for sale prime location 14-unit apartment complex...austin herlihy 805.879.9633...
TRANSCRIPT
2 0 5 E . C a r r i l lo st. s u i tE 1 0 0 | s a nta B a r B a r a C a 93 1 0 1 | 8 0 5 .9 6 5 . 5 5 0 0 | Fa x 8 0 5 .9 6 5 . 5 3 0 0 | r a d i u s gr o u p.Co m
One of Montecito’s Few Residential Income Complexes Over 10 Units | Exceptional Development Potential
for sale � prime location 14-unit apartment complex1 0 6 2 coa st V i l l ag e r d. | m o n t e c i to, c a
Chris [email protected] Lic. 01887788
Austin [email protected] Lic. 01518112
Steve [email protected] Lic. 00461986
The information provided here has been obtained from the owner of the property or from other sources deemed reliable. We have no reason to doubt its accuracy, but we do not guarantee it.
2 0 5 E . C a r r i l lo st. s u i tE 1 0 0 | s a nta B a r B a r a C a 93 1 0 1 | 8 0 5 .9 6 5 . 5 5 0 0 | Fa x 8 0 5 .9 6 5 . 5 3 0 0 | r a d i u s gr o u p.Co m
for sale � Prime location 14-unit aPartment comPlex1 0 6 2 coa st v i l l ag e r d. | m o n t e c i to, c a
Chris [email protected] Lic. 01887788
Austin [email protected] Lic. 01518112
Steve [email protected] Lic. 00461986
One of only three apartment complexes over ten units in Montecito, this offering is a unique opportunity to acquire a rare and highly desired asset. The property’s prime location is within walking distance to fine shopping and restaurants along Coast Village Road. Sitting on over a half acre, the sprawling property features large private patios and a private forested courtyard. Several units have been renovated and the remaining units are in very good, original condition. The property generates over $385,000 in gross income plus upside in the rent should a new buyer renovate the remaining original units.
executive summary & offering highlights
PROPERT Y SPECIFIC S
� Price — $10,600,000
� Building Size — Fourteen (14) apartments; ±11,466 SF
� Units — (7) 2BR+1BA; (7) 1BR+1BA
� Lot Size — Approx. 26,136 SF
� Zoning — C-1/S-D-3
� APN — 009-211-014
� Floors — Two stories
� Year Built — 1959 with multiple units recently renovated
� Please do not disturb tenants. Contact Listing Agents to schedule a showing.
OFFERING HIGHLIGHTS
� Conveniently located in Central Montecito along Coast Village Road within walking distance to shopping and restaurants.
� Over a half acre site with future development potential.
� Large open courtyard with mountain views.
� Property generates cash flow during entitlements.
� Valuable Coast Village Road frontage.
� Close Proximity to the ocean and Butterfly Beach.
� Potential upside in current rents.
5.6.16
The information provided here has been obtained from the owner of the property or from other sources deemed reliable. We have no reason to doubt its accuracy, but we do not guarantee it.
2 0 5 E . C a r r i l lo st. s u i tE 1 0 0 | s a nta B a r B a r a C a 93 1 0 1 | 8 0 5 .9 6 5 . 5 5 0 0 | Fa x 8 0 5 .9 6 5 . 5 3 0 0 | r a d i u s gr o u p.Co m
for sale � Prime location 14-unit aPartment comPlex1 0 6 2 coa st v i l l ag e r d. | m o n t e c i to, c a
Chris [email protected] Lic. 01887788
Austin [email protected] Lic. 01518112
Steve [email protected] Lic. 00461986
interior & exterior photos
The information provided here has been obtained from the owner of the property or from other sources deemed reliable. We have no reason to doubt its accuracy, but we do not guarantee it.
2 0 5 E . C a r r i l lo st. s u i tE 1 0 0 | s a nta B a r B a r a C a 93 1 0 1 | 8 0 5 .9 6 5 . 5 5 0 0 | Fa x 8 0 5 .9 6 5 . 5 3 0 0 | r a d i u s gr o u p.Co m
for sale � Prime location 14-unit aPartment comPlex1 0 6 2 coa st v i l l ag e r d. | m o n t e c i to, c a
Chris [email protected] Lic. 01887788
Austin [email protected] Lic. 01518112
Steve [email protected] Lic. 00461986
Herm
osillo
Dr.
Coast Village Rd.
Hwy. 101
The information provided here has been obtained from the owner of the property or from other sources deemed reliable. We have no reason to doubt its accuracy, but we do not guarantee it.
2 0 5 E . C a r r i l lo st. s u i tE 1 0 0 | s a nta B a r B a r a C a 93 1 0 1 | 8 0 5 .9 6 5 . 5 5 0 0 | Fa x 8 0 5 .9 6 5 . 5 3 0 0 | r a d i u s gr o u p.Co m
for sale � Prime location 14-unit aPartment comPlex1 0 6 2 coa st v i l l ag e r d. | m o n t e c i to, c a
Chris [email protected] Lic. 01887788
Austin [email protected] Lic. 01518112
Steve [email protected] Lic. 00461986
Her
mos
illo
Dr.
Oliv
e M
ill R
d.
Coast Village Rd.
