2 0 5 E . C a r r i l lo st. s u i tE 1 0 0 | s a nta B a r B a r a C a 93 1 0 1 | 8 0 5 .9 6 5 . 5 5 0 0 | Fa x 8 0 5 .9 6 5 . 5 3 0 0 | r a d i u s gr o u p.Co m

Offered at $2,165,000

for sale � 5-unit apartment building1 5 3 0 bat h st. | sa n ta ba r ba r a , c a 93 1 0 1

Steve Golis805.879.9606sgolis@radiusgroup.comCA Lic. 00772218

Lori Zahn805.879.9624lzahn@radiusgroup.comCA Lic. 01914851

The information provided here has been obtained from the owner of the property or from other sources deemed reliable. We have no reason to doubt its accuracy, but we do not guarantee it.

2 0 5 E . C a r r i l lo st. s u i tE 1 0 0 | s a nta B a r B a r a C a 93 1 0 1 | 8 0 5 .9 6 5 . 5 5 0 0 | Fa x 8 0 5 .9 6 5 . 5 3 0 0 | r a d i u s gr o u p.Co m

for sale � 5-unit apartment building1 5 3 0 bat h st. | sa n ta ba r ba r a , c a 93 1 0 1

Steve Golis805.879.9606sgolis@radiusgroup.comCA Lic. 00772218

Lori Zahn805.879.9624lzahn@radiusgroup.comCA Lic. 01914851

10.5.17

The information provided here has been obtained from the owner of the property or from other sources deemed reliable. We have no reason to doubt its accuracy, but we do not guarantee it.

property brief

Units ▶ 5 Total: (3) 1BR+1BA Units; (2) 2BR+2BA

Price/Unit ▶ $433,000

Building Size ▶ ±4,984 SF

Price/SF ▶ $434/SF

Lot Size ▶ ±6,534 SF

Price/SF Land ▶ $331/SF

APN ▶ 027–221–023

Zoning ▶ R-4

Year Built ▶ 1960

Parking ▶ 6 Carport Spaces Plus 1 Un-Covered Space

Great opportunity to own this attractive 5-unit complex in the desirable Oak Park neighborhood. Located just a few blocks from downtown Santa Barbara’s restaurants, theaters, public transit and easy freeway access making it highly desirable for potential tenants. The unit mix consists of (2) 2BD/2BA and (3) 1BD/1BA units, with on-site common laundry and 6 carport parking spaces plus an additional parking space (not covered), new dual pane windows and new landscaping. All units are separately metered for gas and electricity. Apartment #2, a 2BR/2BA unit, features major upgrades with new appliances, baseboards, doors, two tone paint, modern fixtures, LED lighting and more. With its excellent location, laundry facilities and carport parking, this small complex offers a great investment to add to an existing portfolio or the perfect opportunity for a first time investor.

Offered at$2 ,16 5 ,0 0 0

3.74% CAP | 18.43 GRM | $80,921 NOI | $433,000/Unit

The information provided here has been obtained from the owner of the property or from other sources deemed reliable. We have no reason to doubt its accuracy, but we do not guarantee it.

2 0 5 E . C a r r i l lo st. s u i tE 1 0 0 | s a nta B a r B a r a C a 93 1 0 1 | 8 0 5 .9 6 5 . 5 5 0 0 | Fa x 8 0 5 .9 6 5 . 5 3 0 0 | r a d i u s gr o u p.Co m

for sale � 5-unit apartment building1 5 3 0 bat h st. | sa n ta ba r ba r a , c a 93 1 0 1

Steve Golis805.879.9606sgolis@radiusgroup.comCA Lic. 00772218

Lori Zahn805.879.9624lzahn@radiusgroup.comCA Lic. 01914851

10.5.17

Sola St.

Bath St.

De La Vina St.

Chapala St.

State St.

Anacapa St.

location

Michelt

orena S

t.

The information provided here has been obtained from the owner of the property or from other sources deemed reliable. We have no reason to doubt its accuracy, but we do not guarantee it.

