7-Unit Apartment
For Sale
$2,900,000
431 Ellwood Beach Dr, Goleta, CA 93117
Two-bedroom residences include covered parking and storage, with select units featuring updated flooring.
Property Size6,450 SF
Price / SF$449.61
Days on Market69
Property Features for 431 Ellwood Beach Dr
General Information
Standard status
Active
Size
6,450 SF
Property subtype
Multi-Family
Units
Unit Mix
7 x 2BR/2BA
Multifamily Units
7
Additional Details
Cap Rate
5.2%
Amenities
off street covered parking
storage
Building Details
Year Built
1970
Listing Agency:
Radius Group Commercial R.E.
(805) 965-5500
Listed By:
Steven J Golis · License #00772218
Source:
Santabarbarahomesearcher
Added: Jun 23
Changed: Aug 29
Last Checked: Aug 29 at 6:41PM
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 Radius Group Commercial R.E.
Investment Insights
Based on property information with market context.
Built in 1970, the property includes seven apartment units within 6,450 square feet. Each residence offers a two-bedroom, two-bathroom layout. Many apartments have updated flooring, while two upstairs units add vaulted ceilings. Covered off-street parking and storage are also provided for tenants.
The property is located a few blocks from Ellwood Beach in Goleta, with Ellwood Mesa Open Space, UCSB, and major Goleta employment centers nearby. Current operations reflect a 5.20% cap rate, adding an established income component to the apartment configuration.
The property is located a few blocks from Ellwood Beach in Goleta, with Ellwood Mesa Open Space, UCSB, and major Goleta employment centers nearby. Current operations reflect a 5.20% cap rate, adding an established income component to the apartment configuration.
Key Highlights
- Seven‑unit apartment property with two‑bedroom, two‑bathroom units
- 5.20% current cap rate
- 6,450 square feet on a 1970‑built property
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
$127,612
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
4.40%
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%
$2,552,240
$2.6M
Cap Rate 7%
$1,823,029
$1.8M
Cap Rate 9%
$1,417,911
$1.4M
Market Conditions
NOI Build-Up for 6,450 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
$239.9K $37.20/SF
− Vacancy
−$7.9K −$1.23/SF
EGI
$232.0K $35.97/SF
− OpEx
−$104.4K −$16.19/SF
NOI
$127.6K $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%
$2,552,240
Cap Rate 7%
$1,823,029
Cap Rate 9%
$1,417,911
Alternative Uses
Best Use
Apartment 5plus
$1.82M
$1.60M – $2.13M
NOI $127,612 @ 7.0% cap · market cap 4.40%
Second Best
—
—
no second resolved use
Theoretical Best
Multifamily LT 5
$2.02M
$1.77M – $2.36M
NOI $141,707 @ 7.0% cap · market cap 4.89%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
7
Residential units
Location Intelligence
Trade Area within ½ mile
333
Businesses Nearby
Explore this area
Business Placement
Demographics for 93117, CA
53,430
Population
18,208
Households
2.9
Avg Household Size
28
Median Age
49%
College-Educated
90%
High-School Grad
168.1 sq mi
ZIP Area
318
Density / Sq Mi
$85,711
Median Household Income
$28,542
Median Earnings
$1,980
Median Rent
$1,021,700
Median Home Value
Market
Vacancy Rate% for Multifamily in West region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Apartment building - Two-bedroom residences include covered parking and storage, with select units featuring updated flooring.
Where is this apartment building located?
The property is located at 431 Ellwood Beach Dr Goleta, CA.
What is the asking price?
The asking price for this property is $2,900,000.
What are key features of this property?
This property features: Seven‑unit apartment property with two‑bedroom, two‑bathroom units; 5.20% current cap rate; 6,450 square feet on a 1970‑built property
