Soul and Sea Apartments 440 Por La Mar Dr Immeuble residentiel 8 lots 7 379 427 € (922 428 €/Lot) Taux de capitalisation 5,86 % Santa Barbara, CA 93103

The sky’s the limit for this ultra-rare waterfront-area 8-unit multi-family offering steps to Santa Barbara’s best beach East Beach. The property now has an investor-friendly 6 of 8 units under landlord control, almost impossible to find today. The building consists of all 2-bedroom/1-bath units, most of which have been updated and fully furnished, and has recently transitioned into mostly licensed shorter-term rentals in one of the premier vacation spots in the world. 3 units have started use as vacation rentals, with 2 more units scheduled to come on-line. Initial operational data, historical beach-area short-term rental rates, and comparable hospitality rates nearby for larger suites with kitchens, all help to confirm for a buyer the investment return potential. There are very few short-term rental apartments in the East Beach area, and almost no hospitality offerings in the area with 2 bedrooms and a kitchen.
The last 3 of the 8 apartments remain as long-term tenancies, providing a new owner the option of keeping a mix of use types, or continuing the transition to shorter-term tenancies. Longer-term luxury furnished rentals can still provide a remarkable relative return for Santa Barbara beach-area apartments, which sell at low cap rates due to the unmatched investment security and appreciation potential of the location. The property’s zoning is R-4 and Coastal Zone; Buyer is advised to investigate land-use rules in these zones, and rules for tenant rights under state and local laws. Accessory Dwelling Unit (ADU) laws may allow for additional units to be constructed at the property, Buyer to investigate.
Review the Offering Memorandum to see more property details, financial projections, and a description of nearby amenities for guests and tenants. Short-term and longer-term tenants are within 1-2 blocks of casual and upscale dining, and have easy level walking access to the world-renowned volleyball courts and soft sand of East Beach. Dozens of additional restaurants, wine tasting and boutique retail are all within about 1 mile either in the direction of State Street / Stearns Wharf to the west, or Coast Village Road in Montecito to the east. Only a small handful of multi-family properties of this size or larger were ever built in the waterfront areas of Santa Barbara - don’t miss this rare generational investment opportunity.