427 West Islay Street

Santa Barbara, CA 93101

$6,995,000
Price
1
Beds
2
Baths
—Sq. Ft.
— / Sq. Ft.
—
Sq. Ft.
—
per Sq. Ft.

Description

22 Units in the Heart of Santa Barbara. This is an incredible investment opportunity, ideally situated to take advantage of the city's robust rental market. This property features a mix of 1-bedroom, 1-bathroom apartments and cozy studios. A convenient common laundry facility adds to the property's appeal for tenants. Recent upgrades too numerous to mention. Ample off-street parking. Priced to deliver a cap rate of over 5 percent, this investment offers both strong cash flow and potential for long-term...22 Units in the Heart of Santa Barbara. This is an incredible investment opportunity, ideally situated to take advantage of the city's robust rental market. This property features a mix of 1-bedroom, 1-bathroom apartments and cozy studios. A convenient common laundry facility adds to the property's appeal for tenants. Recent upgrades too numerous to mention. Ample off-street parking. Priced to deliver a cap rate of over 5 percent, this investment offers both strong cash flow and potential for long-term appreciation. With its prime location near Cottage Hospital and the entire medical district, residents will enjoy easy access to Santa Barbara's dining, shopping, and entertainment, making this property a standout addition to any investor's portfolio.
  1. Listed by Steve Epstein • DRE #00994429 • Keller Williams Realty Santa Barbara
  2. Listed by The Epstein Partners • DRE #00994429 • Keller Williams Realty Santa Barbara

Property Details for 427 West Islay Street

MLS Neighborhood
15 or 20 - Downtown
Zoning
R-4
Zoning:R-4
Yes
Location Info:Cross Street
Castillo St
Property Information:Recurring Fees
No
LISTING UPDATED: 10/22/2024 03:41 PM

Property Details for 427 West Islay Street

StatusPending
MLS #24-2981
Days on Market43
Taxes-
HOA Fees-
Condo/Co-op Fees-
Compass TypeMulti Family
MLS TypeResidential Income
Year Built1968
Lot Size0.37 AC / 16,117 SF
CountySanta Barbara County

Building Information for 427 West Islay Street

Stories-Residences22Year Built1968Building Size-Lot Size0.37 AC / 16,117 SF

Property Information for 427 West Islay Street

Details
Features
  • District: 20 - SB/WEST OF STATE
  • District: 20 - SB/WEST OF STATE
  • Heating: Wall Furnace
  • Cooling: None
  • ADU #1:Parking: Private Lot, 11 - 25
  • Year Built Numeric: 1968
  • Building Area Total: 0.0
Taxes and HOA Information
  • Parcel Number: 027-081-021
  • Association Fee: $.00
Parking/Garage
  • Open Parking Spaces: 22.00
  • Parking Info:Total # Unconvered Spaces: 22.00
Room Info
Room Info
  • Total Bathrooms: .00
  • Bathrooms Total (Decimal): .00
  • Bathrooms Total (Notational): .00
Location Info
Location Info
  • Directions: Exit HWY 101 N at Mission St, right on Mission St, right on Castillo St, right on W Islay St.
  • Location Info:Compass Map: Santa Barbara
  • Location Info:Map Grid: N12
  • Proximity:Near Bus: Yes
  • Proximity:Near Hospital: Yes
  • Proximity:Near Park(s): Yes
  • Proximity:Near Shopping: Yes
  • Lot Features: Near Public Transit
Neighborhood/Schools
  • Elementary School: Peabody
  • Junior High School: S.B. Jr.
  • High School: S.B. Sr.
  • NeighborhoodSchools:Elementary School: Peabody
  • NeighborhoodSchools:Junior High School: S.B. Jr.
  • NeighborhoodSchools:High School: S.B. Sr.
Property / Assessor Information
Property / Assessor Info
  • Lot Size Square Feet: 16117.2
  • Lot Size Area: 0.37
  • Lot Size Acres: 0.37
  • Lot Size Units: Acres
  • Property Type Label: Res Inc
  • Property Information:Realtor.com Type: Multi-Family
  • Property Information:Year Built: 1968.0
Income / Expense Info
Income / Expense Info
  • Income/Expenses:Capitalization Rate: 5.46
  • Income/Expenses:Total Annual Exp: $127,184.00
  • Income/Expenses:NOI: 403900
  • Income/Expenses:Total Monthly Income: $42,737
  • Income/Expenses:Other Income: $1,020
  • Income/Expenses:Annual Income: $525,084
  • Gross Income: $525,084
  • OperatingExpense: $127,184
Unit Info
Unit Info
  • Unit Types: 2106, 2107
  • Number Of Units Total: 22
Unit 1 Info
  • Unit 1:# Units: 20
  • Unit 1:# Bedrooms: 0
  • Unit 1:# Baths: 1
  • Unit 1:# Half Baths: 0
  • Unit 1:Furnished: N
  • Unit 1:Rent: $1,949.00
  • Unit 1:Monthly Total: $38,980.00
Unit 2 Info
  • Unit 2:# Units: 2
  • Unit 2:# Bedrooms: 1
  • Unit 2:# Baths: 1
  • Unit 2:Monthly Total: $4,257.00
Rental
Rental Information
  • Total Actual Rent: $42,737

Property History for 427 West Islay Street

DateEvent & SourcePriceAppreciation
DateEvent & SourcePrice

For completeness, Compass often displays two records for one sale: the MLS record and the public record.

Public Records for 427 West Islay Street

Taxable ValueLand$1,400,000Additions$2,960,000Total$4,360,000
Tax Record2024$46,154 ($3,846 / month)
Home Facts
Lot Size16,117 SqFtStyleMulti-Family Res (5+ Units)CountySANTA BARBARAAPN027-081-021

Schools near 427 West Islay Street

This home is within Santa Barbara Unified School District.
Rating
School
Type
Grades
Distance
Public - K to 6
Public - 7 to 8
Public - 9 to 12
Public - 9 to 12
Rating
School
Distance
Santa Barbara Community Academy
PublicK to 6

Santa Barbara Junior High School
Public7 to 8

Santa Barbara Senior High School
Public9 to 12

La Cuesta Continuation High School
Public9 to 12

School ratings and boundaries are provided by GreatSchools.org and Pitney Bowes. This information should only be used as a reference. Proximity or boundaries shown here are not a guarantee of enrollment. Please reach out to schools directly to verify all information and enrollment eligibility.

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Listing Courtesy of Keller Williams Realty Santa Barbara, Steve Epstein, DRE #00994429; Keller Williams Realty Santa Barbara, The Epstein Partners, DRE #00994429

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