222 E. Carrillo Street, Suite 101, Santa Barbara, California 93101 HayesCommercialGroup.com
Property Overview Santa Barbara s legendary Riviera is the perfect setting for this immaculate duplex. A complete first-class remodel completed in August 2007 has created a sophisticated haven of luxury amenities. This property presents an excellent opportunity for an investor or owner-occupant. In addition, a condo map is processed and ready to record, potentially giving a buyer the option to sell one or both units separately. Price: $1,450,000 ($725,000 per unit) 427 APS: 1,200 SF 2BD/2BA 429 APS: 1,200 SF 2BD/2BA 2,400 SF Total Site Area: 6,534 SF Gross Income: Approximately $69,600 NOI: Approximately $47,914 (with new taxes) Cap Rate: Approximately 3.30% Location: Parking: Condo Map: Perched above Santa Barbara within close close proximity to Highway 101, the Mission, Montecito and downtown Santa Barbara. Single-car garages and one vistor parking space for each unit Processed and ready to record Renovation: Completely renovated in 2007 CSO%: 3% To Show: Do not disturb tenants. All showings must by arranged through listing agent. 222 E. Carrillo Street, Suite 101, Santa Barbara, California 93101 HayesCommercialGroup.com 2
Property Details Originally built in 1970, the current owner completely renovated the property in 2007. Virtually everything down to the studs was remodeled to the highest quality. Fully engineered seismic retrofit. All improvements fully permitted. Amenities include: Cathedral ceilings, gas log fireplaces ocean view decks and patios, galley kitchen with Viking appliances, private garage for each unit with high ceiling and extra room for storage, private laundry room for each unit with extra room for storage. Each unit has AC/Heat, separate water heater & water softener, separate gas meter and electrical meter. Each unit has one private garage space and one assigned parking space. 427 & 429 Alameda Padre Serra Santa Barbara
Property Description Thoughtful attention to design and detail; a skillful use of space, light and views; and a stunning location with close proximity to Santa Barbara s finest beaches, restaurants, shops and recreational activities makes this home an irresistible opportunity to live the Santa Barbara dream. As the two units shared a mirrored floorplan, the following description applies to both: Large expanses of glass bring in blue ocean views by day and sparkling city lights by night. The main living area plays out in a spacious living room and dining room with the fireplace strategically located so that it can be enjoyed while both relaxing and dining. A view balcony enhances the dining area where a fabulous chandelier hovers above, repeating the view themes of crystalline seas and dazzling city lights. These amazing views can also be enjoyed from the generous veranda just off the living room. While perfect for entertaining guests, the veranda is also a wonderful venue for soaking up the Santa Barbara sun. Back inside, the comfortable sophistication of this home and its fine attention to details is showcased in two beautiful bedroom suites with luxurious spa-like baths. The gleaming hardwood floors of the main living spaces are repeated in the bedrooms, while the bath floors are fashioned of tumbled limestone. The master suite has a glimpse of the ocean. The guest suite bath has been designed with a second entrance so that it serves as a powder room as well. Great design and casual elegance continue their graceful flow through the light and airy spaces of this home and come to rest in the delightful gourmet kitchen. Whether preparing a romantic dinner for two or a dinner party for guests, any chef would feel pampered in this kitchen. An array of new stainless Viking appliances including a range, microwave, dishwasher and refrigerator are complemented by handsome custom cabinetry and tumbled limestone counters. The pampering continues by providing an ocean view through the window above the kitchen sink. Thoughtful design has also provided a generous pantry closet as well as a cheerful breakfast nook. A separate laundry room makes laundry day a breeze with its new state-of-the-art washer and dryer. This spacious room is appointed with built-in cabinetry and provides a generous amount of additional storage. In addition to its private veranda and balcony, this home shares a large common patio and a wonderful terraced garden with one other home. A one-car garage and guest parking complete this fine offering. 427 & 429 Alameda Padre Serra Santa Barbara
Property Photos 427 & 429 Alameda Padre Serra Santa Barbara
Main Floor Plan 222 E. Carrillo Street, Suite 101, Santa Barbara, California 93101 HayesCommercialGroup.com 6
Rent Roll Unit Size Square Feet Lease Start Lease End Monthly Rent Parking Utils Termination Right Annual Increases 429 APS 2BD/2BA 1,200 11/1/13 11/14/14 $3,000 1 Garage, 1 driveway Tenant Pays all except Trash mo-to-mo N/A 427 APS 2BD/2BA 1,200 12/1/13 11/30/14 $2,800 1 Garage, 1 driveway Tenant Pays all except Trash mo-to-mo N/A Totals 2,400 $5,800 222 E. Carrillo Street, Suite 101, Santa Barbara, California 93101 HayesCommercialGroup.com 7