180 Holly Avenue

180 Holly Avenue presents a rare opportunity to acquire a 19-unit, low-rise multifamily asset in the highly desirable beach community of Carpinteria, just south of Santa Barbara. Built in 1965 on a 0.5-acre parcel (17,228 SF), this well-appointed property offers a mix of covered and surface parking, structured garage stalls, and thoughtfully landscaped communal outdoor spaces, including patios and seating areas that cater to tenants seeking comfort and coastal living.

Offered at $8,950,000 ($519.50 per SF), the property delivers an in-place net operating income of $429,936, reflecting a 4.80% cap rate, with stabilized projections of $541,343 in NOI at a 6.05% cap rate. With occupancy currently at 79% and four units available, investors can immediately implement value-add strategies—raising rents to the market average of $3,476 (18% above the current $2,946 average) and leasing vacant units—to drive substantial cash-flow and enhance overall returns. Additional financial upside is underscored by a 13.3 GRM (potential 11.3 GRM) and a 3.65% cash-on-cash return.

Situated within the PRD20-zoned submarket of Carpinteria, 180 Holly Avenue benefits from strong rental demand, limited multifamily supply, and proximity to local amenities including downtown retail, dining, and the Pacific coast. With easy access to Highway 101 and a short commute to the University of California, Santa Barbara, this asset appeals to a diverse tenant base—from working professionals to students—making it an ideal acquisition for investors seeking stabilized income and upside potential in one of Southern California’s most compelling coastal markets.