2 0 5 E . C a r r i l lo st. s u i tE 1 0 0 | s a nta B a r B a r a C a 93 1 0 1 | 8 0 5 .9 6 5 . 5 5 0 0 | Fa x 8 0 5 .9 6 5 . 5 3 0 0 | r a d i u s gr o u p.Co m

for sale � 5-unit apartment building1 5 3 0 bat h st. | sa n ta ba r ba r a , c a 93 1 0 1

Steve Golis805.879.9606sgolis@radiusgroup.comCA Lic. 00772218

Lori Zahn805.879.9624lzahn@radiusgroup.comCA Lic. 01914851

10.5.17

Arrella

ga St.

Michelt

orena S

t.

Sola St.

Victoria

St.

Anapam

u St.

Figueroa S

t.

Bath St.

Chapala St.

De La Vina St.

State St. Anacapa St.

1530 Bath St.

1 EF International Language Center

2 South Coast Deli

3 Southern California Institute of Law

4 CVS Pharmacy

5 The Arlington Theatre

6 Crushcakes Cafe

7 Public Transit Center

8 ELS Language Centers

9 Spencer Adams Park

10 Santa Barbara Public Market

11 Carlitos Café y Cantina

12 Corepower Yoga

13 Santa Barbara Museum of Art

14 Granada Theatre

15 The Upham B&B

16 Soho Restaurant & Music Club

17 Starbuck’s

18 Chase Bank

19 Ralph’s

20 Los Arroyos Mexican Restaurant

21 The Hungry Cat

22 Santa Barbara Public Library

23 Ensemble Theatre Company

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1516

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2217

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10

The information provided here has been obtained from the owner of the property or from other sources deemed reliable. We have no reason to doubt its accuracy, but we do not guarantee it.

2 0 5 E . C a r r i l lo st. s u i tE 1 0 0 | s a nta B a r B a r a C a 93 1 0 1 | 8 0 5 .9 6 5 . 5 5 0 0 | Fa x 8 0 5 .9 6 5 . 5 3 0 0 | r a d i u s gr o u p.Co m

for sale � 5-unit apartment building1 5 3 0 bat h st. | sa n ta ba r ba r a , c a 93 1 0 1

Steve Golis805.879.9606sgolis@radiusgroup.comCA Lic. 00772218

Lori Zahn805.879.9624lzahn@radiusgroup.comCA Lic. 01914851

10.5.17

property photos

The information provided here has been obtained from the owner of the property or from other sources deemed reliable. We have no reason to doubt its accuracy, but we do not guarantee it.

2 0 5 E . C a r r i l lo st. s u i tE 1 0 0 | s a nta B a r B a r a C a 93 1 0 1 | 8 0 5 .9 6 5 . 5 5 0 0 | Fa x 8 0 5 .9 6 5 . 5 3 0 0 | r a d i u s gr o u p.Co m

for sale � 5-unit apartment building1 5 3 0 bat h st. | sa n ta ba r ba r a , c a 93 1 0 1

Steve Golis805.879.9606sgolis@radiusgroup.comCA Lic. 00772218

Lori Zahn805.879.9624lzahn@radiusgroup.comCA Lic. 01914851

10.5.17

income analysis

CalculationsCurrent Level

EOI: $117,482 $125,832

Annual Exp.: $36,468 $36,896

NOI: $80,921 $88,936

GRM: 18.43 17.21

CAP Rate: 3.74% 4.11%

Annual ExpensesCurrent Current % GOI Market % GOI Market

Real Estate Taxes: 1.05% $22,733 19.7% 18.1% $22,733Advertising: Act. $100 0.1% 0.1% $100

Insurance: Act. $2,000 1.7% 1.6% $2,000Utilities: Act. $480 0.4% 0.4% $480

Electric $480 $480Water RUBS RUBSTrash RUBS RUBS

Gas Tenant TenantMaint/Repairs: Est. $500/Unit $2,500 2.2% 2.0% $2,500

Grounds: Act. $1,500 1.3% 1.2% $1,500Off-site Management: 4% $4,605 4.0% 4.0% $5,033On-site Management: Est. $0 0.0% 0.0% $0

