Description

Offered at $2,995,000, 130 West Padre Street is an eight-unit multifamily investment property at the corner of West Padre and De La Vina Streets in Santa Barbara. The approximately 3,634-square-foot garden-style complex contains eight one-bedroom, one-bathroom apartments on roughly 0.19 acres, with eight on-site parking spaces and a shared laundry facility.

Originally constructed in 1962, the property underwent renovations in 2023. Reported work includes interior and exterior cosmetic improvements, plumbing and electrical upgrades, refreshed landscaping, water-heater and gas-piping work, electrical subpanel replacements, LED lighting, bedroom egress windows, updated guardrails and handrails, and a new trash enclosure. The property is identified as APN 025-233-017 and is reported with R-4 zoning.

The location is near Cottage Hospital and downtown Santa Barbara, with access to restaurants, markets, neighborhood services, and Highway 101. Offering materials report a current 5.12% cap rate and 13.12 gross rent multiplier, while separate market assumptions project a 5.46% cap rate and 12.33 gross rent multiplier. Buyers should review the rent roll and source financials and independently confirm occupancy, lease status, and operating results.