1407 Bath St. - LoopNetimages2.loopnet.com/d2/nyvRrYMKMDu1Y4dCj0qhuEshAIurHFMVG571… · 205 E. Carrillo st. suitE 100 | santa BarBara Ca 93101 | 805.965.5500 | Fax 805.965.5300 |

2 0 5 E . C a r r i l lo st. s u i tE 1 0 0 | s a nta B a r B a r a C a 93 1 0 1 | 8 0 5 .9 6 5 . 5 5 0 0 | Fa x 8 0 5 .9 6 5 . 5 3 0 0 | r a d i u s gr o u p.Co m

Steve [email protected] Lic. 00772218

Lori [email protected] Lic. 01914851

10.5.17

1407 Bath St. Santa Barbara, CA 93101For Sale | 6-Unit Boutique Downtown Apartment Building

Offered at $1,950,000

The information provided here has been obtained from the owner of the property or from other sources deemed reliable. We have no reason to doubt its accuracy, but we do not guarantee it.



for sale � 6 -unit boutique apartment building1 4 0 7 b a t h s t . | s a n t a b a r b a r a , c a 9 3 1 0 1

2 0 5 E . C a r r i l lo st. s u i tE 1 0 0 | s a nta B a r B a r a C a 93 1 0 1 | 8 0 5 .9 6 5 . 5 5 0 0 | Fa x 8 0 5 .9 6 5 . 5 3 0 0 | r a d i u s gr o u p.Co m10.5.17

property brief

Units ▶ 6 Total: (3) 1BR+1BA Units; 3 Studios

Price/Unit ▶ $325,000

Building Size ▶ ±2,529 SF

Lot Size ▶ ±7,296 SF

Price/SF Land ▶ $273/SF

APN ▶ 039–052–016

Zoning ▶ R-4

Year Built ▶ 1923

Parking ▶ Off Street Lot Parking

Floors ▶ 2

Great opportunity to acquire downtown boutique apartment building. Property has many upgrades making it easy to maintain while keeping costs down. Features include interior/exterior paint, copper plumbing throughout, new vinyl flooring, recessed LED lighting with dimmer switches, extensive refinishing of original wood sash windows, tile counters, Kohler Lavatories, stainless sinks, Price Pfister faucets/ fixtures, new wood blinds/doors, new energy saving appliances, common laundry area, lush landscaping and off street parking. Back unit features private deck; front units overlook mountains. Just 3 blocks from State Street with abundance of shops and restaurants. Close proximity to Arlington Theater, Ralph’s, Alameda Park, Starbucks, Santa Barbara Public Market, EF International Language Center, City College, public transit and easy 101 freeway access.

Offered at$1 ,95 0,0 0 0

4% CAP | 16.02 GRM | $77,931 NOI | $325,000/Unit

mailto:sgolis%40radiusgroup.com?subject=Property%20Inquiry






Sola St.

Bath St.

De La Vina St.

location







Arrella

ga St.

Michelt

orena S

t.

Sola St.

Victoria

St.

Anapam

u St.

Figueroa S

t.

Bath St.

Castillo St.

Hwy. 101

Chapala St.

De La Vina St.

State St. Anacapa St.

1407 Bath St.

1 EF International Language Center

2 South Coast Deli

3 Southern California Institute of Law

4 CVS Pharmacy

5 The Arlington Theatre

6 Crushcakes Cafe

7 Public Transit Center

8 ELS Language Centers

9 Spencer Adams Park

10 Santa Barbara Public Market

11 White Jasmine Inn

12 Corepower Yoga

13 Santa Barbara Museum of Art

14 Granada Theatre

15 The Upham B&B

16 Soho Restaurant & Music Club

17 Starbuck’s

18 Chase Bank

19 Ralph’s

20 Los Arroyos Mexican Restaurant

21 The Hungry Cat

22 Santa Barbara Public Library

23 Ensemble Theatre Company

11

8

6

4

7

5

4

3

2

1

9

13

14

12

1516

19

23

2021

2217

18

10







exterior photos







interior photos







income analysis

CalculationsCurrent Level

EOI: $121,716 $126,420

Annual Exp.: $43,785 $43,896

NOI: $77,931 $82,524

GRM: 16.02 15.42

CAP Rate: 4.00% 4.23%

Annual ExpensesCurrent Current % GOI Market % GOI Market

Real Estate Taxes: 1.05% $20,475 16.8% 16.2% $20,475Advertising: Act. $0 0.0% 0.0% $0

Insurance: Act. $2,500 2.1% 2.0% $2,500Utilities: Act. $7,200 5.9% 5.7% $7,200

Electric Included above Included aboveWater/Sewer Included above Included above

Trash Included above Included aboveGas Included above Included above

Maint/Repairs: Est. $500/Unit $3,000 2.5% 2.4% $3,000Grounds: Est. $600 0.5% 0.5% $600

Off-site Management: 5% $6,210 5.1% 5.0% $6,321On-site Management: Est. $0 0.0% 0.0% $0

