618 East Olive Santa Barbara Ca

Santa Barbara, CA 93103

$3,795,000
Price
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 • Beachside Partners
  2. Listed by Lori Zahn • DRE #01914851 • Lori Zahn, Broker

Property Details for 618 East Olive Santa Barbara Ca

Subdivision Name
Not Applicable
Garage Spaces
.00
View
Other View, None
LISTING UPDATED: 01/03/2025 03:23 PM

Property Details for 618 East Olive Santa Barbara Ca

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 / 10,019 SF
CountySanta Barbara County

Building Information for 618 East Olive Santa Barbara Ca

Stories2Residences-Year Built2024Building Size-Lot Size0.23 AC / 10,019 SF

Property Information for 618 East Olive Santa Barbara Ca

Summary
Location and General Information
  • Building Area Total: 6,000.00
  • Community Features: Gutters
  • City: SANTA BARBARA
  • Directions: Downtown Santa Barbara
  • Area: VC81 - Santa Barbara
  • Unparsed Address: 618 East Olive, Santa Barbara, CA 93101
Parking
  • Parking Features: None
Taxes and HOA Information
  • Association Fee: $.00
  • Tax Other Annual Assessment Amount: $1.00
Virtual Tour
  • Videos Count: 0
Property
Lot Information
  • Additional Parcels: No
  • Lot Features: Sprinklers, Near Public Transit, Park Nearby
  • Lot Size Acres: .23
  • Lot Size Square Feet: 10,019.00
  • Lot Size Area: .23
  • Lot Size Units: Acres
  • Parcel Number: 031171009
  • Zoning: C-M
  • Property Type: Residential Income
Property and Assessments
  • Common Walls: Attached
  • Documents Count: 0
  • New Construction: Yes
  • Property Attached: Yes
  • Year Built Source: Other
  • Senior Community: No
Utilities
  • Cooling: Yes
  • Electric: 220 Volts
Interior and Exterior Features
Exterior Features
  • Fencing: See Remarks, Masonry
  • Pool Features: None
  • Pool Private: No
  • Pool: No
  • Spa Features: None
  • Spa: No
  • Stories Total: 2
Interior Features
  • Total Bathrooms: 0
  • Fireplace Features: None
  • Fireplace: No
  • Flooring: Carpet, Laminate, Tile
  • Heating: Yes
  • Laundry Features: See Remarks
  • Living Area: 6,000.00
  • View: No
  • Levels: Multi/Split
Multi Family
Multi-Family Information
  • Gross Scheduled Income: $307,800.00
  • Net Operating Income: $207,751.00
  • Insurance Expense: $12,000.00
  • Number Of Buildings: 4
  • Number Of Units Leased: 6
  • Operating Expense: $90,816.00
  • Special Listing Conditions: Standard
  • Trash Expense: $3,600.00
Rental
Rental Information
  • Rent Control: Yes

Property History for 618 East Olive Santa Barbara Ca

DateEvent & SourcePriceAppreciation
DateEvent & SourcePrice

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

Schools near 618 East Olive Santa Barbara Ca

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 - 7 to 8
Rating
School
Distance
Washington Elementary School
PublicK to 6

Santa Barbara Junior High School
Public7 to 8

Santa Barbara Senior High School
Public9 to 12

Alta Vista Alternative High School
Public7 to 8

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.

Similar Homes

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Similar Sold Homes

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618 East Olive Santa Barbara Ca is a multi-family home for sale in Santa Barbara, CA 93103. This property was listed for sale on January 3, 2025 by Beachside Partners, it's currently listed at $3,795,000. This listing's school district is Santa Barbara Unified School District. Nearby schools include Washington Elementary School, Santa Barbara Junior High School and Santa Barbara Senior High School. 618 East Olive Santa Barbara Ca is a 0-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.