtown Santa Barbara.
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: 6‑unit apartment building at 1403 Bath, Santa Barbara, CA 93101; Approximately 4,870 sqft of living space; Unit mix includes four studios and two one‑bedroom, one‑bath units
