618 East Olive

Santa Barbara, CA 93101

$3,795,000
Price
14
Beds
6,000 Sq. Ft.
$633 / Sq. Ft.
6,000
Sq. Ft.
$633
per Sq. Ft.

Description

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,...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.
  1. Listed by Jonathan Standring • DRE #01893163 • Brokerage DRE #02001768 • Beachside Partners • jon@beachsidepartners.com
  2. Listed by Lori Zahn • DRE #01914851 • Brokerage DRE #01914851 • Lori Zahn, Broker

Property Details for 618 East Olive

View
None
Parking Spaces Total
0
Private Pool
No
Lot Size Source
Assessor
Property Attached YN
true
Common Walls
1 Common Wall, No One Below, No One Above
New Construction
Yes
Average 2 Bed Area
900
LISTING UPDATED: 01/03/2025 07:33 AM

Property Details for 618 East Olive

StatusActive
MLS #V1-27351
Days on Market3
Taxes-
HOA Fees-
Condo/Co-op Fees-
Compass TypeMulti Family
MLS TypeResidential Income
Year Built2024
Lot Size0.23 AC / 10,018 SF
CountySanta Barbara

Building Information for 618 East Olive

Stories2Residences-Year Built2024Building Size-Lot Size0.23 AC / 10,018 SF

Property Information for 618 East Olive

Income / Expense / Tax Details
Income Details
  • Gross Income: $0
  • Gross Scheduled Income: $307,800
  • Vacancy Allowance: 3
  • Net Operating Income: $207,751
  • Gross Multiplier: 12.1
  • Current Financing: None
Expense Details
  • Operating Expense: $90,816
  • Insurance Expense: $12,000
  • Trash Expense: $3,600
  • Total Expenses: $90,816
Community / Development
Community / Development
  • Assessments YN: No
  • Assessments: None
  • Community Features: Gutters
Property / Structure Info
Interior Features
  • Laundry: Yes
  • Laundry Features: See Remarks
  • Fireplace Features: None
  • Flooring: Carpet, Tile, Laminate
Exterior Features
  • Fence: Yes
  • Fencing: Masonry, See Remarks
  • Pool Features: None
  • Spa Features: None
Land/Lot Info
  • Lot Features: Near Public Transit, Park Nearby
  • Land Lease: No
  • Levels: Multi/Split
  • Electric: 220 Volts
Parking Info
  • Garage Spaces: 0
  • Parking: No
  • Parking Features: None
Unit Information
Unit 1
  • Unit Type Beds Total: 3
  • Unit Type Baths Total: 2
  • Unit Type Furnished: Unfurnished
  • Unit Type Garage Spaces: 0
  • Unit Type Actual Rent: $5,000
  • Unit Type Total Rent: $5,000
  • Unit Type Pro Forma: 5000
  • Unit Type Type: 1
  • Unit Type Description: A
Unit 2
  • Unit Type Beds Total: 2
  • Unit Type Baths Total: 2
  • Unit Type Actual Rent: $3,750
  • Unit Type Total Rent: $3,750
  • Unit Type Pro Forma: 4000
  • Unit Type Type: 2
  • Unit Type Description: B
Unit 3
  • Unit Type Beds Total: 3
  • Unit Type Baths Total: 2
  • Unit Type Actual Rent: $5,400
  • Unit Type Total Rent: $5,400
  • Unit Type Pro Forma: 5400
  • Unit Type Type: 3
  • Unit Type Description: C
Unit 4
  • Unit Type Beds Total: 2
  • Unit Type Baths Total: 2
  • Unit Type Actual Rent: $4,000
  • Unit Type Total Rent: $4,000
  • Unit Type Pro Forma: 4200
  • Unit Type Type: 4
  • Unit Type Description: D
Unit 5
  • Unit Type Beds Total: 2
  • Unit Type Baths Total: 2
  • Unit Type Actual Rent: $4,500
  • Unit Type Total Rent: $4,500
  • Unit Type Pro Forma: 4500
  • Unit Type Type: 5
  • Unit Type Description: E
Unit 6
  • Unit Type Beds Total: 2
  • Unit Type Baths Total: 2
  • Unit Type Actual Rent: $3,000
  • Unit Type Total Rent: $3,000
  • Unit Type Pro Forma: 3500
  • Unit Type Type: 6
  • Unit Type Description: F
Unit Information
  • Number Of Units Leased: 6
  • Rent Controlled: Yes
  • Number Of Buildings: 4
  • Number Of Separate Electric Meters: 6
  • Number Of Separate Gas Meters: 4
  • Number Of Separate Water Meters: 4

Property History for 618 East Olive

DateEvent & SourcePriceAppreciation
DateEvent & SourcePrice

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

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618 East Olive is a multi-family home for sale in Santa Barbara, CA 93101. This property was listed for sale on January 2, 2025 by Beachside Partners, it's currently listed at $3,795,000. 618 East Olive is a 14-bed, 0-bath, 6,000 sqft multi-family home built in 2024.

No guarantee, warranty or representation of any kind is made regarding the completeness or accuracy of descriptions or measurements (including square footage measurements and property condition), such should be independently verified, and Compass expressly disclaims any liability in connection therewith. Photos may be virtually staged or digitally enhanced and may not reflect actual property conditions. Offers of compensation are subject to change at the discretion of the seller. No financial or legal advice provided. Equal Housing Opportunity.

Listing Courtesy of Beachside Partners, Jonathan Standring, DRE #01893163; Lori Zahn, Broker, Lori Zahn, DRE #01914851

Based on information from one of the following Multiple Listing Services: Santa Barbara MLS. Information being provided is for the visitor’s personal, noncommercial use and may not be used for any purpose other than to identify prospective properties visitor may be interested in purchasing. The data contained herein is copyrighted by Santa Barbara MLS is protected by all applicable copyright laws. Any dissemination of this information is in violation of copyright laws and is strictly prohibited. Property information referenced on this web site comes from the Internet Data Exchange (IDX) program of the MLS. This web site may reference real estate listing(s) held by a brokerage firm other than the broker and/or agent who owns this web site. For the avoidance of doubt, the accuracy of all information, regardless of source, is deemed reliable but not guaranteed and should be personally verified through personal inspection by and/or with the appropriate professionals.