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1st Time On The Market In Decades 4.50% Cap 23 Magnolia Ave 19 Unit Apartment Building $5,550,000 ($292,105/Unit) Goleta, CA 93117
INVESTMENT HIGHLIGHTS
- Cap Rates: Current: 4.50% | AB1482: 4.99% | Market: 6.92%
- Unit Mix: (17) 1BD/1BA; (2) 3BD/1BA
- GRM: Current: 12.39 | AB1482: 11.62 | Market: 9.34
- Rentable Square Feet (Buyer to verify): Approx. 12,755 SF
EXECUTIVE SUMMARY
JJ’s Apartments presents a rare opportunity to acquire a 19-unit multifamily community ideally located in the heart of Old Town Goleta. This well-maintained property offers investors a manageable coastal asset that combines vintage charm, walkable convenience, strong curb appeal, and attractive upside potential.
The community comprises (17) 1 BD/1BA and (2) 3BD/1BA, catering to steady demand from local workforce tenants and UCSB students alike. One unit was recently remodeled and just leased, showcasing the property’s renovation potential and rental appeal.
Situated on a ±14,810 SF parcel, the property features a ±12,755 SF building, along with a balanced parking ratio that includes 8 carports and 11 uncovered off-street spaces. The ±1,480 SF carport provides an ideal opportunity for future ADU development.
With its classic mid-century design and highly accessible location, JJ’s Apartments exemplifies the timeless, practical appeal of Goleta’s coastal rental housing market.
Roof scheduled to be replaced and balconies repaired by close of escrow.
The community comprises (17) 1 BD/1BA and (2) 3BD/1BA, catering to steady demand from local workforce tenants and UCSB students alike. One unit was recently remodeled and just leased, showcasing the property’s renovation potential and rental appeal.
Situated on a ±14,810 SF parcel, the property features a ±12,755 SF building, along with a balanced parking ratio that includes 8 carports and 11 uncovered off-street spaces. The ±1,480 SF carport provides an ideal opportunity for future ADU development.
With its classic mid-century design and highly accessible location, JJ’s Apartments exemplifies the timeless, practical appeal of Goleta’s coastal rental housing market.
Roof scheduled to be replaced and balconies repaired by close of escrow.
PROPERTY FACTS
| Price | $5,550,000 | Building Class | C |
| Price Per Unit | $292,105 | Lot Size | 0.34 AC |
| Sale Type | Investment | Building Size | 5,000 SF |
| No. Units | 19 | No. Stories | 2 |
| Property Type | Multifamily | Year Built | 1971 |
| Property Subtype | Apartment | Parking Ratio | 3.8/1,000 SF |
| Apartment Style | Garden | ||
| Zoning | RH - High Density Residential | ||
| Price | $5,550,000 |
| Price Per Unit | $292,105 |
| Sale Type | Investment |
| No. Units | 19 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Garden |
| Building Class | C |
| Lot Size | 0.34 AC |
| Building Size | 5,000 SF |
| No. Stories | 2 |
| Year Built | 1971 |
| Parking Ratio | 3.8/1,000 SF |
| Zoning | RH - High Density Residential |
UNIT MIX INFORMATION
| DESCRIPTION | NO. UNITS | AVG. RENT/MO | SF |
|---|---|---|---|
| Studios | 19 | - | - |
Walk Score®
Very Walkable (75)
Bike Score®
Very Bikeable (89)
PROPERTY TAXES
| Parcel Number | 071-021-004 | Improvements Assessment | $3,191,699 |
| Land Assessment | $1,007,362 | Total Assessment | $4,199,061 |
PROPERTY TAXES
Parcel Number
071-021-004
Land Assessment
$1,007,362
Improvements Assessment
$3,191,699
Total Assessment
$4,199,061
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1st Time On The Market In Decades 4.50% Cap | 23 Magnolia Ave
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