Home » Quintessential Santa Barbara Style Apartments $5,000,000

Quintessential Santa Barbara Style Apartments $5,000,000

221 W Micheltorena St.
Santa Barbara, CA 93101
Offered at: $5,000,000
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Description:

Incredible opportunity to acquire a significant 10 unit showpiece asset in Downtown Santa Barbara. Close proximity to all Santa Barbara has to offer including State Street, Funk Zone, and Beaches. Every unit has the quintessential look and feel of early 1920’s Santa Barbara construction. Original wood flooring refinished in rich walnut span the living area in all units. Every unit has a full size bathtub in the bathroom. 8 of the 10 units have a wood burning fireplace. Gorgeous, clean & renovated units along with ample off- street parking and a warm community feeling. This property has historically low turnover and stable market rents. Currently 16 total tenants on the property, all with 1-year leases extending into mid 2019.

Property Unit Makeup:
(2) 2 bedroom/1bath stand alone cottages, with front fenced & gated patios.
(4) 2 bedroom/2 bathroom cottages that share a storage room as a common wall
(4) 1 bedroom/1 bathroom cottages. 2 upstairs, 2 downstairs. All with patio space

Recent Features & Improvements
*Underground Electrical Service – 2002
*Plumbing Re-Pipe of large portion of property. Galvanized replaced with copper. Cast Iron replaced with ABS. – 2002 *New Roof 4 -Plex – 2007
*New Handrails & Staircases and Decks for 4-Plex – 2015 *New PVC Roofing Installed on all 6 Cottages – 2016
(*) Information obtained from Permit History.
-Drought tolerant landscape
-Newer awning canvas above doors & entryways
-Fresh paint to building including windows and trim
-New paint to stairs, stair railings and patios
-Basement access under each cottage and lower level of 4-Plex for direct access to plumbing & utilities
-16+ Off Street Parking spaces
-Refinished original hardwood flooring
-Wood burning fireplaces
-On-Site Laundry
-Pest Work & Fumigation (2017)
-Wired for “quick connect” with Cox Cable

Property is shown with Listing Broker! Please Do NOT disturb tenants or enter property.
Contact Listing Broker for Additional DetailS

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 Search
PHONE : 805-845-2289
FAX : 805-845-1389
Our Mailing Address
315 Meigs Rd. Suite A # 416
Santa Barbara, CA 93109
The information set forth on this site is based upon information which we consider reliable, but because it has been supplied by third parties to our company we cannot represent that it is accurate or complete, and it should not be relied upon as such. The offerings are subject to errors, omissions, changes, including price, or withdrawal without notice. All dimensions are approximate and have not been verified by the selling party and cannot be verified by Alpha Investment Management . It is recommended that you hire a professional in the business of determining dimensions, such as an appraiser, architect or civil engineer, to determine such information.