Pest Control: Est. $1,000 0.8% 0.8% $1,000Legal & Accounting: Est. $1,000 0.8% 0.8% $1,000

Reserves: Est. $300/Unit $1,800 1.5% 1.4% $1,800Annual Expenses Per Unit $7,298 $7,316

Annual Expenses $43,785 36.0% 34.7% $43,896

Unit Mix & Rent SchedulesCurrent Rent Market Rent

# Units Mix Est. SF Rent/Unit Monthly Income Rent/Unit Monthly Income1 Studio 300 $1,100 $1,100 $1,300 $1,1502 Studio 350 $1,300 $1,300 $1,550 $1,4004 Studio 425 $1,450 $1,450 $1,550 $1,500

1407 1/1 650 $1,900 $1,900 $1,900 $1,9505 1/1 600 $1,900 $1,900 $1,900 $2,0003 1/1 450 $1,500 $1,500 $1,550 $1,550

RUBS $600 RUBS $600Garage $450 $450 Garage $450

Monthly Rental Income + RUBS: $10,200 $10,600Month Laundry Income: $150 $150

Potential Gross Monthly Income: $10,350 $10,750Potential Gross Annual Income: $124,200 $129,000

Less: Vacancy & Collection Loss: 2% $2,484 % Rent Upside $2,580Effective Gross Economic Income: $121,716 3.9% $126,420

Executive Summary# Units: 6

Price: $1,950,000

Price/Unit: $325,000

NOI: $77,931

GRM: 16.02

CAP Rate: 4.00%

Approx. Lot Size: 7,296 SF

Price/Lot SF: $267/SF

Building Size: 2,529 SF

Zoning: R-4

APN: 039-052-016

Est. Year Built: 1923







comparable properties sold

Property Address Date of Sale Sale Price No. of Units Unit Mix $ Per Unit Acutal CAP Rate

1407 Bath St., Santa Barbara Subject Property $1,995,000 6 (3) 1BD/1BA; (3) Studios $332,500 4.15%

229 W. Quinto St. 9/21/16 $1,985,000 5 (3) 1BD/1BA; (1) 1BD/1.5BA; (1) 2BD/1BA $397,000 1.97%

1620 Garden St. 8/29/2017 $1,800,000 5 (2) Studios; (3) 1BD/1BA $360,000 3.78%

411 E. Micheltorena St. 10/21/16 $2,295,000 6 (4) 1BD/1BA; (2) 2BD/1BA $382,500 3.72%

1501 Santa Barbara St. 5/20/16 $3,700,000 8 (8) 2BD/2BA $462,500 2.96%

3339 Richland Dr. 9/29/16 $1,920,000 6 (6) 1BD/1BA $320,000 4.59%

1530 Bath St. Active $2,165,000 5 (3) 1BD/1BA; (2) 2BD/1BA $433,000 3.74%

2528 De La Vina St. Active $1,950,000 6 (5) 1BD/1BA; (1) 2BD/1BA $325,000 5.08%

823 E. De La Guerra St. Active $2,150,000 6 (4) 1BD/1BA; (2) 2BD/1BA $358,333 3.93%

817 De La Vina St. Active $2,895,000 7(1) 1BD/1BA; (1) 1BD/1BA + Sunroom;

(2) 1BD/1BA Cottages; (1) 2BD/1BA + Loft $413,571 3.95%

2

34

567

8

9

1

1407 bath st.

1 2 34

5

7

6

8

9







Property Address Date of Sale Unit Mix Rent

1407 Bath St. Subject Property (3) Studios; (3) 1BD/1BA $1,100–$1,450; $1,500–$1,900

109 W. Mission St. 6/16/17 Studio $1,700

1426 Euclid Ave., Unit B 8/18/17 Studio $1,695

535 E. Arrellaga St., #27 9/5/17 Studio $1,650

411 E. Micheltorena St. 8/24/17 1BD/1BA $1,950

1315 Anacapa St., #2 8/28/17 1BD/1BA $1,795

comparable rental properties

1407 bath st.

2

34

5

6

7 9

8

1

10

11

1314

1

2

3

4

5








813 E. Anapamu St., #1D 9/1/17 1BD/1BA $1,950

215 W. Arrellaga St. 6/13/17 1BD/1BA $1,800

906 Bath St. 7/25/17 1BD/1BA $1,900

1120 Laguna St., Apt. 4 6/12/17 1BD/1BA $1,850

Hope Ranch Collection 3999 Via Lucero

6/20/17 1BD/1BA $1,817

comparable rental properties, cont.

1407 bath st.

2

34

5

6

7 9

8

1

10

11

1314

6

7

8

9

10








315 E. Sola St. 7/14/17 1BD/1BA $1,850

1620 Garden St. 9/14/17 1BD/1BA $2,175

601 E. Anapamu St. 6/20/17 1BD/1BA $1,895

1313 Olive St., #1 6/22/17 1BD/1BA $1,895

comparable rental properties, cont.

1407 bath st.