Pest Control: Est. $300 0.3% 0.2% $300Legal & Accounting: Est. $1,000 0.9% 0.8% $1,000

Reserves: Est. $250/Unit $1,250 1.1% 1.0% $1,250Annual Expenses Per Unit $7,294 $7,379

Annual Expenses $36,468 31.7% 29.3% $36,896

Unit Mix & Rent SchedulesCurrent Rent Level Rent

# Units Mix Est. SF Rent/Unit Monthly Income Rent/Unit Monthly Income1 2/2 932 $2,195 $2,195 $2,450 $2,4502 2/2 932 $2,400 $2,400 $2,600 $2,6003 1/1 552 $1,695 $1,695 $1,800 $1,8004 1/1 552 $1,700 $1,700 $1,800 $1,8005 1/1 552 $1,700 $1,700 $1,800 $1,800

Parking Rent $50 Potential Parking Rent $150

Monthly Rental Income + RUBS: $9,740 $10,450Month Laundry Income: $250 $250

Potential Gross Monthly Income: $9,990 $10,700Potential Gross Annual Income: $119,880 $128,400

Less: Vacancy & Collection Loss: 2% $2,398 % Rent Upside $2,568Effective Gross Economic Income: $117,482 9.3% $125,832

Executive Summary# Units: 5

Price: $2,165,000

Price/Unit: $433,000

NOI: $80,921

GRM: 18.84

CAP Rate: 3.74%

Lot Size: 6,534 SF

Price/Lot SF: $331/SF

Building Size: 4,984 SF

Zoning: R-4

APN: 027-221-023

Est. Year Built: 1960

The information provided here has been obtained from the owner of the property or from other sources deemed reliable. We have no reason to doubt its accuracy, but we do not guarantee it.

2 0 5 E . C a r r i l lo st. s u i tE 1 0 0 | s a nta B a r B a r a C a 93 1 0 1 | 8 0 5 .9 6 5 . 5 5 0 0 | Fa x 8 0 5 .9 6 5 . 5 3 0 0 | r a d i u s gr o u p.Co m

for sale � 5-unit apartment building1 5 3 0 bat h st. | sa n ta ba r ba r a , c a 93 1 0 1

Steve Golis805.879.9606sgolis@radiusgroup.comCA Lic. 00772218

Lori Zahn805.879.9624lzahn@radiusgroup.comCA Lic. 01914851

10.5.17

comparable properties sold

Property Address Date of Sale Sale Price No. of Units Unit Mix $ Per Unit Acutal CAP Rate

1530 Bath St., Santa Barbara Subject Property $2,165,000 5 (3) 1BD/1BA; (2) 2BR/2BA $433,000 3.74

229 W. Quinto St., Santa Barbara 9/21/16 $1,985,000 5 (3) 1BD/1BA; (1) 1BD/1.5BA; (1) 2BD/1BA $397,000 1.97

1620 Garden St., Santa Barbara 8/29/17 $1,800,000 5 (2) Studios; (3) 1BD/1BA $360,000 3.78

411 E. Micheltorena St., Santa Barbara 10/25/16 $2,295,000 6 (4) 1BD/1BA; (2) 2BD/1BA $382,500 3.72

1501 Santa Barbara St., Santa Barbara 5/20/2016 $3,700,000 8 (8) 2BD/2BA $462,500 2.96

3339 Richland Dr., Santa Barbara 9/29/17 $1,920,000 6 (6) 1BD/1BA $320,000 4.59

2528 De La Vina St., Santa Barbara Active $1,950,000 6 (5) 1BD/1BA; (1) 2BD/1BA $325,000 5.08

1407 Bath St., Santa Barbara Active $1,995,000 6 (3) Studios; (3) 1BD/1BA $332,500 4.15

823 E. De La Guerra St., Santa Barbara Active $2,150,000 6 (4) 1BD/1BA; (2) 2BD/1BA $358,333 3.93

817 De La Vina St., Santa Barbara Active $2,895,000 7(1) 1BD/1BA; (1) 1BD/1BA + Sunroom; (2) 1BD/1BA Cottages; (1) 1BD/1BA + Loft; (1)

2BD/1BA Cottage; (1) 3BD/2BA$413,571 3.95

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2 3

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1

1530 bath st.

