
Description
Commercial building located in the heart of the Milpas corridor being offered at a 5.40% Cap Rate on current income of $7,450/Month! This building has been significantly renovated with new exterior paint, new plumbing, new electrical, new electrical panel, new appliances, and a majority of wood repaired/replaced and several new windows were also replaced. Generous lot currently has two tenants (Building/house $4,200/Month & Storage yard $3,250/Month) with tenants paying all utilities. Value add upside with a set of drafted site plans/floor plans to add a 2-story, 2 bedroom/2 bathroom with attached garage ADU. Short distance to East beach, 101 Freeway access, downtown Santa Barbara, Funk Zone, water front and Santa Barbara Bowl! Great-owner user opportunity or investor looking for good return on the evolving Milpas corridor.
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0BEDS
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N/AACRES
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0BATHS
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01/2 BATHS
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1,800SQFT
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$731$/SQFT
School Ratings & Info
Description
Commercial building located in the heart of the Milpas corridor being offered at a 5.40% Cap Rate on current income of $7,450/Month! This building has been significantly renovated with new exterior paint, new plumbing, new electrical, new electrical panel, new appliances, and a majority of wood repaired/replaced and several new windows were also replaced. Generous lot currently has two tenants (Building/house $4,200/Month & Storage yard $3,250/Month) with tenants paying all utilities. Value add upside with a set of drafted site plans/floor plans to add a 2-story, 2 bedroom/2 bathroom with attached garage ADU. Short distance to East beach, 101 Freeway access, downtown Santa Barbara, Funk Zone, water front and Santa Barbara Bowl! Great-owner user opportunity or investor looking for good return on the evolving Milpas corridor.
Related Properties
Based on information from CRISNet MLS as of 2022-07-05T13:56:37.187. All data, including all measurements and calculations of area, is obtained from various sources and has not been, and will not be, verified by broker or MLS. All information should be independently reviewed and verified for accuracy. Properties may or may not be listed by the office/agent presenting the information. The listing broker's offer of compensation is made only to participants of the MLS where the listing is filed.
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Based on information from the i-Tech MLS as of 2022-07-05T13:56:37.187. All data, including all measurements and calculations of area, is obtained from various sources and has not been, and will not be, verified by broker or MLS. All information should be independently reviewed and verified for accuracy. Properties may or may not be listed by the office/agent presenting the information.