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1502 San Pascual Street

Santa Barbara, CA 93101
  • $15,900,000
  • STATUS: Active
  • ON SITE: 118 Days
  • MLS #: 24-571
UPDATED: 53 min ago
$15,900,000
  • 0
    BEDS
  • 1
    ACRES
  • 0
    BATHS
  • 0
    1/2 BATHS
Neighborhood:
Type:
Multi-Family
Built:
1972
County:

School Information

Elementary School:
Middle School:
High School:
Listing provided courtesy of Compass.

Description

Turner Foundation (Non-Profit) owned property, currently providing 45 units of housing and 54 parking spaces with Community Learning Center, Programs and Services on site. Gross income $1.1m per year and current rent is 35% below market rate. Past Year NOI $802K with Non-Profit property tax exemption status equating to a 4.9% cap rate. New buyer may potentially retain Turner Foundation Non-Profit property tax exemption status if Turner Foundation remains as an Operating Partner. Buyer to verify all information.

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© 2024 Santa Barbara Multiple Listing Service. All rights reserved. Based on information from the Santa Barbara MLS as of 2024-06-21T18:47:13.653. Display of MLS data is usually deemed reliable but is NOT guaranteed accurate by the MLS. Buyers are responsible for verifying the accuracy of all information and should investigate the data themselves or retain appropriate professionals. Information from sources other than the Listing Agent may have been included in the MLS data. Unless otherwise specified in writing, Broker/Agent has not and will not verify any information obtained from other sources. The Broker/Agent providing the information contained herein may or may not have been the Listing and/or Selling Agent. Data last updated 2024-06-21T18:47:13.653.
www.karinamatic.com/homes/147904268
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1502 San Pascual Street Santa Barbara, CA 93101

  • Price: $15,900,000
  • Status: Active
  • On Site: 118 Days
  • Updated: 53 min ago
  • MLS #: 24-571
0
Beds
0
Baths
0
½ Baths
1
Acres
1972
Built
Neighborhood:
SB/West of State
County:
Santa Barbara
Area:
SB/West of State
Elementary School:
Harding
Middle School:
Lacumbre
High School:
San Marcos
Property Description
Turner Foundation (Non-Profit) owned property, currently providing 45 units of housing and 54 parking spaces with Community Learning Center, Programs and Services on site. Gross income $1.1m per year and current rent is 35% below market rate. Past Year NOI $802K with Non-Profit property tax exemption status equating to a 4.9% cap rate. New buyer may potentially retain Turner Foundation Non-Profit property tax exemption status if Turner Foundation remains as an Operating Partner. Buyer to verify all information.
Exterior Features

Carport Spaces 24 Deck Yes Fenced Back Yes Fenced Part Yes Parking Features CarportUncovered Patio Yes

Interior Features

Flooring VinylCarpet Laundry Features Laundry Room Unit1 Baths 45 Unit1 Bedrooms 79 Unit1 Half Baths 0

Property Features

Lot Features Near Public Transit Property Condition Good Terms Cash Yes Zoning R-4

Listing information © 2024 Santa Barbara MLS
Listing provided courtesy of Compass: (805) 284-0881.



© 2024 Santa Barbara Multiple Listing Service. All rights reserved. Based on information from the Santa Barbara MLS as of 2024-06-21T18:47:13.653. Display of MLS data is usually deemed reliable but is NOT guaranteed accurate by the MLS. Buyers are responsible for verifying the accuracy of all information and should investigate the data themselves or retain appropriate professionals. Information from sources other than the Listing Agent may have been included in the MLS data. Unless otherwise specified in writing, Broker/Agent has not and will not verify any information obtained from other sources. The Broker/Agent providing the information contained herein may or may not have been the Listing and/or Selling Agent. Data last updated 2024-06-21T18:47:13.653.
 
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Berkshire Hathaway HomeServices California Properties
3868 State St.
Santa Barbara CA, 93105
Listing provided courtesy of Compass.