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$4,995,000
Est. payment /mo
20 Beds
8 Baths
0.41 Acres Lot
UPDATED:
Key Details
Property Type Multi-Family
Sub Type Res Income 2-4 Units
Listing Status Active
Purchase Type For Sale
MLS Listing ID SC25262675
Bedrooms 20
Lot Size 0.415 Acres
Property Sub-Type Res Income 2-4 Units
Property Description
Are you the kind of investor who is looking for the next high-income producing opportunity? Are you excited by a multi-family building designed for student housing, farm workers, or communal living? If so, this deal is for you. This newly built co-living property has been years in the making, with extensive planning, approvals, and construction is now complete. It offers 42 total bedrooms across six 5-bedroom units and two 6-bedroom units. Each bedroom has its own smart lock, and the shared kitchens and bathrooms create a practical setup for communal, dorm-style living that helps maintain high occupancy and steady income. 3 of the units are to be leased out to a local farmer and filled with migrant workers on a one year lease. The projected rental income for those 3 units is about $4,200 per month. Given this rental rate, the projected rental income for the entire building would be around $30,000 per month. This would bring the annual gross income to $360,000, which supports a 4.6% percent cap rate at a purchase price of $4,995,000 dollars. The property is also located in an Opportunity Zone, providing valuable tax advantages that can enhance long-term returns. If you want an investment that rewards effort, demands smart management, and delivers the kind of cash flow most properties cant touch, this one deserves your attention. The location offers the kind of built-in demand investors look for. With Hancock College just minutes away and the consistent need for farm labor, the property benefits from a steady flow of students and seasonal workers seeking affordable, flexible
Location
State CA
County Santa Barbara
Zoning Builder
Direction This property is located at the corner of S Pine and W Boone
Interior
Heating Passive Solar
Fireplace No
Exterior
View Y/N No
Building
Story 3
Level or Stories 3
Others
Senior Community No
Tax ID 123131014
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Listed by Owen Schwaegerle, DRE#02040597 The Schwaegerle Team
Nearby School & Business
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