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406 Ellwood Beach Dr 8 Unit Apartment Building $3,600,000 ($450,000/Unit) 5.05% Cap Rate Goleta, CA 93117
Investment Highlights
- Prime Goleta coastal location steps from Ellwood Beach and near UCSB, driving strong rental demand.
- Clear rental upside with current average rents below market and renovated units achieving $3,200/month.
- On-site laundry generates approximately $6,000 in annual ancillary income for additional revenue.
- Eight-unit apartment community with desirable two-bedroom layouts ideal for students and professionals.
- Recent renovations include new appliances, water heaters, and modern finishes at $40,000 per unit.
- Offered at a 5.05% cap rate with $181,627 NOI and $527.94 price per SF.
Executive Summary
David Harrington
Matthews Real Estate Investment Services, Inc
License # 02168060, 01320460 (CA)
2321 Rosecrans Ave., Suite 1225, El Segundo, CA 90245
(866) 889-0550
Matthews Real Estate Investment Services, Inc
License # 02168060, 01320460 (CA)
2321 Rosecrans Ave., Suite 1225, El Segundo, CA 90245
(866) 889-0550
Property Facts
| Price | $3,600,000 | Apartment Style | Low-Rise |
| Price Per Unit | $450,000 | Building Class | C |
| Sale Type | Investment | Lot Size | 0.26 AC |
| Cap Rate | 5.05% | Building Size | 6,819 SF |
| No. Units | 8 | No. Stories | 2 |
| Property Type | Multifamily | Year Built | 1968 |
| Property Subtype | Apartment | Parking Ratio | 3.52/1,000 SF |
| Price | $3,600,000 |
| Price Per Unit | $450,000 |
| Sale Type | Investment |
| Cap Rate | 5.05% |
| No. Units | 8 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Low-Rise |
| Building Class | C |
| Lot Size | 0.26 AC |
| Building Size | 6,819 SF |
| No. Stories | 2 |
| Year Built | 1968 |
| Parking Ratio | 3.52/1,000 SF |
Unit Mix Information
| Description | No. Units | Avg. Rent/Mo | SF |
|---|---|---|---|
| Studios | 8 | - | - |
1 1
Somewhat walkable
30/100
Very drivable
80/100
Limited public transit
20/100
Exceptionally bikeable
90/100
Property Taxes
| Parcel Number | 079-551-016 | Improvements Assessment | $2,590,596 |
| Land Assessment | $1,300,500 | Total Assessment | $3,891,096 |
Property Taxes
Parcel Number
079-551-016
Land Assessment
$1,300,500
Improvements Assessment
$2,590,596
Total Assessment
$3,891,096
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406 Ellwood Beach Dr
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