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Investment Opportunity With Upside Near UCSB 431 Ellwood Beach Dr 7 Unit Apartment Building $2,900,000 ($414,286/Unit) Goleta, CA 93117
Investment Highlights
- 2 blocks from Ellwood Beach and the 230-acre Ellwood Mesa. Miles of bluff-top coastal trail at the doorstep.
- UCSB within three miles, and the Santa Barbara Airport within four.
- NOI: $150,746
- 3 major shopping centers within a mile, Goleta's tech corridor (Raytheon, FLIR, Inogen, AppFolio, and more) within ~1.5 miles.
- Cap rates: 5.20%(Current); 5.69% (AB Increase); 6.01% (Market).
- Vaulted ceilings in units 4 and 5.
Executive Summary
Offered for the first time in decades, 431 Ellwood Beach Drive presents a rare opportunity to acquire a seven-unit apartment community in one of Goleta's most desirable coastal neighborhoods, just a few blocks from Ellwood Beach. Comprised of spacious two-bedroom, two-bathroom units, the property generates strong in-place income at a 5.20% current cap rate. Many units feature updated flooring, while two upstairs residences benefit from vaulted ceilings that enhance the sense of space and natural light. Tenants also benefit from off street covered parking and storage.
Located just moments from Ellwood Beach, Ellwood Mesa Open Space, UCSB, and Goleta’s major employment centers, the property offers an exceptional blend of coastal living and everyday convenience. With its attractive unit layouts, well-maintained condition, and irreplaceable location near the coast, 431 Ellwood Beach Drive represents a rare multifamily investment opportunity in one of Santa Barbara County’s most sought-after rental markets.
Located just moments from Ellwood Beach, Ellwood Mesa Open Space, UCSB, and Goleta’s major employment centers, the property offers an exceptional blend of coastal living and everyday convenience. With its attractive unit layouts, well-maintained condition, and irreplaceable location near the coast, 431 Ellwood Beach Drive represents a rare multifamily investment opportunity in one of Santa Barbara County’s most sought-after rental markets.
Property Facts
| Price | $2,900,000 | Building Class | C |
| Price Per Unit | $414,286 | Lot Size | 0.24 AC |
| Sale Type | Investment | Building Size | 8,720 SF |
| No. Units | 7 | No. Stories | 2 |
| Property Type | Multifamily | Year Built | 1970 |
| Property Subtype | Apartment | Parking Ratio | 1.26/1,000 SF |
| Apartment Style | Garden | ||
| Zoning | R-MR | ||
| Price | $2,900,000 |
| Price Per Unit | $414,286 |
| Sale Type | Investment |
| No. Units | 7 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Garden |
| Building Class | C |
| Lot Size | 0.24 AC |
| Building Size | 8,720 SF |
| No. Stories | 2 |
| Year Built | 1970 |
| Parking Ratio | 1.26/1,000 SF |
| Zoning | R-MR |
Amenities
Unit Amenities
- Balcony
- Hardwood Floors
- Vaulted Ceiling
- Refrigerator
- Oven
- Range
- Tub/Shower
- Patio
- Vinyl Flooring
- Large Bedrooms
Site Amenities
- Laundry Facilities
- Private Bathroom
Unit Mix Information
| Description | No. Units | Avg. Rent/Mo | SF |
|---|---|---|---|
| 2+2 | 7 | - | - |
Somewhat walkable
30/100
Very drivable
80/100
Limited public transit
20/100
Exceptionally bikeable
90/100
Property Taxes
| Parcel Number | 079-553-005 | Improvements Assessment | $1,776,820 |
| Land Assessment | $847,374 | Total Assessment | $2,624,194 |
Property Taxes
Parcel Number
079-553-005
Land Assessment
$847,374
Improvements Assessment
$1,776,820
Total Assessment
$2,624,194
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