414 W Figueroa Street is a Spanish-style 10-unit multifamily property located near downtown Santa Barbara, offering an excellent unit mix of 3 x 3BD/2BA, 6 x 2BD/2BA, and 1 x 1BD/1BA, totaling approximately 10,505 SF of living space (average unit size 1,050 SF). Originally built in 1979, the property sits on a 24,211 SF R-MH (Residential Multi-Unit and Hotel) zoned parcel with a Medium Average Unit Density Overlay (27 Units / Acre) which could allow for a maximum density of 15 total units. Tenants enjoy mature landscaping, a large common laundry room and excellent onsite parking. Ground-floor units feature patios and yards while upper units include private balconies creating a unique indoor/outdoor living experience not typically found in this area. All units are separately metered. Seller financing now available with minimum 35% down, 5.5% interest-only payments, and 5-year maximum term.

Price: $4,998,000
APN: 039-211-017
Units: 10 Units
Unit Mix: 3 x 3BD/2BA; 6 x 2BD/2BA; 1 x 1BD/1BA
Building Size: 10,505 SF (approx.)
Land Size: 24,211 SF (approx.)
Zoning: R-MH (Residential Multi Unit and Hotel)
AUD Overlay: Medium Density (27 Units/acre)
Year Built: 1979 (approx.)
Parking: 20 spaces (9 carports, 10 uncovered, and
one 294 SF one-car garage)
Laundry: Onsite laundry room (approx. 175 SF)

Cap Rate:
Current: 4.09%
Market: 5.86%
GRM:
Current: 15.18
Market: 11.77