Santa Barbara Six-Unit Apartment
For Sale
Contact for pricing
Pending
601 Eucalyptus Ave, Santa Barbara, CA 93101
Well-maintained six-unit apartment building in central Santa Barbara location.
Property Size5,486 SF
Days on Market166
Property Features for 601 Eucalyptus Ave
General Information
Standard status
Pending
Size
5,486 SF
Property subtype
Multifamily
Zoning
R-M
Building Details
Year Built
1971
Buildings
1
Stories
2
Listing Agency:
Hayes Commercial Group
(805) 898-4388
Listed By:
Christos Celmayster · License #CA 01342996
Source:
Crexi
Added: Feb 26
Changed: Aug 8
Last Checked: Jul 25 at 3:02PM
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 Hayes Commercial Group
Investment Insights
Based on property information with market context.
This well-maintained two-story apartment building is centrally located in Santa Barbara, offering convenient access to Downtown, the Mesa, Cottage Hospital, and nearby freeway connections. The property consists of six spacious flats, each featuring two bedrooms and one bathroom, with approximately 900 square feet of living space. These units provide functional layouts for tenants. Five of the six units have been updated over the years and as recently as 2025, including newer flooring, modern kitchen cabinetry and tiled backsplashes, and refreshed bathrooms. Unit #1, which is closer to original condition than the other units, features an oversized private outdoor patio. The property offers low-maintenance landscaping and ample on-site parking, with two spaces per unit. The property is separately metered for gas and electricity. Recent capital improvements include updated electrical panels, newer windows, and completed sewer lateral work. The property size is 5486 square feet.
Key Highlights
- Centrally located in Santa Barbara with convenient access to Downtown, the Mesa, and Cottage Hospital.
- Five of six units updated with newer flooring, modern kitchens, and refreshed bathrooms.
- Spacious 2BD/1BA flats, approximately 900 square feet each.
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
$108,540
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
3.74%
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%
$2,170,800
$2.2M
Cap Rate 7%
$1,550,571
$1.6M
Cap Rate 9%
$1,206,000
$1.2M
Market Conditions
NOI Build-Up for 5,486 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
$204.1K $37.20/SF
− Vacancy
−$6.7K −$1.23/SF
EGI
$197.3K $35.97/SF
− OpEx
−$88.8K −$16.19/SF
NOI
$108.5K $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%
$2,170,800
Cap Rate 7%
$1,550,571
Cap Rate 9%
$1,206,000
Alternative Uses
Best Use
Apartment 5plus
$1.55M
$1.36M – $1.81M
NOI $108,540 @ 7.0% cap · market cap 3.74%
Second Best
—
—
no second resolved use
Theoretical Best
Multifamily LT 5
$1.72M
$1.51M – $2.01M
NOI $120,528 @ 7.0% cap · market cap 4.16%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
2,184
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
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 - Well-maintained six-unit apartment building in central Santa Barbara location.
Where is this apartment building located?
The property is located at 601 Eucalyptus Ave Santa Barbara, 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: Centrally located in Santa Barbara with convenient access to Downtown, the Mesa, and Cottage Hospital.; Five of six units updated with newer flooring, modern kitchens, and refreshed bathrooms.; Spacious 2BD/1BA flats, approximately 900 square feet each.
