330 Figueroa StSanta Barbara, CA 93101

Property Details for 330 Figueroa St

Lot size

0.12 AC

Property type

Residential income properties

Property subtype

Other apartment buildings

APN

029-221-007

APU

29221007

Description

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.

• CAP approach

  CAP return

  Valuation

  6%

  $1,933,559

  6.5%

  $1,784,824

  7%

  $1,657,336

• Comparable approach

  Method

  Valuation

  Relative Method

  $1,540,648

  Geo Method

  $1,540,648

• Alternative Use

  Use

  Valuation

  Residential

  $1,784,824

  Hospitality

  $1,634,889

  Educational

  $1,360,208

  Medical

  $1,406,988

  Retail

  $2,115,880

Location Insight

City

Santa Barbara

County

Santa Barbara

State

California

Latitude

34.4263

Longitude

-119.699

CBSA code

42200

CBSA name

SANTA MARIA-SANTA BARBARA, CA METROPOLITAN STATISTICAL AREA

Property Tax & Assessments

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