28 W. Pedregosa St. Santa Barbara, CA 93101

Transcription

1 28 W Pedregosa St For Sale Prime 14-Unit Multifamily Asset Located in the highly desirable Oak Park neighborhood in the heart of Santa Barbara Offered at $4,500, sgolis@radiusgroupcom CA Lic lzahn@radiusgroupcom CA Lic E Carrillo st Suite 100 Santa Barbara CA Fax radiusgroupcom

2 28 W Pedregosa st santa barbara, ca property brief Rare opportunity to acquire an asset of this size located in the highly desirable Oak Park neighborhood in the heart Santa Barbara! This beautiful 14-unit apartment complex is just one block to State Street, near Cottage Hospital, Alice Keck Memorial Gardens, Alameda Park, Opal, The Granada Theatre, The Arlington Theatre, Santa Barbara Public Market and so much more Wonderful unit mix of 14 spacious units: (2) Studios and (12) 1BD/1BA apartments, common laundry room and quaint shared courtyard Carport has a new roof and the driveway has just been resurfaced The carport area has a new slurry covering, includes one parking space per tenant and a large storage area within each space Terrific upside in rents that are below market Contact Listing Agents for further details Offered at $4,500,000 Proforma CAP: 436% Proforma GRM: 1518 Proforma NOI: $196,152 Units 14 Total: (12) 1BR+1BA Units; (2) Studios Price/Unit $321,429 Lot Size ±16,988 SF Price/SF Land $265/SF APN Zoning R-4 Year Built 1963 Parking 14 Carport Spaces The information provided here has been obtained from the owner of the property or from other sources deemed reliable We have no reason to doubt its accuracy, but we do not guarantee it sgolis@radiusgroupcom CA Lic lzahn@radiusgroupcom CA Lic E Carrillo st Suite 100 Santa Barbara CA Fax radiusgroupcom

3 28 W Pedregosa st santa barbara, ca location CHAPALA REET W PEDREGOSA REET The information provided here has been obtained from the owner of the property or from other sources deemed reliable We have no reason to doubt its accuracy, but we do not guarantee it sgolis@radiusgroupcom CA Lic lzahn@radiusgroupcom CA Lic E Carrillo st Suite 100 Santa Barbara CA Fax radiusgroupcom

4 fo r sa l e p rime 1 4-unit apartm ent building PE AR A Alice Keck Park Memorial Gardens ER IO W M AG A LL 13 Santa Barbara Public Market Daily Grind 14 The Granada Theatre 3 Mission Street Ice Cream & Yogurt 15 Starbucks 4 Garrett s Old Fashioned Restaurant 16 Saigon Kitchen NA IA RE OR CT VI PA E Fielding Graduate University AN AC A E 1 10 M IC HE LT O 8 2 Alameda Plaza RE AR 11 Santa Barbara Public Library 18 Chase Bank 7 Loose Pooch Dog Club 19 Open Air Bicycles 8 La Quinta Inn & Suites 20 Carlitos Cafe y Cantina 9 American Cleaners 21 South Coast Deli 10 Santa Barbara Yoga Center 22 EF International Language Campus 11 Crushcakes & Cafe 12 The Arlington Theatre 23 The Upham Bed & Breakfast CH 20 AP AL Sunken Gardens 18 A Eleven U Cajun Kitchen Cafe 14 AN AP AM 5 6 E E NA AT E VI AY LA SL DE EN E 5 W I 3 RD VA L 9 2 GA LA SI ON E RB 28 W Pedregosa St IS 1 BA DR 7 TA SO EG OS A SA N E W P e d r e g o s a s t s a n ta b a r b a r a, c a The information provided here has been obtained from the owner of the property or from other sources deemed reliable We have no reason to doubt its accuracy, but we do not guarantee it sgolis@radiusgroupcom lzahn@radiusgroupcom CA Lic CA Lic E C a r r i l l o s t S u i t e S a n ta B a r b a r a C A Fa x r a d i u s g r o u pc o m

5 28 W Pedregosa st santa barbara, ca property photos The information provided here has been obtained from the owner of the property or from other sources deemed reliable We have no reason to doubt its accuracy, but we do not guarantee it sgolis@radiusgroupcom CA Lic lzahn@radiusgroupcom CA Lic E Carrillo st Suite 100 Santa Barbara CA Fax radiusgroupcom

