Santa Barbara, CA 93101 618 E Olive
$3,795,000
8 more
Presented By: Jonathan Standring with Beachside Partners - (805) 626-0112
- MLS# V127351
- 01/03/2025
Disclaimer: The information contained in this listing has not been verified by Sell Buy OC Homes and should be verified by the buyer.
Beds • 14
Baths • 12
SQFT • 6,000
Home Details
Located in the heart of downtown Santa Barbara, this multifamily investment property presents a rare opportunity, featuring a mix of newly constructed and renovated buildings. Three of the six units were built from the ground up between 2023 and 2024, while the remaining three have been extensively improved, all with market rents in place. Offered at a current 5.47% cap rate and a GRM of 12.71, the property is ideal for investors seeking a more passive investment. Tenants enjoy exceptional walkability, with a Walk Score of 94 and a Bike Score of 99, providing easy access to Santa Barbara's most exciting destinations including Arnoldi's, Santa Barbara's iconic Italian restaurant and the emerging Haley corridor. Total current monthly income is $25,650.
Presented By: Jonathan Standring with Beachside Partners - (805) 626-0112
Interior Features for 618 E Olive
Bathrooms
Total Baths
Other Interior Features
Air Conditioning Y/NYes
Common Walls1 Common Wall, No One Above, No One Below
Fireplace FeaturesNone
Fireplace Y/NNo
FlooringCarpet, Laminate, Tile
Heating Y/NYes
Laundry FeaturesSee Remarks
Total Stories2
General for 618 E Olive
Additional Parcels Y/NNo
CitySanta Barbara
Community FeaturesGutter(s), Park
CountySanta Barbara
Current FinancingNone
DirectionsDowntown Santa Barbara
Electric220 Volts
Garage Spaces
Garage Y/NNo
Gross Income
HOA Fee$
Insurance Expense12000
Land Lease Y/NNo
LevelsMulti/Split
Lot Size Square Feet10018.8
Lot Size UnitsAcres
MLS AreaVC81 - Santa Barbara
Net Operating Income207751
New ConstructionYes
Number of Units Leased6
Operating Expense90816
Pool FeaturesNone
Property Attached Y/NYes
Property TypeResidential Income
Rent Control Y/NYes
Senior Community Y/NNo
Spa FeaturesNone
Standard StatusActive
StatusActive
Subdivision NameNot Applicable
Total Actual Rent25650
Trash Expense3600
ViewNone
Year Built2024
Year Built SourceSee Remarks
ZoningC-M
Exterior for 618 E Olive
Building Area Total6000
FencingMasonry, See Remarks
Lot FeaturesNear Park, Near Public Transit
Lot Size Acres0.23
Lot Size Area0.23
Lot Size SourceAssessor
Number of Buildings4
Number of Separate Electric Meters6
Number of Separate Gas Meters4
Number of Separate Water Meters4
Parking FeaturesNone
SpaNo
Total Parking0
Additional Details
Price History
Hal Schlegel
Broker Associate