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23 Magnolia Avenue, Goleta, CA 93117

$5,400,000
: 12,755
SqFt

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Sold Price: $5,400,000
List Price: $5,550,000
Status: CLOSED
MLS#: 25-4179
Closing Date: Mar 13, 2026
Living Area: 12,755
Lot Size: 14,810
Region: SB/GOL SOUTH
Year Built: 1971

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Property Description

Roof will be replaced and balconies repaired by close of escrow! JJ's Apartments offers a rare chance to acquire a 19-unit community in the heart of Old Town Goleta. This well-maintained asset blends vintage charm, walkable convenience, strong curb appeal, and meaningful upside. The mix includes (17) 1BD/1BA and (2) 3BD/1BA units, drawing consistent demand from workforce tenants and UCSB students. One recently remodeled unit was just leased, highlighting renovation potential. The ±14,810 SF parcel includes a ±12,755 SF building, 8 carports, 11 uncovered spaces, and a ±1,480 SF carport suited for future ADU development. With its mid-century design and prime accessibility, JJ's Apartments embodies Goleta's enduring coastal rental appeal.

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Additional Information

Elementary School: La Patera
Middle School: Gol Valley
High School: Dos Pueblos
Capitalization Rate: 4.50
Gross Rent Multiplier: 12.39
Laundry: Laundry Room
Living Area: 12,755
Lot Size: 14,810
Region: SB/GOL SOUTH
Terms: Cash, Conventional
Units: 19
Zoning: Other