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

Offered at $2,200,000

for sale � 6-unit boutique apartment building1 4 07 bat h st. | sa n ta ba r ba r a , c a 93 1 0 1

Steve Golis805.879.9606sgolis@radiusgroup.comCA Lic. 00772218

Lori Zahn805.879.9624lzahn@radiusgroup.comCA Lic. 01914851

Nate Hagon805.879.9629nhagon@radiusgroup.comCA Lic. 02011627

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.

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

for sale � 6-unit boutique apartment building1 4 07 bat h st. | sa n ta ba r ba r a , c a 93 1 0 1

Steve Golis805.879.9606sgolis@radiusgroup.comCA Lic. 00772218

Lori Zahn805.879.9624lzahn@radiusgroup.comCA Lic. 01914851

Nate Hagon805.879.9629nhagon@radiusgroup.comCA Lic. 02011627

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.

property brief

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

Price/Unit ▶ $366,667

Building Size ▶ ±2,529 SF

Lot Size ▶ ±7,296 SF

Price/SF Land ▶ $302/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 been extensively remodeled making it easy to maintain while keeping costs down. Features include new interior/exterior paint, copper plumbing throughout, extensive foundation work, upgraded wiring, new vinyl flooring, recessed LED lighting with dimmer switches, extensive renovation of original wood sash windows, tile counters, Kohler Lavatories, stainless sinks, Price Pfister faucets/ fixtures, new wood blinds/doors, new energy saving appliances, new 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 101 Freeway.

11.11.16

Offered at$2 , 20 0,0 0 0

3.76% CAP | 17.27 GRM | $82,719 NOI | $366,667/Unit

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.

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

for sale � 6-unit boutique apartment building1 4 07 bat h st. | sa n ta ba r ba r a , c a 93 1 0 1

Steve Golis805.879.9606sgolis@radiusgroup.comCA Lic. 00772218

Lori Zahn805.879.9624lzahn@radiusgroup.comCA Lic. 01914851

Nate Hagon805.879.9629nhagon@radiusgroup.comCA Lic. 02011627

Sola St.

Bath St.

De La Vina St.

location

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.

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

for sale � 6-unit boutique apartment building1 4 07 bat h st. | sa n ta ba r ba r a , c a 93 1 0 1

Steve Golis805.879.9606sgolis@radiusgroup.comCA Lic. 00772218

Lori Zahn805.879.9624lzahn@radiusgroup.comCA Lic. 01914851

Nate Hagon805.879.9629nhagon@radiusgroup.comCA Lic. 02011627

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

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.

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

for sale � 6-unit boutique apartment building1 4 07 bat h st. | sa n ta ba r ba r a , c a 93 1 0 1

Steve Golis805.879.9606sgolis@radiusgroup.comCA Lic. 00772218

Lori Zahn805.879.9624lzahn@radiusgroup.comCA Lic. 01914851

Nate Hagon805.879.9629nhagon@radiusgroup.comCA Lic. 02011627

property photos

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.

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

for sale � 6-unit boutique apartment building1 4 07 bat h st. | sa n ta ba r ba r a , c a 93 1 0 1

Steve Golis805.879.9606sgolis@radiusgroup.comCA Lic. 00772218

Lori Zahn805.879.9624lzahn@radiusgroup.comCA Lic. 01914851

Nate Hagon805.879.9629nhagon@radiusgroup.comCA Lic. 02011627

income analysis

CalculationsCurrent Level

EOI: $127,420 $132,888

Annual Exp.: $44,701 $44,844

NOI: $82,719 $88,044

GRM: 17.27 16.56

CAP Rate: 3.76% 4.00%

Annual ExpensesCurrent Current % GOI Market % GOI Market

Real Estate Taxes: 1.05% $23,100 18.1% 17.4% $23,100Advertising: Act.. $0 0.0% 0.0% $0

Insurance: Act.. $2,500 2.0% 1.9% $2,500Utilities: Act.. $7,200 5.7% 5.4% $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 2.4% 2.3% $3,000Grounds: Est. $600 0.5% 0.5% $600

Off-site Management: 5% $6,501 5.1% 5.0% $6,644On-site Management: Est. $0 0.0% 0.0% $0