6 28 W Pedregosa st santa barbara, ca Executive Summary # Units: 14 Price: $4,500,000 Price/Unit: $321,429 NOI: $137,666 GRM: 1917 CAP Rate: 306% Lot Size: 16,988 SF Price/Lot SF: $265/SF Zoning R-4 APN Year Built 1946/1963 income analysis Unit Mix & Rent Schedules Current Rent Level Rent # Units Mix Est SF Rent/Unit Monthly Income Rent/Unit Monthly Income 2 Studios $1,220 $1,295 $2,515 $1,500 $3, /1 $1,200 $1,495 $17,450 $1,850 $22,200 Monthly Rental Income: $19,965 $25,200 Potential Gross Annual Income: $239,580 $302,400 Less: Vacancy & Collection Loss: 2% $4,792 % Rent Upside $6,048 Effective Gross Economic Income: $234, % $296,352 Calculations Current Level EOI: $234,788 $296,352 Annual Exp: $97,122 $100,200 NOI: $137,666 $196,152 GRM: CAP Rate: 306% 436% Annual Expenses Current Current % GOI Market % GOI Market Real Estate Taxes: 1052% $47, % 160% $47,340 Advertising: Est $150 01% 01% $150 Insurance: Act $5,387 23% 18% $5,387 Utilities: Act $14,055 60% 47% $14,055 Electric $78038 $780 Water $8,01691 $8,017 Gas $2,23628 $2,236 Trash $3,02192 $3,022 Maint/Repairs: $600/Unit $8,400 36% 28% $8,400 Grounds: Act $5,550 24% 19% $5,550 Off-site Management: 5% $11,739 50% 50% $14,818 Pest Control: Est $500 02% 02% $500 Legal & Accounting: Est $500 02% 02% $500 Reserves: $250/Unit $3,500 15% 12% $3,500 Annual Expenses Per Unit $6,937 $7,157 Annual Expenses $97, % 338% $100,200 The information provided here has been obtained from the owner of the property or from other sources deemed reliable We have no reason to doubt its accuracy, but we do not guarantee it sgolis@radiusgroupcom CA Lic lzahn@radiusgroupcom CA Lic E Carrillo st Suite 100 Santa Barbara CA Fax radiusgroupcom

7 28 W Pedregosa st santa barbara, ca comparable properties sold 12 CARPINTERIA 7 28 W Pedregosa St Property Address Date of Sale Sale Price No of Units Unit Mix $ Per Unit CAP Rate W Pedregosa St, Santa Barbara Subject Property $4,500, (2) Studios; (12) 1BR/1BA $321,429 Proforma: 436% 215 W Arrellaga St, Santa Barbara 4/17/18 $3,700, (6) 1BR/1BA; (4) 2BR/1BA $370, % (Existing Rents Under-market) 1223 Garden St, Santa Barbara 7/31/17 $4,200, (6) 1BR/1BA; (5) 2BR/2BA (Off-market deal) $381, Ocean View Ave, Santa Barbara 11/14/17 $4,275, (2) 1BR/1BA; (9) 2BR/15BA Townhouses $388, % 1114 Garden St, Santa Barbara 10/5/17 $4,250, (7) 1BR/1BA; (8) 2BR/1BA (Off-market deal) $283, Castillo St, Santa Barbara 12/6/17 $4,160, (15) 1BR/1BA (Off-market deal) $277, Ocean View Ave, Santa Barbara 8/18/17 $4,175, (6) Studios; (8) 1BR/1BA; (1) 2BR/1BA $278, % The information provided here has been obtained from the owner of the property or from other sources deemed reliable We have no reason to doubt its accuracy, but we do not guarantee it sgolis@radiusgroupcom CA Lic lzahn@radiusgroupcom CA Lic E Carrillo st Suite 100 Santa Barbara CA Fax radiusgroupcom

8 28 W Pedregosa st santa barbara, ca comparable properties sold, cont 12 CARPINTERIA 7 28 W Pedregosa St Property Address Date of Sale Sale Price Units Unit Mix $ Per Unit CAP Rate W Pedregosa St, Santa Barbara Subject Property $4,500, (2) Studios; (12) 1BR/1BA $321,429 Proforma: 436% Elm Ln 3/21/18 $5,600, (12) 1BR/1BA; (4) 2BR/1BA; (1) 2BR/15BA Townhouse; (1) 3BR/15BA Townhouse $311, % Chapala St, Santa Barbara 8/15/18 $3,650,000 8 (3) Studios; (5) 1BR/1BA $456, % 1135 San Andres St, Santa Barbara Pending $2,250,000 8 (4) 1BR/1BA; (4) 2BR/1BA $281, % 316 W Valerio St, Santa Barbara Active $2,895,000 8 (8) 1BR/1BA $361, % 318 S Voluntario St, Santa Barbara Active $2,600,000 8 (6) 1BR/1BA; (2) 2BR/1BA $325, % 163 N La Cumbre Rd, Santa Barbara Active $3,075, (9) 1BR/1BA; (1) 2BR/1BA House $307, % The information provided here has been obtained from the owner of the property or from other sources deemed reliable We have no reason to doubt its accuracy, but we do not guarantee it sgolis@radiusgroupcom CA Lic lzahn@radiusgroupcom CA Lic E Carrillo st Suite 100 Santa Barbara CA Fax radiusgroupcom