2

34

5

6

7 9

8

1

10

11

12 1314

11

12

13

14







comparable propertiesProperty APN Year Built #Units Lot Size Bldg Size

1407 Bath St. 039-052-016 1923 6 7,296 SF 2,529 SF

Santa Barbara, CA 93101

Sale Price Cap Rate PPU Price Per Bed Zoning$1,950,000 4.00% $325,000 $325,000 R-4

Unit Type #UnitsStudios 3

1 Bedroom, 1 Bathroom 3

Building Amenities: Includes interior/exterior paint, copper plumbing throughout, new vinyl flooring, recessed LED lighting with dimmer switches, extensive refinishing of original wood sash windows, tile counters, Kohler Lavatories, stainless sinks, Price Pfister faucets/ fixtures, new wood blinds/doors, new energy saving appliances, common laundry area, lush landscaping and off street parking. Back unit features private deck; front units overlook mountains. Just 3 blocks from State St.

Property APN Year Built No. of Units Lot Size Bldg Size Proximity to Subject Property Sold

229 W. Quinto St. 025-061-04 1956 5 8,712 SF 3,458 SF 2.8 Miles 9/21/2016



Unit Type No. of Units 1 Bedroom, 1 Bathroom 4


Building Amenities: Property has 6 single car parking garages spaces and a large shared laundry room. Located just 4 blocks from State Street and right next to Santa Barbara Cottage Hospital.


1620 Garden St. 027-201-014 1895 5 9,380 SF 3,214 SF 1.4 Miles 8/29/2017



Unit Type No. of Units Studios 2


Building Amenities: Units feature a mix of high ceilings, wood floors, a 2nd story balcony, credit card operated shared laundry and (5) one-car garages. Three of the five units have been extensively remodeled. Located in the Upper East neighborhood next to Alice Keck and Alameda parks.

1

1

Subject Property

2








411 E. Micheltorena St. 027-252-034 6 6,534 SF 3,900 SF 1.4 Miles 10/25/2016



Unit Type #Units1 Bedroom, 1 Bathroom 4


Building Amenities: Units feature hardwood flooring and in-unit laundry. Property has 6 off-street parking spaces, one per unit. Located only a few blocks from Santa Barbara High School and the Santa Barbara Bowl.


1501 Santa Barabara St. 027-241-009 8 9,902 SF 1.4 Miles 5/20/2016




Building Amenities: Units have been completely remodled with new bathrooms and kitchens. Dining and living rooms with crown molding. Kitchens have new stainless steel stoves and refrigerators. Property has on-site laundry and carport parking. Building has direct views of Alameda Park and Alice Keck Park.


3339 Richland Dr. #6 051-080-018 1960 6 7,405 SF 3.7 Miles 9/29/17




Building Amenities: The property offers 6 carports with storage, a common laundry room and large outside patio. Located in close proximity to the Santa Barbara Municipal Golf Club, State Street and the Five Points shopping Center.

4

3

15

comparable properties, cont.







Property APN Year Built No. of Units Lot Size Bldg Size Proximity to Subject Property Active

2528 De La Vina St. 025-023-015 1957 6 6,903 SF 2.8 Miles





Building Amenities: Located blocks away from Santa Barbara Cottage Hospital.

Property APN Year Built #Units Lot Size Bldg Size Proximity to Subject Property Active

1530 Bath St. 027-221-023 1960 5 6,534 SF 4,984 SF





Building Amenities: Property has on-site laundry facility and six carport parking spaces. Unit #2, a two-bedroom unit, features major upgrades with new appliances, baseboards, doors, paint and modern fixtures.

Property APN Year Built #Units Lot Size Bldg Size Proximity to Subject Property Active

823 E. De La Guerra St. 031-042-013 1966 6 7,405 SF 3,900 SF 2.2 Miles


Sale Price Cap Rate PPU Price Per Bed Zoning$2,150,000 3.91% $358,333 $268,750 C-2



Building Amenities: Property has on-site laundry, carports, recently updated with a new carport roof. Located a block from Milpas Street and 6 blocks from State Street.

7

6

8








Property APN Year Built No. of Units Lot Size Bldg Size Proximity to Subject Property Active

817 De La Vina St. 037-041-007 1926 7 14,810 SF 4,372 SF 1.2 Miles


Sale Price Cap Rate PPU Price Per Bed Zoning$2,895,000 3.95% $413,571 $263,182 C-2

Unit Type No. of Units 1 Bedroom, 1 Bathroom 1 1 Bedroom, 1 Bathroom Cottages 2 2 Bedroom, 1 Bathroom Cottage 1

1 Bedroom, 1 Bathroom + Sunroom 1 1 Bedroom, 1 Bathroom + Loft 1 3 Bedroom, 2 Bathroom 1

Building Amenities: Each unit offers tongue and groove ceilings, hardwood floors, updated kitchens, tiled bathrooms, and lofts.

9



Documents

1407 Bath St. - LoopNetimages2.loopnet.com/d2/nyvRrYMKMDu1Y4dCj0qhuEshAIurHFMVG571… · 205 E. Carrillo st. suitE 100 | santa BarBara Ca 93101 | 805.965.5500 | Fax 805.965.5300 |