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Home For Sale

Picture of Home For Sale in Santa Barbara, California, United States

$7,400,000

440 Por La Mar Drive
Santa Barbara, California, United States

7,006 sqft

Listed By: Homes & Land Magazine

Listed On: 10/15/2024

Listing ID: GL11964526 View More Details

Description

The sky#039;s the limit for this ultra-rare waterfront-area 8-unit multi-family offering steps to Santa Barbara#039;s best beach East Beach. Currently operated as standard long-term unfurnished rental apartments, the location of the building in the Coastal Zone and R-4 could allow for shorter-term rental uses. Other creative higher-return uses such as furnished long-term luxury rentals, corporate rentals or specialty group rentals are all possibilities in this A++ location. 2 of the 8 units have been kept intentionally vacant for the next owner to have a head start on re-positioning the property for their preferences. The property#039;s current good condition is reflective of 20+ years of local pride-of-ownership hands-on management; 6 of the 8 units include various levels of existing upgrades, including tile floors throughout, but with plenty of room remaining for a new owner#039;s value-add to a next level of luxury appropriate for the location. Projected cap rate after next AB 1482 round of rent bumps is estimated at ~4%, before any new value-add or other re-positioning for much higher potential cap rates - great numbers for a solid well-located Santa Barbara waterfront-area apartment building. Tenants and/or an owner-occupant would be within 1-2 blocks of casual and upscale dining and the world-renowned volleyball courts and soft sand of East Beach, and within a mile of both State Street / Stearns Wharf and Coast Village Road in Montecito. Floorplans in Documents, a full Offering Memorandum available soon. Don#039;t miss this rare generational investment opportunity!
Source: The World Property Journal

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