9 28 W Pedregosa st santa barbara, ca comparable properties Subject Property Property APN Year Built #Units Lot Size 28 W Pedregosa St / ,988 SF Sale Price Proforma Cap Rate PPU Zoning $4,500, % $321,429 R-4 Unit Type #Units Studio 2 1 Bedroom, 1 Bathroom 12 Building Amenities: Beautiful 14 unit complex located in the heart of downtown that offers driveway access to private carport parking in the rear of the building as well as onstreet parking Tenants enjoy a large courtyard area that is well landscaped in addition to on-site laundry facilities 1 Property APN Year Built No of Units Lot Size Bldg Size Proximity to Subject Property Sold 215 W Arrellaga St ,503 SF 8,120 SF 5 of a Mile 4/17/18 $3,700, % $370,000 R-MH Unit Type No of Units 1 Bedroom, 1 Bathroom 6 2 Bedroom, 1 Bathroom 4 Building Amenities: All units are very spacious Lower units have private patios and upper units have spacious balconiesunits have lots of storage, gated entry to each units for extra privacy, courtyard, common laundry, 10 covered parking spaces and a few additional uncovered 21 Property APN Year Built No of Units Lot Size Bldg Size Proximity to Subject Property Sold 1223 Garden St ,503 SF 1 Mile 7/31/2017 Santa Barbara, CA $4,200,000 $381,818 R-3 *Sold Off-Market Unit Type No of Units 1 Bedroom, 1 Bathroom 6 2 Bedroom, 2 Bathroom 5 Building Amenities: Units have been updated with new tile floors in the kitchen and the living room The information provided here has been obtained from the owner of the property or from other sources deemed reliable We have no reason to doubt its accuracy, but we do not guarantee it sgolis@radiusgroupcom CA Lic lzahn@radiusgroupcom CA Lic E Carrillo st Suite 100 Santa Barbara CA Fax radiusgroupcom

10 28 W Pedregosa st santa barbara, ca comparable properties, cont 3 4 Property APN Year Built No of Units Lot Size Bldg Size Proximity to Subject Property Sold 55 Ocean View Ave ,522 SF 9,722 SF 38 Miles 11/14/2017 Santa Barbara, CA $4,275, % 1546 R-2 Unit Type #Units 1 Bedroom, 1 Bathroom 2 2 Bedroom, 15 Bathroom 9 Townhouses Building Amenities: Many of the apartments have been upgraded with new laminate flooring, granite counters, fixtures, appliances and paint Building exterior has undergone extensive woodwork, painting and drought-tolerant landscaping There is a common laundry area and off-street parking Property APN Year Built No of Units Lot Size Bldg Size Proximity to Subject Property Sold 1114 Garden St ,196 SF 11 Miles 10/5/2017 $4,250,000 $283,333 R-M *Sold Off-Market Unit Type No of Units 1 Bedroom, 1 Bathroom 7 2 Bedroom, 1 Bathroom 8 Building Amenities: Property has on-site laundry, off-street parking 5 Property APN Year Built No of Units Lot Size Bldg Size Proximity to Subject Property Sold 215 Castillo St ,681 SF 23 miles 12/6/2017 $4,160,000 $277,333 R-4/S-D-3 Unit Type No of Units 1 Bedroom, 1 Bathroom 15 Building Amenities: Located a short walk from the beach, SBCC and the Santa Barabra Carraige Museum Easy Hwy 101 access The information provided here has been obtained from the owner of the property or from other sources deemed reliable We have no reason to doubt its accuracy, but we do not guarantee it sgolis@radiusgroupcom CA Lic lzahn@radiusgroupcom CA Lic E Carrillo st Suite 100 Santa Barbara CA Fax radiusgroupcom