The information provided here has been obtained from the owner of the property or from other sources deemed reliable. We have no reason to doubt its accuracy, but we do not guarantee it.

2 0 5 E . C a r r i l lo st. s u i tE 1 0 0 | s a nta B a r B a r a C a 93 1 0 1 | 8 0 5 .9 6 5 . 5 5 0 0 | Fa x 8 0 5 .9 6 5 . 5 3 0 0 | r a d i u s gr o u p.Co m

for sale � 5-unit apartment building1 5 3 0 bat h st. | sa n ta ba r ba r a , c a 93 1 0 1

Steve Golis805.879.9606sgolis@radiusgroup.comCA Lic. 00772218

Lori Zahn805.879.9624lzahn@radiusgroup.comCA Lic. 01914851

10.5.17

comparable propertiesProperty APN Year Built #Units Lot Size Bldg Size

1530 Bath St. 027-221-023 1960 5 6,534 SF 4,984 SF

Santa Barbara, CA 93101

Sale Price Cap Rate PPU Price Per Bed Zoning$2,165,000 3.74% $433,000 $309,286 R-4

Unit Type #Units1 Bedroom, 1 Bathroom 3

2 Bedroom, 2 Bathroom 2

Building Amenities: Property has an on-site shared laundry facility and six carport parking spaces. Unit #2, a two-bedroom unit features major upgrades with new appliances, baseboards, doors, paint and modern fixtures.

Property APN Year Built No. of Units Lot Size Bldg Size Proximity to Subject Property Sold

229 W. Quinto St. 025-061-04 1956 5 8,712 SF 3,458 SF 2.8 Miles 9/21/2016

Santa Barbara, CA 93105

Sale Price Cap Rate PPU Price Per Bed Zoning$1,985,000 1.97% $397,000 $330,833 R-3

Unit Type No. of Units 1 Bedroom, 1 Bathroom 4

2 Bedroom, 1 Bathroom 1

Building Amenities: Property has 6 single car parking garages spaces and a large shared laundry room. Located just 4 blocks from State Street and right next to Santa Barbara Cottage Hospital.

Property APN Year Built No. of Units Lot Size Bldg Size Proximity to Subject Property Sold

1620 Garden St. 027-201-014 1895 5 9,380 SF 3,214 SF 1.4 Miles 8/29/2017

Santa Barbara, CA 93101

Sale Price Cap Rate PPU Price Per Bed Zoning$1,800,000 3.78% $360,000 $360,000 R-3

Unit Type No. of Units Studios 2

1 Bedroom, 1 Bathroom 3

Building Amenities: Units feature a mix of high ceilings, wood floors, a 2nd story balcony, credit card operated shared laundry and (5) one-car garages. Three of the five units have been extensively remodeled. Located in the Upper East neighborhood next to Alice Keck and Alameda parks.

1

1

Subject Property

2

The information provided here has been obtained from the owner of the property or from other sources deemed reliable. We have no reason to doubt its accuracy, but we do not guarantee it.

