28-Unit Multifamily
For Sale
Contact for pricing
5615 Carpinteria Ave, Carpinteria, CA 93013
Stabilized 28-unit multifamily asset with studio-heavy mix and a comprehensive 2016 renovation.
Property Size10,150 SF
Price / SF$665.02
Days on Market84
Property Features for 5615 Carpinteria Ave
General Information
Standard status
Active
Size
10,150 SF
Total Parking Spaces
30
Property subtype
Multifamily
Occupancy
100%
Investment Type
Stabilized
Net Operating Income
$327,643
Building Details
Year Renovated
2016
Stories
2
Units
28
Tenancy
Multi
Listing Agency:
Radius Commercial Real Estate & Investments
Listed By:
Gene Deering · License #CA 01450943
(805) 965-5500
Source:
Crexi
Added: Jun 17
Changed: Aug 18
Last Checked: Sep 7 at 8:30AM
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 Commercial Real Estate & Investments
Investment Insights
Based on property information with market context.
This stabilized 28-unit multifamily property features an efficient unit mix of 26 studios, one one-bedroom, and one two-bedroom. A comprehensive renovation in 2016 is documented in the remarks, supporting a turnkey presentation and helping minimize deferred maintenance concerns.
The property is located along Carpinteria Avenue and is described as offering convenient access to major employment hubs and regional transportation corridors, including nearby Santa Barbara.
Positioned within the Carpinteria area described in the remarks, the asset is also characterized as being near the Carpinteria Industrial Park and within an employment-focused environment tied to technology and advanced manufacturing firms.
The property is located along Carpinteria Avenue and is described as offering convenient access to major employment hubs and regional transportation corridors, including nearby Santa Barbara.
Positioned within the Carpinteria area described in the remarks, the asset is also characterized as being near the Carpinteria Industrial Park and within an employment-focused environment tied to technology and advanced manufacturing firms.
Key Highlights
- Stabilized 28‑unit multifamily property with a studio‑heavy unit mix: 26 studios, 1 one‑bedroom, and 1 two‑bedroom
- Comprehensive renovation completed in 2016
- Located along Carpinteria Avenue at 5615 Carpinteria Ave
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
$200,816
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
2.98%
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%
$4,016,320
$4.0M
Cap Rate 7%
$2,868,800
$2.9M
Cap Rate 9%
$2,231,289
$2.2M
Market Conditions
NOI Build-Up for 10,150 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
$377.6K $37.20/SF
− Vacancy
−$12.5K −$1.23/SF
EGI
$365.1K $35.97/SF
− OpEx
−$164.3K −$16.19/SF
NOI
$200.8K $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%
$4,016,320
Cap Rate 7%
$2,868,800
Cap Rate 9%
$2,231,289
Alternative Uses
Best Use
Apartment 5plus
$2.87M
$2.51M – $3.35M
NOI $200,816 @ 7.0% cap · market cap 2.98%
Second Best
—
—
no second resolved use
Theoretical Best
Multifamily LT 5
$3.19M
$2.79M – $3.72M
NOI $222,997 @ 7.0% cap · market cap 3.30%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
624
Businesses Nearby
Explore this area
Business Placement
Demographics for 93013, CA
16,299
Population
7,640
Households
2.1
Avg Household Size
45
Median Age
46%
College-Educated
87%
High-School Grad
41.4 sq mi
ZIP Area
394
Density / Sq Mi
$115,633
Median Household Income
$49,017
Median Earnings
$2,331
Median Rent
$1,074,600
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 - Stabilized 28-unit multifamily asset with studio-heavy mix and a comprehensive 2016 renovation.
Where is this apartment building located?
The property is located at 5615 Carpinteria Ave Carpinteria, CA.
What is the asking price?
The asking price for this property is $6,750,000.
What are key features of this property?
This property features: Stabilized 28‑unit multifamily property with a studio‑heavy unit mix: 26 studios, 1 one‑bedroom, and 1 two‑bedroom; Comprehensive renovation completed in 2016; Located along Carpinteria Avenue at 5615 Carpinteria Ave