11 28 W Pedregosa st santa barbara, ca comparable properties, cont 6 Property APN Year Built No of Units Lot Size Bldg Size Proximity to Subject Property Sold 47 Ocean View Ave ,859 SF 9,045 SF 38 Miles 8/18/2017 $4,175, % $278,333 R-2 Unit Type #Units Studio 6 1 Bedroom, 1 Bathroom 8 2 Bedroom, 1 Bathroom 1 Building Amenities: A total of 16 parking garage spaces Located in downtown Santa Barbara near shopping and restaurants 7 8 Property APN Year Built No of Units Lot Size Bldg Size Proximity to Subject Property Sold Elm Ln ,958 SF 10,300 SF 132 Miles 3/21/2018 Carpinteria, CA $5,600, % $311,111 PRD-13/PRD-18 Unit Type No of Units 1 Bedroom, 1 Bathroom 12 2 Bedroom, 1 Bathroom 4 2 Bedroom, 15 Bathroom 1 3 Bedroom, 15 Bathroom 1 Building Amenities: Units have been remodeled with granite counters, dual pane windows, and tile and hardwood floors Property has tropical landscaping, off-street parking, common on-site laundry and easy freeway access Property APN Year Built No of Units Lot Size Bldg Size Proximity to Subject Property Sold Chapala St ,000 SF 19 Miles Pending $3,675, % $459,375 R-4 Unit Type No of Units Studio 3 1 Bedroom, 1 Bathroom 5 Building Amenities: Property is composed of a 5-unit apartment building, a duplex and a stand-alone bungalow Well located, only one block down from the ocean, one block down from State Street and has easy access to Hwy 101 The information provided here has been obtained from the owner of the property or from other sources deemed reliable We have no reason to doubt its accuracy, but we do not guarantee it sgolis@radiusgroupcom CA Lic lzahn@radiusgroupcom CA Lic E Carrillo st Suite 100 Santa Barbara CA Fax radiusgroupcom

12 28 W Pedregosa st santa barbara, ca comparable properties, cont 9 Property APN Year Built No of Units Lot Size Bldg Size Proximity to Subject Property Sold 1135 San Andres St ,325 SF 4,700 SF 13 Miles Pending $2,250, % $281,250 R-2 Unit Type #Units 1 Bedroom, 1 Bathroom 4 2 Bedroom, 1 Bathroom 4 Building Amenities: Property has a newer roof, parking resurfaced, new wooden stairs/railings and a brand new water heater 10 Property APN Year Built No of Units Lot Size Bldg Size Proximity to Subject Property Status 316 W Valerio St ,197 SF 05 of a mile Active $2,895, % $361,875 R-4 Unit Type No of Units 1 Bedroom, 1 Bathroom 8 Building Amenities: Units are in turn-key conditon as the units have seen recent moodels including new kitchens and counters, beautiful floors Property has brand new coin op laundry machines Newly painted exterior and new roof in Property APN Year Built No of Units Lot Size Bldg Size Proximity to Subject Property Sold 318 S Voluntario St ,761 SF 5,550 SF 31 Miles Active Santa Barbara, CA $2,600, % $325,000 R-3 Unit Type No of Units 1 Bedroom, 1 Bathroom 6 2 Bedroom, 1 Bathroom 2 Building Amenities: Recent property upgrades include a newer roof, newer dual pane windows, new exterior paint, new plumbing (in portions) The information provided here has been obtained from the owner of the property or from other sources deemed reliable We have no reason to doubt its accuracy, but we do not guarantee it sgolis@radiusgroupcom CA Lic lzahn@radiusgroupcom CA Lic E Carrillo st Suite 100 Santa Barbara CA Fax radiusgroupcom

13 28 W Pedregosa st santa barbara, ca Property APN Year Built No of Units Lot Size Bldg Size Proximity to Subject Property Status 163 N La Cumbre Rd ,503 SF ±8,710 SF 26 Miles Active Santa Barbara, CA $3,075, % $307,500 R-M/USS Unit Type #Units 1 Bedroom, 1 Bathroom 9 2 Bedroom, 1 Bathroom 1 House Building Amenities: Two of the units are stand-alone dwellings, one one-bedroom unit as well as the large two-story two-bedroom house At the rear of the property there is off-street as well as carport parking Ideally located nearly a block off of upper State Street, tenants enjoy easy access to shopping in La Cumbre and 5 Points shopping centers as well as San Marcos Pass The information provided here has been obtained from the owner of the property or from other sources deemed reliable We have no reason to doubt its accuracy, but we do not guarantee it sgolis@radiusgroupcom CA Lic lzahn@radiusgroupcom CA Lic E Carrillo st Suite 100 Santa Barbara CA Fax radiusgroupcom

14 28 W Pedregosa st santa barbara, ca rent comparables & 3 Address Date of Listing Unit Mix Rent 1 28 W Pedregosa St Subject (2)Studios; (12) 1bd/1ba $1,200 $1,295; $1,200 $1, De La Vina St 7/18/2018 Studio $1, Bath St 7/17/2018 Studio $1, Castillo St Apt B 6/28/2018 Studio $1, De La Vina St 7/18/2018 1bd/1ba $1, Bath St 6/15/2018 1bd/1ba $1, E Valerio St #6 7/18/2018 1bd/1ba $1,675 The information provided here has been obtained from the owner of the property or from other sources deemed reliable We have no reason to doubt its accuracy, but we do not guarantee it sgolis@radiusgroupcom CA Lic lzahn@radiusgroupcom CA Lic Joe Herman 205 E Carrillo st Suite 100 Santa Barbara CA Fax radiusgroupcom