2 0 5 E . C a r r i l lo st. s u i tE 1 0 0 | s a nta B a r B a r a C a 93 1 0 1 | 8 0 5 .9 6 5 . 5 5 0 0 | Fa x 8 0 5 .9 6 5 . 5 3 0 0 | r a d i u s gr o u p.Co m

for sale � 5-unit apartment building1 5 3 0 bat h st. | sa n ta ba r ba r a , c a 93 1 0 1

Steve Golis805.879.9606sgolis@radiusgroup.comCA Lic. 00772218

Lori Zahn805.879.9624lzahn@radiusgroup.comCA Lic. 01914851

10.5.17

Property APN Year Built No. of Units Lot Size Bldg Size Proximity to Subject Property Sold

411 E. Micheltorena St. 027-252-034 6 6,534 SF 3,900 SF 1.4 Miles 10/25/2016

Santa Barbara, CA 93101

Sale Price Cap Rate PPU Price Per Bed Zoning$2,295,000 3.72% $382,500 $286,875 R-3

Unit Type #Units1 Bedroom, 1 Bathroom 4

2 Bedroom, 1 Bathroom 2

Building Amenities: Units feature hardwood flooring and in-unit laundry. Property has 6 off-street parking spaces, one per unit. Located only a few blocks from Santa Barbara High School and the Santa Barbara Bowl.

Property APN Year Built No. of Units Lot Size Bldg Size Proximity to Subject Property Sold

1501 Santa Barabara St. 027-241-009 8 9,902 SF 1.4 Miles 5/20/2016

Santa Barbara, CA 93101

Sale Price Cap Rate PPU Price Per Bed Zoning$3,700,000 2.96% $462,500 $231,250 R-3

Unit Type No. of Units 2 Bedroom, 2 Bathroom 8

Building Amenities: Units have been completely remodeled with new bathrooms and kitchens. Dining and living rooms with crown molding. Kitchens have new stainless steel stoves and refrigerators. Property has on-site laundry and carport parking. Building has direct views of Alameda Park and Alice Keck Park.

Property APN Year Built No. of Units Lot Size Bldg Size Proximity to Subject Property Pending

3339 Richland Dr. #6 051-080-018 1960 6 7,405 SF 3.7 Miles

Santa Barbara, CA 93105

Sale Price Cap Rate PPU Price Per Bed Zoning$1,920,000 4.59% $320,000 $320,000 R-3

Unit Type No. of Units 1 Bedroom, 1 Bathroom 6

Building Amenities: The property offers 6 carports with storage, a common laundry room and large outside patio. Located in close proximity to the Santa Barbara Municipal Golf Club, State Street and the Five Points shopping Center.

4

3

15

comparable properties, cont.

The information provided here has been obtained from the owner of the property or from other sources deemed reliable. We have no reason to doubt its accuracy, but we do not guarantee it.

2 0 5 E . C a r r i l lo st. s u i tE 1 0 0 | s a nta B a r B a r a C a 93 1 0 1 | 8 0 5 .9 6 5 . 5 5 0 0 | Fa x 8 0 5 .9 6 5 . 5 3 0 0 | r a d i u s gr o u p.Co m

for sale � 5-unit apartment building1 5 3 0 bat h st. | sa n ta ba r ba r a , c a 93 1 0 1

Steve Golis805.879.9606sgolis@radiusgroup.comCA Lic. 00772218

Lori Zahn805.879.9624lzahn@radiusgroup.comCA Lic. 01914851

10.5.17

comparable properties, cont.

Property APN Year Built No. of Units Lot Size Bldg Size Proximity to Subject Property Active

2528 De La Vina St. 025-023-015 1957 6 6,903 SF 2.8 Miles

Santa Barbara, CA 93105

Sale Price Cap Rate PPU Price Per Bed Zoning$2,050,000 4.80% $341,667 $292,857 R-4

Unit Type No. of Units 1 Bedroom, 1 Bathroom 5

2 Bedroom, 1 Bathroom 1

Building Amenities: Located blocks away from Santa Barbara Cottage Hospital.

Property APN Year Built #Units Lot Size Bldg Size Proximity to Subject Property Active

1407 Bath St. 039-052-016 1923 6 7,296 SF 2,529 SF

Santa Barbara, CA 93101

Sale Price Cap Rate PPU Price Per Bed Zoning$1,950,000 4.00% $325,000 $325,000 R-4

Unit Type #UnitsStudios 3

1 Bedroom, 1 Bathroom 3

Building Amenities: Property has 6 single car parking garage spaces and a large shared laundry room. Located just 4 blocks from State Street and right next to Santa Barbara Cottage Hospital.

