Listing ID22-1225
Price$2,879,000$50K
StatusActive
Bedrooms6
Total Baths4
Full Baths4
Acres
0.430
CountySanta Barbara
Year Built1925
Property TypeResidential
Property Sub TypeHome/Estate
Exceptional trophy investment of three newly remodeled cottages. Rarely do you find a turn-key investment with large upside potential, like this one. Perfect for owner/user or a 1031 buyer looking for an add value play. Big upside being the plans pending to build an additional 2 cottages(ADU's) which would easily increase the monthly income $8,000 per month. Renderings available upon request. All three cottages have been remodeled extensively with current rents grossing $10,000 per month. The front cottage(907 SF) has 2 bedrooms, 2 bathrooms with a fenced in front yard at $3,250 per month(market rent $4,000). The tastefully updated back two cottages(941 SF each) have mirrored floor plans with 2 bedrooms and 1 bathroom. They are both leased for $3,400(market rent $3,900) with their own single car garage, no shared walls and both have large private back yards. This unique investment boasts a tranquil setting along Sycamore Creek and a community garden in the rear. Surely not one to be missed with close access to the 101 freeway and East Beach.
County
Santa Barbara
Property Sub Type
Home/Estate
Property Type
Residential
Year Built
1925
Zoning
R-2
Heating/Cooling
Ceiling Fan(s), Elec, Wall
Main House SqFt
907
Total Number of Units
3
Approximate Lot SqFt
18730
Construction
Single Story
Foundation
Raised
Grounds/Landscaping
Fenced: ALL, Yard Irrigation PRT
Other Structures SqFt
1882
Parking/Garage
Boat, Cpt #1, Gar #2, RV
Roof
Composition
Total Number Carport Spaces
1
Total Number Garage Spaces
2
Total Number Unconvered Spaces
10
Deposit
3
Recurring Fees
No
Terms
Cash, Ctnl
Cross Street
Salinas
District
15 - SB/EAST OF STATE
Elementary School
Franklin
High School
S.B. Sr.
Junior High School
S.B. Jr.
Location/Topography
Level
Neighborhood
15 - Lower Eastside
Parcel Number
017-102-002
View
Mountain, Setting
Within City Limits
yes
Affordable Housing
No
Condition
Excellent
Document Count
1
Pets
Yes
Source
Other/See Remarks
Water/Sewer
S.B. Wtr
Listing courtesy of Omega Real Estate and Investments
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