for sale 6-unit boutique apartment building 1407 bath st. santa barbara, ca 93101

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1 Offered at $2,200,000

2 property brief Offered at $2,200, % CAP GRM $82,719 NOI $366,667/Unit Great opportunity to acquire downtown boutique apartment building. Property has been extensively remodeled making it easy to maintain while keeping costs down. Features include new interior/exterior paint, copper plumbing throughout, extensive foundation work, upgraded wiring, new vinyl flooring, recessed LED lighting with dimmer switches, extensive renovation of original wood sash windows, tile counters, Kohler Lavatories, stainless sinks, Price Pfister faucets/ fixtures, new wood blinds/doors, new energy saving appliances, new laundry area, lush landscaping and off street parking. Back unit features private deck; front units overlook mountains. Just 3 blocks from State Street with abundance of shops and restaurants. Close proximity to Arlington Theater, Ralph s, Alameda Park, Starbucks, Santa Barbara Public Market, EF International Language Center, City College, public transit and 101 Freeway. Units 6 Total: (3) 1BR+1BA Units; 3 Studios Price/Unit $366,667 Building Size ±2,529 SF Lot Size ±7,296 SF Price/SF Land $302/SF APN Zoning R- Year Built 1923 Parking Off Street Lot Parking Floors

3 location Sola St. De La Vina St. Bath St.

4 1 EF International Language Center 2 South Coast Deli 3 Southern California Institute of Law CVS Pharmacy 5 The Arlington Theatre 6 Crushcakes Cafe 7 Public Transit Center 8 ELS Language Centers 9 Spencer Adams Park 10 Santa Barbara Public Market 11 White Jasmine Inn 12 Corepower Yoga 13 Santa Barbara Museum of Art 1 Granada Theatre 15 The Upham B&B 16 Soho Restaurant & Music Club 17 Starbuck s 18 Chase Bank 19 Ralph s 20 Los Arroyos Mexican Restaurant 21 The Hungry Cat Hwy. 101 Arrellaga St. Micheltorena St. 107 Bath St. 11 Chapala St. Sola St. Bath St De La Vina St. Victoria St. State St Anacapa St Santa Barbara Public Library 23 Ensemble Theatre Company Castillo St. Anapamu St. Figueroa St. 19

5 property photos

6 Executive Summary # Units: 6 Price: $2,200,000 Price/Unit: $366,667 NOI: $82,719 GRM: CAP Rate: 3.76% Approx. Lot Size: 7,296 SF Price/Lot SF: $302/SF Building Size: 2,529 SF Zoning: R- APN: Est. Year Built: 1923 Calculations Current Level EOI: $127,20 $132,888 Annual Exp.: $,701 $,8 NOI: $82,719 $88,0 GRM: CAP Rate: 3.76%.00% income analysis Unit Mix & Rent Schedules Current Rent Market Rent # Units Mix Est. SF Rent/Unit Monthly Income Rent/Unit Monthly Income 1 Studio 300 $1,295 $1,295 $1,500 $1,500 1 Studio 350 $1,395 $1,395 $1,500 $1,500 1 Studio 25 $1,50 $1,50 $1,500 $1, /1 650 $1,900 $1,900 $1,900 $1, /1 600 $2,050 $2,050 $2,000 $2, /1 50 $1,95 $1,95 $1,650 $1,650 RUBS $600 RUBS $600 Garage $500 $500 Garage $500 Monthly Rental Income + RUBS: $10,685 $11,150 Month Laundry Income: $150 $150 Potential Gross Monthly Income: $10,835 $11,300 Potential Gross Annual Income: $130,020 $135,600 Less: Vacancy & Collection Loss: 2% $2,600 % Rent Upside $2,712 Effective Gross Economic Income: $127,20.3% $132,888 Annual Expenses Current Current % GOI Market % GOI Market Real Estate Taxes: 1.05% $23, % 17.% $23,100 Advertising: Act.. $0 0.0% 0.0% $0 Insurance: Act.. $2, % 1.9% $2,500 Utilities: Act.. $7, % 5.% $7,200 Electric Included above Included above Water/Sewer Included above Included above Trash Included above Included above Gas Included above Included above Maint/Repairs: Est. $500/Unit $3,000 2.% 2.3% $3,000 Grounds: Est. $ % 0.5% $600 Off-site Management: 5% $6, % 5.0% $6,6 On-site Management: Est. $0 0.0% 0.0% $0 Pest Control: Est. $0 0.0% 0.0% $0 Legal & Accounting: Est. $0 0.0% 0.0% $0 Reserves: Est. $300/Unit $1,800 1.% 1.% $1,800 Annual Expenses Per Unit $7,50 $7,7 Annual Expenses $, % 33.7% $,8

7 comparable properties sold bath St. 5 3 Property Address Date of Sale Sale Price No. of Units Unit Mix $ Per Unit Acutal CAP Rate Bath St., Santa Barbara Subject Property $2,200,000 6 (3) 1BD/1BA; (3) Studios $366, E. Micheltorena St., Santa Barbara 10/21/16 $2,295,000 6 () 1BD/1BA; (2) 2BD/1BA $382, E. De La Guerra St., Santa Barbara /28/16 $1,696,500 6 () 1BD/1BA; (2) 2BD/1.5BA $282, W. Yanonali St., Santa Barbara 1/29/16 $2,500,000 6 () 1BD/1BA; (2) 2BD/1BA $16, Loma St., Santa Barbara 6/10/16 $2,325,000 5 () 1BD/1BA; (1) BD/2BA $65, Ladera St., Santa Barbara 5/26/16 $1,875,000 6 (5) 2BD/1BA; (1) Studio $312, Richland Dr., Santa Barbara 7/6/16 $2,350,000 8 (6) 1BD/1BA; (2) 2BD/2BA $293,

8 comparable properties sold bath St. 5 3 Property Address Date of Sale Sale Price No. of Units Unit Mix $ Per Unit Acutal CAP Rate Bath St., Santa Barbara Subject Property $2,200,000 6 (3) 1BD/1BA; (3) Studios $366, W. Valerio St., Santa Barbara 5/17/16 $2,700,000 8 $337, Nopal St., Santa Barbara 7/27/16 $2,050,000 8 () 2BD/1BA; () 1BD/1BA $256, W. Quinto St., Santa Barbara 9/21/16 $1,985,000 5 (1) 2BD/1BA; () 1BD/1BA $397,000