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440 E Ave Q-3

Out Of Area, CA 93550
  • $1,150,000
  • STATUS: Pending
  • ON SITE: 38 days
  • MLS #: 21-2319
Pending
$1,150,000
  • 0
    BEDS
  • N/A
    ACRES
  • 0
    BATHS
  • 0
    1/2 BATHS
Neighborhood:
Type:
Multi-Family
Built:
1982
County:
Area:

School Information

Elementary School:
Middle School:
High School:
Listing provided courtesy of A.I.S. Property Management Services.

Description

Built in 1982, this 7-Unit multifamily walk-up has a unit mix that includes (1) one-bedroom, one-bath unit and (6) two-bedroom, one-bath units. One of the two-bedroom units is vacant, and can be rented at full market rent, allowing at least 30% upside in gross rent. Considering that this vacant unit could be leased at market rent, and with all units on a month-to-month basis, the current 14.6 GRM can be significantly decreased to a much more ''investor friendly'' 11.7 GRM. Market rents would be quickly achieved thru consistent permissible annual rent increases that would move in lockstep with the expected rise in inflation (CPI).

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© 2021 Santa Barbara Multiple Listing Service. All rights reserved. Based on information from the Santa Barbara MLS as of 2021-07-30T23:46:51.997. Display of MLS data is usually deemed reliable but is NOT guaranteed accurate by the MLS. Buyers are responsible for verifying the accuracy of all information and should investigate the data themselves or retain appropriate professionals. Information from sources other than the Listing Agent may have been included in the MLS data. Unless otherwise specified in writing, Broker/Agent has not and will not verify any information obtained from other sources. The Broker/Agent providing the information contained herein may or may not have been the Listing and/or Selling Agent. Data last updated 2021-07-30T23:46:51.997.
www.searchsbhomes.com/homes/118597807
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440 E Ave Q-3 Out Of Area, CA 93550

  • Price: $1,150,000
  • Status: Pending
  • MLS #: 21-2319
0
Beds
0
Baths
0
½ Baths
N/A
Acres
1982
Built
Neighborhood:
Out of Area
County:
Out Of Area
Area:
Out of Area
Elementary School:
Other
Middle School:
Other
High School:
Other
Property Description
Built in 1982, this 7-Unit multifamily walk-up has a unit mix that includes (1) one-bedroom, one-bath unit and (6) two-bedroom, one-bath units. One of the two-bedroom units is vacant, and can be rented at full market rent, allowing at least 30% upside in gross rent. Considering that this vacant unit could be leased at market rent, and with all units on a month-to-month basis, the current 14.6 GRM can be significantly decreased to a much more ''investor friendly'' 11.7 GRM. Market rents would be quickly achieved thru consistent permissible annual rent increases that would move in lockstep with the expected rise in inflation (CPI).
Exterior Features

Parking Information Carport

Interior Features

Unit1 Baths 1.00 Unit1 Bedrooms 1.00 Unit1 Half Baths 0.00 Unit2 Baths 1.00 Unit2 Bedrooms 2.00

Property Features

Cross Street E. 5th Street Deposit 3.00 Income Expenses Annual Income 78408.00 Income Expenses Gross Rent Multiplier 14.7 Income Expenses Total Monthly Income 6534.00 Meters Separate Meter Electric Yes Meters Separate Meter Gas Yes Meters Separate Meter Water No Terms CashCtnl Unit1 Furnished No Unit1 Monthly Total 829.75 Unit1 Rent 829.75 Unit1 Units 1.00 Unit2 Furnished No Unit2 Monthly Total 5683.28 Unit2 Rent 947.21 Unit2 Units 6.00 Zoning Other

Listing information © 2021 Santa Barbara MLS
Listing provided courtesy of A.I.S. Property Management Services.



© 2021 Santa Barbara Multiple Listing Service. All rights reserved. Based on information from the Santa Barbara MLS as of 2021-07-30T23:46:51.997. Display of MLS data is usually deemed reliable but is NOT guaranteed accurate by the MLS. Buyers are responsible for verifying the accuracy of all information and should investigate the data themselves or retain appropriate professionals. Information from sources other than the Listing Agent may have been included in the MLS data. Unless otherwise specified in writing, Broker/Agent has not and will not verify any information obtained from other sources. The Broker/Agent providing the information contained herein may or may not have been the Listing and/or Selling Agent. Data last updated 2021-07-30T23:46:51.997.
 
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Chris Gregoire & Chad Beuoy Real Estate | Compass
1101 Coast Village Road
Montecito CA, 93108
Listing provided courtesy of A.I.S. Property Management Services.