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618 Olive Street, Santa Barbara, CA 93101

$3,650,000

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Sold Price: $3,650,000
List Price: $3,795,000
Status: CLOSED
MLS#: 24-3988
Closing Date: Nov 07, 2025
Region: SB/EAST OF STATE
Year Built: 2024

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Property Description

Located in the heart of downtown Santa Barbara, this multifamily investment property presents a rare opportunity, featuring a mix of newly constructed and renovated buildings. Three of the six units were built from the ground up between 2023 and 2024, while the remaining three have been extensively improved, all with market rents in place. Offered at a current 5.47% cap rate and a GRM of 12.71, the property is ideal for investors seeking a more passive investment. Tenants enjoy exceptional walkability, with a Walk Score of 94 and a Bike Score of 99, providing easy access to Santa Barbara's most exciting destinations including Arnoldi's, Santa Barbara's iconic Italian restaurant and the emerging Haley corridor. Total current monthly income is $25,650.

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Additional Information

Elementary School: Franklin
Middle School: S.B. Jr.
High School: S.B. Sr.
Acres: 0.23
Neighborhood: or 20 - Downtown
Region: SB/EAST OF STATE
Terms: Cash, Ctnl
Units: 6
Zoning: C-M