330 Figueroa StSanta Barbara, CA 93101

This exceptional multifamily investment property, located in the heart of Santa Barbara at 330 E Figueroa St (93101), presents a compelling value-add opportunity. Situated just three blocks from State Street and close to downtown amenities, this 1920s Craftsman-style building offers 2,750 square feet of living space, per 1992 renovation plans. The property comprises five units: one 2-bedroom/1-bathroom, one 1-bedroom/1-bathroom, and three studios. Five uncovered parking spaces and a shared laundry facility cater to tenants' needs. The asking price is $1,600,000, translating to $320,000 per unit. The property sits on a 5,227 square foot lot and is zoned R-M (Residential Multi-Unit), with APN 029-221-007. While the current cap rate is 4.58% and the GRM is 13.39, a market analysis (excluding renovation costs) projects a 7.14% cap rate and a 9.78 GRM. The property requires significant work, including structural repairs, a new roof, site work, and extensive interior and exterior updates. This presents a unique chance for a contractor, developer, or investor to enhance the property's value by addressing these needs and improving the units' condition. Detailed reports and materials are available.