1924 San Pascual StSanta Barbara, CA 93101

Property Details for 1924 San Pascual St

Lot size

0.41 AC

Property type

Residential income properties

Property subtype

Other apartment buildings

APN

043-132-013

APU

43132013

Description

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.

• CAP approach

  CAP return

  Valuation

  6%

  $6,605,830

  6.5%

  $6,097,689

  7%

  $5,662,140

• Comparable approach

  Method

  Valuation

  Relative Method

  $5,263,904

  Geo Method

  $5,263,904

• Alternative Use

  Use

  Valuation

  Residential

  $6,097,689

  Hospitality

  $5,585,450

  Educational

  $4,647,029

  Medical

  $4,806,848

  Retail

  $7,228,712

Location Insight

City

Santa Barbara

County

Santa Barbara

State

California

Latitude

34.4245

Longitude

-119.721

CBSA code

42200

CBSA name

SANTA MARIA-SANTA BARBARA, CA METROPOLITAN STATISTICAL AREA

Property Tax & Assessments

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