1111 E Cota St 3 Unit Apartment Building $3,340,000 ($1,113,333/Unit) Santa Barbara, CA 93103

Nestled at the base of Santa Barbara’s famed Lower Riviera lies this exceptional investment opportunity consisting of three freestanding homes located just minutes to Downtown Santa Barbara, Santa Barbara’s County Bowl, the Funk Zone, a wide variety of shopping, and Santa Barbara’s white sand beaches. 1111 E Cota Street was originally built in the mid 1920’s and was substantially remodeled in 1999 when 612 & 618 Voluntario were built. Each home consists of 3BD/2BA with an attached two-car garage and range in size from 1,430 SF to 1,530 SF. Each home features its own laundry room, its own exclusive outdoor living space, and is separately metered for all utilities. 1111 E Cota Street contains a lower-level bonus room of approximately 327 square feet which is immediately adjacent to the 480 square foot two-car garage. The bonus room and garage could be combined to create an 800 square foot 2BD ADU to increase the property’s rent potential and value. Originally designed and built to be condominiums, this offering represents a truly unique opportunity for a wide array of buyers, including owner occupants, apartment investors, 1031 exchange buyers, employee housing buyers, and/or a value-add buyers interested in adding one accessory dwelling unit and/or converting the homes into individual condos.

Price: $3,340,000
Unit Mix: 3 x 3BD/2BA homes
Building SF: 4,459 SF (approx.)
Land Size: 10,890 SF (approx.)
APN: 031-190-031
Year Built: 1925 (1111 E Cota) 1999 (612 & 618 N Voluntario) 1111 E Cota was substanially remodeled in 1999.
Zoning: R-2
Laundry: In-unit
Parking: 3 x 2-car garages plus 1 on-site
Cap Rate: 3.97% (current)
4.09% (AB 1482)
4.35% (market)
To Show: CLA