609 Junipero StSanta Barbara, CA 93105

This extensively remodeled 11-unit apartment building in Santa Barbara, CA, presents a compelling investment opportunity. Located just one block from Cottage Hospital and minutes from the downtown and uptown areas, as well as the beach and Highway 101, this Spanish-style property boasts a desirable location. The property features a mix of nine spacious two-bedroom, two-bathroom units and two large one-bedroom, one-bathroom units, all meticulously updated. Recent renovations include new wood-like vinyl flooring, tile, gourmet kitchens, bathrooms, appliances, fixtures, doors, windows, and paint throughout each unit. Exterior improvements encompass a new smooth stucco exterior, updated staircases and handrails, refreshed patios and decks, new exterior paint, new patio pavers, and enhanced landscaping. Residents enjoy an intimate common courtyard setting along a creek, surrounded by mature trees. The property also includes 16 off-street parking spaces (eight carports and eight uncovered), common laundry facilities, bike storage, and tenant storage closets. The lot size is 22,216 square feet, and the building's estimated livable area (including laundry and storage) is 10,177 square feet. The property is zoned O-M (Office Medical) and has an APN of 025-090-003. The asking price is $8,300,000, with a projected cap rate of 4.26% based on current rents and 4.58% based on market rents. The GRM is 15.82 based on current rents and 15.02 based on market rents. This turnkey property requires no significant capital improvements, making it an ideal investment for immediate income generation.