Butterfly Beach
Hwy. 101
1062 Coast Village Rd.
1 Starbucks2 Von’s3 Little Alex’s4 U.S. Post Office 5 Sakana Sushi & Japanese6 Tre Lune7 Coast Village Inn8 Cava Restaurant9 The UPS Store
10 Honor Bar11 Jeannine’s Bakery12 Trattoria Mollie13 Montecito Inn14 Lucky’s15 Los Arroyos16 CVS Pharmacy
17 Coral Casino Beach & Cabana Club18 Four Seasons Biltmore Santa Barbara
3
5
78
9 1014
15 16
17
4
12
The information provided here has been obtained from the owner of the property or from other sources deemed reliable. We have no reason to doubt its accuracy, but we do not guarantee it.
2 0 5 E . C a r r i l lo st. s u i tE 1 0 0 | s a nta B a r B a r a C a 93 1 0 1 | 8 0 5 .9 6 5 . 5 5 0 0 | Fa x 8 0 5 .9 6 5 . 5 3 0 0 | r a d i u s gr o u p.Co m
for sale � Prime location 14-unit aPartment comPlex1 0 6 2 coa st v i l l ag e r d. | m o n t e c i to, c a
Chris [email protected] Lic. 01887788
Austin [email protected] Lic. 01518112
Steve [email protected] Lic. 00461986
current income analysis proforma/level rent income analysis
Suite Apt. Size Mo. Rent/Unit Total Rent
A-1 2BD/1BA $2,200 $2,200A-2 2BD/1BA $2,300 $2,300B-1 1BD/1BA $1,950 $1,950B-2 1BD/1BA $1,995 $1,995C-1 1BD/1BA $2,100 $2,100C-2 1BD/1BA $1,950 $1,950D-1 1BD/1BA $2,300 $2,300D-2 1BD/1BA $2,100 $2,100E-1 2BD/1BA $2,975 $2,975E-2 2BD/1BA $2,900 $2,900F-1 2BD/1BA $2,800 $2,800F-2 2BD/1BA $2,500 $2,500G 1BD/1BA $1,800 $1,800H 2BD/1BA $2,300 $2,300
Subtotal $32,170Annual Scheduled Income: $386,040Laundry: $1,619Annual Gross Income: $387,659
LESS EXPENSES
New Taxes 1.04% $10,600,000 $110,167
Insurance Estimated $4,646
Equipment Rental Estimated $2,508
Utilities Estimated $16,272
Landscaping Estimated $2,400
Repairs & Maintenance $ 250 $3,500
Reserves Per Unit $ 250 $3,500
Management 3% $11,630
Annual Expenses (per unit) ($11,044) 40% ($154,623)
Net Operating Income: $233,036
Purchase Price: $10,600,000
CAP Rate: 2.2%
Suite Apt. Size Mo. Rent/Unit Total Rent
A-1 2BD/1BA $2,975 $2,975A-2 2BD/1BA $2,975 $2,975B-1 1BD/1BA $2,300 $2,300B-2 1BD/1BA $2,300 $2,300C-1 1BD/1BA $2,300 $2,300C-2 1BD/1BA $2,300 $2,300D-1 1BD/1BA $2,975 $2,975D-2 1BD/1BA $2,300 $2,300E-1 2BD/1BA $2,975 $2,975E-2 2BD/1BA $2,975 $2,975F-1 2BD/1BA $2,975 $2,975F-2 2BD/1BA $2,975 $2,975G 1BD/1BA $2,300 $2,300H 2BD/1BA $2,975 $2,975
Subtotal $37,600Annual Scheduled Income: $451,200Laundry Income: $1,619Parking Income: $19,200Annual Gross Income: $472,019
LESS EXPENSESNew Taxes 1.04% $10,600,000 $110,167Insurance Estimated $4,646
Equipment Rental Estimated $2,508
Utilities Estimated $16,272
Landscaping Estimated $2,400
Repairs & Maintenance $ 250 $3,500
Reserves Per Unit $ 250 $3,500
Management 3% $14,161
Annual Expenses (per unit) ($11,225) 33% ($157,154)
Net Operating Income: $314,865
Purchase Price: $10,600,000CAP Rate: 3.0%
The information provided here has been obtained from the owner of the property or from other sources deemed reliable. We have no reason to doubt its accuracy, but we do not guarantee it.
2 0 5 E . C a r r i l lo st. s u i tE 1 0 0 | s a nta B a r B a r a C a 93 1 0 1 | 8 0 5 .9 6 5 . 5 5 0 0 | Fa x 8 0 5 .9 6 5 . 5 3 0 0 | r a d i u s gr o u p.Co m
for sale � Prime location 14-unit aPartment comPlex1 0 6 2 coa st v i l l ag e r d. | m o n t e c i to, c a
Chris [email protected] Lic. 01887788
Austin [email protected] Lic. 01518112
Steve [email protected] Lic. 00461986
Neighboring Santa Barbara and located just 90 miles north of Los Angeles is the small and exclusive community of Montecito. This beloved area offers incomparable scenery and a near perfect Mediterranean climate for its wealthy residents and guests who visit far and wide seeking a memorable getaway at a world renowned resort. The most vibrant part of this chic and elegant hamlet, is Coast Village Road, also known as Montecito’s Lower Village, offering boutique shopping, world-class dining, fine jewelry stores, historic hotels, and a thriving business environment. Only three blocks from the Four Season’s Biltmore and the famed Butterfly Beach, Coast Village Road stretches five blocks beginning with the Montecito Country Mart located on Hot Springs Road and ending with Charlie Chaplin’s historic Montecito Inn at Olive Mill Road.
montecito, california