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440 Por La Mar Dr
Santa Barbara, CA 93103
La Marina Apartments · Multifamily Property For Sale
·
8 Units
Investment Highlights
- A++ location by the beach and waterfront in the world-class coastal community of Santa Barbara, CA
- Next AB 1482 bump projects to a 4.0% cap rate, well above-average for Santa Barbara waterfront areas
- Many ways for even further upside - zoning may allow flexible uses including vacation rentals, hospitality partnership with nearby resorts, etc.
- One of a small handful of apartment buildings of this size which were ever built in Santa Barbara's waterfront areas, rarely come up for sale
- Pro-forma upside to 5%+ net cap rate with additional renovations
- Potential to add 2 Accessory Dwelling Units (ADU's)
Property Facts
| No. Units | 8 | Lot Size | 0.25 AC |
| Property Type | Multifamily | Building Size | 7,006 SF |
| Property Subtype | Apartment | No. Stories | 2 |
| Apartment Style | Low-Rise | Year Built | 1957 |
| Building Class | C | Parking Ratio | 1.14/1,000 SF |
| Zoning | R4, SD3 - Coastal Zone, R-4 Zone. In these zones, hotels are allowed, and currently short-term rentals have been allowed to operate. Buyer to verify. | ||
| No. Units | 8 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Low-Rise |
| Building Class | C |
| Lot Size | 0.25 AC |
| Building Size | 7,006 SF |
| No. Stories | 2 |
| Year Built | 1957 |
| Parking Ratio | 1.14/1,000 SF |
| Zoning | R4, SD3 - Coastal Zone, R-4 Zone. In these zones, hotels are allowed, and currently short-term rentals have been allowed to operate. Buyer to verify. |
Amenities
Site Amenities
- Courtyard
- Fenced Lot
- Gated
Unit Mix Information
| Description | No. Units | Avg. Rent/Mo | SF |
|---|---|---|---|
| 2+1 | 8 | $4,098 | 859 - 862 |
Property Taxes
| Parcel Number | 017-322-006 | Improvements Assessment | $1,542,234 |
| Land Assessment | $1,092,459 | Total Assessment | $2,634,693 |
Property Taxes
Parcel Number
017-322-006
Land Assessment
$1,092,459
Improvements Assessment
$1,542,234
Total Assessment
$2,634,693
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