1924 San Pascual StSanta Barbara, CA 93101

This exceptional multifamily apartment building at 1924 San Pascual St, Santa Barbara, CA 93101, presents a compelling investment opportunity. Offered at $4,950,000, the property boasts a current NOI of $203,470, translating to a 4.11% cap rate. However, a pro-forma NOI of $333,565 projects a significantly higher 6.74% cap rate, indicating substantial upside potential. The property benefits from its strategic location just blocks from Cottage Hospital and within a short distance of major employment hubs, downtown amenities (restaurants, retail, theater, arts district), the waterfront/beaches, and Santa Barbara City College. Easy freeway access and convenient arterial streets further enhance tenant appeal and demand. Recent capital improvements include a brand-new roof and upgraded sewer laterals, minimizing immediate maintenance concerns. This presents a rare chance to acquire a well-situated multifamily asset in a highly desirable Santa Barbara neighborhood, offering both immediate income and significant long-term growth prospects. The property's strong location and recent upgrades position it for sustained occupancy and rental income growth.