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Property profile & analytics
OFF-MARKET
Estimated value
$4,790,000
Apartment buildings
1924 San Pascual St Santa Barbara, CA 93101-4047
Entity Owned
1-yr Hold
Absentee Owner
~
Est. High Equity
Property ID
US09-2304810
Property summary
AI-generated overview
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.
Property profile
Verified
Property type
Apartment buildings
Use group
APARTMENT HOUSE (5+ UNITS)
Lot
0.41 ac (17,859 SF)
APN
043-132-013
UPID
US09-2304810
Cap rate & NOI
Priority signal for investors
Implied cap rate, NOI & suggested price
Cap rate vs submarket · NOI estimate · 3 price anchors
Implied cap rate, NOI & suggested price
Cap vs submarket · NOI estimate · 3 price anchors
Current use
Occupant on record · Public records
-
Gaby's cleaning service Hardware & Home Improvement
Value estimations
Realmo proprietary · 4 methods
AI Approach
AI
$4.79M
CAP Approach
CAP
by Request
Comparable Approach
Comparable
by Request
Blend (final)
Blend
$4.79M
Owner & transaction history
Pascual Partners LLC · 1 yrs held
Pascual Partners LLC
since 2024
Last sale
$4.8M
7 recorded transactions
Zoning & alternative use
Permitted uses
Permitted uses
Allowed · conditional · prohibited
Cap rate
Implied · in-place · derived from last sale + estimated NOI
Implied Cap rate
#1
Implied · in-place · NOI ÷ last sale
In-place · derived from last sale + estimated NOI
Cap rate, NOI & submarket benchmark
Implied cap rate vs Santa Barbara submarket · NOI estimate · Typical band, median & reading
Implied cap rate, NOI & submarket benchmark
Cap vs Santa Barbara submarket · NOI estimate · typical band, median & reading
Refine your cap rate
8-question underwriting flow
1.
Property current status — Going-In vs Stabilized
2.
Price for denominator — asking / offer / market
3.
Leasing status & lease structure (NNN / Gross)
4.
Tenant risk profile & vacancy assumption
5.
Upload T12 / rent roll / OM (optional)
Refine in 60 seconds, get exact suggested price
T12 upload · Submarket benchmarks · Sensitivity grid
Suggested price · 3 cap rate anchors
Income approach @ 5% / 7% / 9% — aggressive / typical / conservative
Suggested price at 5% / 7% / 9% cap
Aggressive / typical / conservative · Implied $/SF per anchor · Sensitivity grid
Suggested price at 5% / 7% / 9% cap
Aggressive / typical / conservative · implied $/SF · sensitivity
Value
AI, CAP & Alternative Use estimations · Realmo proprietary blendValue Estimations
Based on Realmo’s proprietary methodology
AI Approach
Method
Estimation
Statistic approach
$4,790,000
ML approach
$4,790,000
CAP Approach
CAP Return
Estimation
6%
by Request
6.5%
by Request
7%
by Request
Blend value · Realmo final
$4.79M
Range $4.31M – $5.27M · ±10% · vs last sale $4.79M (Nov 26 2024)
Last sale anchor
$4.79M
Nov 26 2024
Realmo estimate · informational only.
These numbers are calculated by our models from public records and may not reflect actual market value.
Not an appraisal.
Verify with a licensed appraiser before transacting. Realmo accepts no liability for divergence from real-world outcomes.
View the full estimation — every method, every assumption
Confidence drivers & risk notes · Custom comparable set · Free for first 3 / day
Full estimation methodology
Every method · every assumption · confidence drivers
Price per SF
Sale + rent benchmarks
Subject property
—
Submarket sale & rent benchmarks
Median sale $/SF · Asking & closed rent · Submarket vacancy
Submarket sale & rent benchmarks
Median sale $/SF · asking & closed rent · submarket vacancy
Property tax & assessments
Tax year 2024Property tax & assessments
Tax year 2024
Tax billed
$53,188
Tax year 2024
Assessed value
$5,025,000
Assessed 2024
Previous assessed
$5,025,000
+0.0% YoY
Effective rate
1.06%
On assessed value
Assessed land
$3,500,000
Assessed improvement
$1,525,000
Applied tax rate
2.0000
Comparables
6 recent transactions · within 1.5 miComparable in this city
6 recent transactions
Comparable in this City
Similar Nearby for Sale
Similar Nearby for Lease
Recent comparable sales
Sale price & price/SF · Sale date & distance · Adjustments & confidence
Recent comparable sales
Sale price & $/SF · sale date & distance · adjustments
Property description
Physical attributes from public recordsBuilding & lot
Public records
Property type
Apartment buildings
Use group
APARTMENT HOUSE (5+ UNITS)
Status
Off-Market
Heating
NONE
Lot
0.41 ac (17,859 SF)
APN
043-132-013
UPID
US09-2304810
Jurisdiction
SANTA BARBARA
Zoning & alternative use
Zoning · permitted uses
Permitted & conditional uses
Allowed uses · Special-permit conditions · Prohibited uses
Permitted & conditional uses
Allowed · special-permit conditions · prohibited
Building & site characteristics
From public records
Heating
NONE
Lot
0.41 ac
Current owner
From public records · entity-resolved
Pascual Partners LLC
Entity
Mailing address
1058 E ASHBURY CT, CAMARILLO, CA 93010-4704
Mailing matches property
Different — outreach signal
Owner-occupied
No
Ownership since
2024
Owner contacts — direct phone, email, and related entities
Decision-maker phone · Verified email · Related entities & filings
Owner contacts
Email · phone · related entities
Sales History
8 recorded events · public records
Date
Price
Buyer
Seller
Deed Type
Mortgage
Nov 26, 2024
$4,790,000
Pascual Partners LLC
Louann Lynn Negrete
Grant Deed
$3,353,000 · Stanley C Larsen Trust
Jun 28, 2017
—
Larsen,stanley C Trust
Larsen S C 2003 Trust
Quit Claim Deed
related
—
Dec 10, 2003
—
Stanley C Larsen
Larsen,stanley C
Quit Claim Deed
related
—
Jan 31, 1997
$240,000
Stanley C Larsen
Morales,ursulo
Grant Deed
related
—
May 14, 1996
—
Ursulo Morales
Morales Trust
Quit Claim Deed
related
$25,000 · California Horizons Mortgage
Feb 24, 1994
$950,000
Morales Trust
Emmet J Hawkes T
Grant Deed
$760,000 · Seller
Feb 22, 1994
—
Emmet J Hawkes Trustee
Saunders,george
Trustees Deed
related
—
Feb 22, 1994
$132,500
Emmet J Hawkes Trustee
Saunders,george
Trustees Deed
related
—
Coming soon
Costs & Benchmarks
Operating expenses, capex projections, utility benchmarks, and submarket comparables — all in one view.
Coming soon
Risks
Flood, climate, environmental, title, and tenant-concentration risk — surfaced with mitigations and source citations.
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