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450 Ellwood Beach Drive, Goleta, CA 93117

$4,950,000

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List Price: $4,950,000
Status: PENDING
MLS#: 26-3412
Lot Size: 10,890
Region: SB/GOL SOUTH
Year Built: 1970

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Property Description

Well-located 14-unit apartment building, priced to sell! Situated at the very end of Ellwood Beach Drive, by the open space preserve and trails to the beach. The est. cap rate is ~5.8% on existing rents, GRM is 11.63. All units are 1-bed/1-bath averaging a spacious 665sf. These apartments are always in demand with major employment centers within 1-2 miles, including dozens of nearby high-salary engineering and software companies, UC Santa Barbara, Bacara Resort and Deckers' world headquarters. Tenants are also drawn to the location due to its access to nature next door and proximity to the beach and Girsh Park, as well as to all retail services and restaurant types at the nearby Camino Real Marketplace and adjacent shopping centers. See unbranded Offering Memorandum in Documents.

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Additional Information

Elementary School: Ellwood
Middle School: Gol Valley
High School: Dos Pueblos
Acres: 0.25
Capitalization Rate: 5.81
Foundation: Slab
Gross Rent Multiplier: 11.63
Laundry: Laundry Room
Lot Size: 10,890
Neighborhood: Ellwood/Santa Barbara Shores
Other Income: 5460
Parking Garage: Carport, Outside
Region: SB/GOL SOUTH
Taxes: $60,093
Terms: Cash, Conventional
Units: 14
Zoning: Other