6-Unit Apartment
For Sale
$2,150,000
516 W Junipero St, Santa Barbara, CA 93105
Two-story apartment property with six one-bedroom, one-bath units across from Cottage Hospital.
Property Size3,670 SF
Price / SF$585.83
Days on Market86
Property Features for 516 W Junipero St
General Information
Standard status
Active
Size
3,670 SF
Property subtype
Multi-Family
Units
Unit Mix
6 x 1BR/1BA
Multifamily Units
6
Building Details
Year Built
1964
Buildings
1
Stories
2
Listing Agency:
JT Real Estate Group
Listed By:
Jim Turner · License #00970829
Source:
Santabarbarahomesearcher
Added: Jun 6
Changed: Aug 29
Last Checked: Aug 30 at 6:08PM
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 JT Real Estate Group
Investment Insights
Based on property information with market context.
This two-story apartment property contains six residential units, each configured with one bedroom and one bathroom. The building was constructed in 1964 and is located at 516 W Junipero St in Santa Barbara.
Cottage Hospital is directly across the street from the property. Current rents are approximately 59% of market rents, providing a documented relationship between in-place rents and market rent levels.
Cottage Hospital is directly across the street from the property. Current rents are approximately 59% of market rents, providing a documented relationship between in-place rents and market rent levels.
Key Highlights
- Six‑unit apartment property at 516 W Junipero St, Santa Barbara, CA 93105
- All six units offer one bedroom and one bathroom
- Two‑story apartment building constructed in 1964
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
$72,610
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
3.38%
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%
$1,452,200
$1.5M
Cap Rate 7%
$1,037,286
$1.0M
Cap Rate 9%
$806,778
$806.8K
Market Conditions
NOI Build-Up for 3,670 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
$136.5K $37.20/SF
− Vacancy
−$4.5K −$1.23/SF
EGI
$132.0K $35.97/SF
− OpEx
−$59.4K −$16.19/SF
NOI
$72.6K $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%
$1,452,200
Cap Rate 7%
$1,037,286
Cap Rate 9%
$806,778
Alternative Uses
Best Use
Apartment 5plus
$1.04M
$907.6K – $1.21M
NOI $72,610 @ 7.0% cap · market cap 3.38%
Second Best
—
—
no second resolved use
Theoretical Best
Multifamily LT 5
$1.15M
$1.01M – $1.34M
NOI $80,630 @ 7.0% cap · market cap 3.75%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
6
Residential units
Location Intelligence
Trade Area within ½ mile
1,866
Businesses Nearby
Explore this area
Business Placement
Demographics for 93105, CA
26,003
Population
11,401
Households
2.3
Avg Household Size
49
Median Age
60%
College-Educated
94%
High-School Grad
139.8 sq mi
ZIP Area
186
Density / Sq Mi
$129,549
Median Household Income
$64,371
Median Earnings
$2,572
Median Rent
$1,496,500
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-story apartment property with six one-bedroom, one-bath units across from Cottage Hospital.
Where is this apartment building located?
The property is located at 516 W Junipero St Santa Barbara, CA.
What is the asking price?
The asking price for this property is $2,150,000.
What are key features of this property?
This property features: Six‑unit apartment property at 516 W Junipero St, Santa Barbara, CA 93105; All six units offer one bedroom and one bathroom; Two‑story apartment building constructed in 1964
