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412 Corona Del Mar 8 Unit Apartment Building $4,495,000 ($561,875/Unit) 2.63% Cap Rate Santa Barbara, CA 93103
Investment Highlights
- A+ Location in the waterfront/beach area of Santa Barbara, one of the world's most desirable coastal communities
- Carports in back offer ADU opportunities
- Long-term potential upside for a net capitalization rate far above typical in the waterfront areas of Santa Barbara
Executive Summary
Accessible price point for A+ location apartments by Santa Barbara's waterfront and East Beach, openly for sale for the 1st time since built in 1958. Featuring 8 generous-sized units - 6 x 1-BR over 600 gross SF (meas.), plus 2 x 2-BR over 900 gross SF (meas.) - price is $562K/unit or $825/SF, well below market for the very limited multi-family inventory near the beach of one of world's most renowned coastal communities. Highlights include attractive landscaping around a central green courtyard, high vaulted wood beam ceilings in the 4 upstairs units, moderately updated interiors, and a long pride-of-ownership history. Opportunity for the patient investor to realize long-term cap rates far above historic cap rates for Santa Barbara's beach areas; see pro-forma in unbranded OM in Documents
Financial Summary (Actual - 2026) |
Annual | Annual Per SF |
|---|---|---|
| Gross Rental Income |
$213,300
|
$31.94
|
| Other Income |
$660
|
$0.10
|
| Vacancy Loss |
-
|
-
|
| Effective Gross Income |
$213,960
|
$32.04
|
| Taxes |
$47,483
|
$7.11
|
| Operating Expenses |
$48,131
|
$7.21
|
| Total Expenses |
$95,614
|
$14.32
|
| Net Operating Income |
$118,346
|
$17.72
|
Financial Summary (Actual - 2026)
| Gross Rental Income | |
|---|---|
| Annual | $213,300 |
| Annual Per SF | $31.94 |
| Other Income | |
|---|---|
| Annual | $660 |
| Annual Per SF | $0.10 |
| Vacancy Loss | |
|---|---|
| Annual | - |
| Annual Per SF | - |
| Effective Gross Income | |
|---|---|
| Annual | $213,960 |
| Annual Per SF | $32.04 |
| Taxes | |
|---|---|
| Annual | $47,483 |
| Annual Per SF | $7.11 |
| Operating Expenses | |
|---|---|
| Annual | $48,131 |
| Annual Per SF | $7.21 |
| Total Expenses | |
|---|---|
| Annual | $95,614 |
| Annual Per SF | $14.32 |
| Net Operating Income | |
|---|---|
| Annual | $118,346 |
| Annual Per SF | $17.72 |
Property Facts
| Price | $4,495,000 | Apartment Style | Low-Rise |
| Price Per Unit | $561,875 | Building Class | C |
| Sale Type | Investment | Lot Size | 0.23 AC |
| Cap Rate | 2.63% | Building Size | 5,451 SF |
| Gross Rent Multiplier | 21 | Average Occupancy | 100% |
| No. Units | 8 | No. Stories | 2 |
| Property Type | Multifamily | Year Built | 1958 |
| Property Subtype | Apartment | Parking Ratio | 1.47/1,000 SF |
| Zoning | R4SD3 - Primary zoning is R-4 for multi-family and hotel uses. Also in the Coastal Zone and in a Special District #3 overlay. | ||
| Price | $4,495,000 |
| Price Per Unit | $561,875 |
| Sale Type | Investment |
| Cap Rate | 2.63% |
| Gross Rent Multiplier | 21 |
| No. Units | 8 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Low-Rise |
| Building Class | C |
| Lot Size | 0.23 AC |
| Building Size | 5,451 SF |
| Average Occupancy | 100% |
| No. Stories | 2 |
| Year Built | 1958 |
| Parking Ratio | 1.47/1,000 SF |
| Zoning | R4SD3 - Primary zoning is R-4 for multi-family and hotel uses. Also in the Coastal Zone and in a Special District #3 overlay. |
Unit Mix Information
| Description | No. Units | Avg. Rent/Mo | SF |
|---|---|---|---|
| 1+1 | 6 | $2,074 | 604 |
| 2+1 | 2 | $2,918 | 913 |
Fairly walkable
50/100
Moderately drivable
70/100
Some public transit
40/100
Moderately bikeable
70/100
Property Taxes
| Parcel Number | 017-321-004 | Total Assessment | $3,086,778 |
| Land Assessment | $2,272,300 | Annual Taxes | $47,483 ($8.71/SF) |
| Improvements Assessment | $814,478 | Tax Year | 2026 |
Property Taxes
Parcel Number
017-321-004
Land Assessment
$2,272,300
Improvements Assessment
$814,478
Total Assessment
$3,086,778
Annual Taxes
$47,483 ($8.71/SF)
Tax Year
2026
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412 Corona Del Mar
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