Pest Control: Est. $0 0.0% 0.0% $0Legal & Accounting: Est. $0 0.0% 0.0% $0

Reserves: Est. $300/Unit $1,800 1.4% 1.4% $1,800Annual Expenses Per Unit $7,450 $7,474

Annual Expenses $44,701 35.1% 33.7% $44,844

Unit Mix & Rent SchedulesCurrent Rent Market Rent

# Units Mix Est. SF Rent/Unit Monthly Income Rent/Unit Monthly Income1 Studio 300 $1,295 $1,295 $1,500 $1,5001 Studio 350 $1,395 $1,395 $1,500 $1,5001 Studio 425 $1,450 $1,450 $1,500 $1,5001 1/1 650 $1,900 $1,900 $1,900 $1,9001 1/1 600 $2,050 $2,050 $2,000 $2,0001 1/1 450 $1,495 $1,495 $1,650 $1,650

RUBS $600 RUBS $600Garage $500 $500 Garage $500

Monthly Rental Income + RUBS: $10,685 $11,150Month Laundry Income: $150 $150

Potential Gross Monthly Income: $10,835 $11,300Potential Gross Annual Income: $130,020 $135,600

Less: Vacancy & Collection Loss: 2% $2,600 % Rent Upside $2,712Effective Gross Economic Income: $127,420 4.3% $132,888

Executive Summary# Units: 6

Price: $2,200,000

Price/Unit: $366,667

NOI: $82,719

GRM: 17.27

CAP Rate: 3.76%

Approx. Lot Size: 7,296 SF

Price/Lot SF: $302/SF

Building Size: 2,529 SF

Zoning: R-4

APN: 039-052-016

Est. Year Built: 1923

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.

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

for sale � 6-unit boutique apartment building1 4 07 bat h st. | sa n ta ba r ba r a , c a 93 1 0 1

Steve Golis805.879.9606sgolis@radiusgroup.comCA Lic. 00772218

Lori Zahn805.879.9624lzahn@radiusgroup.comCA Lic. 01914851

Nate Hagon805.879.9629nhagon@radiusgroup.comCA Lic. 02011627

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 $2,200,000 6 (3) 1BD/1BA; (3) Studios $366,667 3.76

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

823 E. De La Guerra St., Santa Barbara 4/28/16 $1,696,500 6 (4) 1BD/1BA; (2) 2BD/1.5BA $282,750 4.04

232 W. Yanonali St., Santa Barbara 1/29/16 $2,500,000 6 (4) 1BD/1BA; (2) 2BD/1BA $416,667 3.64

1826 Loma St., Santa Barbara 6/10/16 $2,325,000 5 (4) 1BD/1BA; (1) 4BD/2BA $465,000 4.10

310 Ladera St., Santa Barbara 5/26/16 $1,875,000 6 (5) 2BD/1BA; (1) Studio $312,500

3445 Richland Dr., Santa Barbara 7/6/16 $2,350,000 8 (6) 1BD/1BA; (2) 2BD/2BA $293,750 3.90

2

34

56

1

2

3

4

5

6

7

9

81

1407 bath st.

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.

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

for sale � 6-unit boutique apartment building1 4 07 bat h st. | sa n ta ba r ba r a , c a 93 1 0 1

Steve Golis805.879.9606sgolis@radiusgroup.comCA Lic. 00772218

Lori Zahn805.879.9624lzahn@radiusgroup.comCA Lic. 01914851

Nate Hagon805.879.9629nhagon@radiusgroup.comCA Lic. 02011627

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

1407 Bath St., Santa Barbara Subject Property $2,200,000 6 (3) 1BD/1BA; (3) Studios $366,667 3.76

20 W. Valerio St., Santa Barbara 5/17/16 $2,700,000 8 $337,500

806 Nopal St., Santa Barbara 7/27/16 $2,050,000 8 (4) 2BD/1BA; (4) 1BD/1BA $256,250

229 W. Quinto St., Santa Barbara 9/21/16 $1,985,000 5 (1) 2BD/1BA; (4) 1BD/1BA $397,000

2

7

3

8

4

9

5

6

7

9

81

1407 bath st.

comparable properties sold