Property APN Year Built #Units Lot Size Bldg Size Proximity to Subject Property Active

823 E. De La Guerra St. 031-042-013 1966 6 7,405 SF 3,900 SF 2.3 Miles

Santa Barbara, CA 93103

Sale Price Cap Rate PPU Price Per Bed Zoning$2,150,000 3.86% $358,333 $268,750 C-2

Unit Type #Units1 Bedroom, 1 Bathroom 4

2 Bedroom, 1 Bathroom 2

Building Amenities: Property has on-site laundry, carports, recently updated with a new carport roof. Located a block from Milpas Street and 6 blocks from State Street.

6

7

8

The information provided here has been obtained from the owner of the property or from other sources deemed reliable. We have no reason to doubt its accuracy, but we do not guarantee it.

2 0 5 E . C a r r i l lo st. s u i tE 1 0 0 | s a nta B a r B a r a C a 93 1 0 1 | 8 0 5 .9 6 5 . 5 5 0 0 | Fa x 8 0 5 .9 6 5 . 5 3 0 0 | r a d i u s gr o u p.Co m

for sale � 5-unit apartment building1 5 3 0 bat h st. | sa n ta ba r ba r a , c a 93 1 0 1

Steve Golis805.879.9606sgolis@radiusgroup.comCA Lic. 00772218

Lori Zahn805.879.9624lzahn@radiusgroup.comCA Lic. 01914851

10.5.17

Property APN Year Built No. of Units Lot Size Bldg Size Proximity to Subject Property Active

817 De La Vina St. 037-041-007 1926 7 14,810 SF 4,372 SF 1.2 Miles

Santa Barbara, CA 93101

Sale Price Cap Rate PPU Price Per Bed Zoning$2,895,000 3.95% $413,571 $263,182 C-2

Unit Type No. of Units 1 Bedroom, 1 Bathroom 1 1 Bedroom, 1 Bathroom Cottages 2 2 Bedroom, 1 Bathroom Cottage 1

1 Bedroom, 1 Bathroom + Sunroom 1 1 Bedroom, 1 Bathroom + Loft 1 3 Bedroom, 2 Bathroom 1

Building Amenities: Each unit offers tongue and groove ceilings, hardwood floors, updated kitchens, tiled bathrooms, and lofts.

9

comparable properties, cont.

2 0 5 E . C a r r i l lo st. s u i tE 1 0 0 | s a nta B a r B a r a C a 93 1 0 1 | 8 0 5 .9 6 5 . 5 5 0 0 | Fa x 8 0 5 .9 6 5 . 5 3 0 0 | r a d i u s gr o u p.Co m

for sale � 5-unit apartment building1 5 3 0 bat h st. | sa n ta ba r ba r a , c a 93 1 0 1

Steve Golis805.879.9606sgolis@radiusgroup.comCA Lic. 00772218

Lori Zahn805.879.9624lzahn@radiusgroup.comCA Lic. 01914851

9.27.17

Address Date of Listing Unit Mix Asking Rent / Mo.

1 1530 Bath St Subject (3) 1bd/1ba; (2) 2bd/1ba $1,700; $2,290–$2,600

2 411 E.. Micheltorena 8/24/2017 1bd/1ba $1,950

3 813 E. Anapamu St., #1D 9/1/2017 1bd/1ba $1,995

4 215 W. Arrellaga St. 6/13/2017 1bd/1ba $1,800

5 906 Bath St. 7/25/2017 1bd/1ba $1,900

6 1120 Laguna St., Apt. 4 6/12/2017 1bd/1ba $1,850

7 Hope Ranch Collection | 3999 Via Lucero 6/20/2017 1bd/1ba $1,817

8 601 E. Anapamu St. 6/20/2017 1bd/1ba $1,895

9 1313 Olive St., #1 6/22/2017 1bd/1ba $1,995

10 1701 Anacapa St. 6/1/2017 2bd/2ba $2,700

11 317 W. Canon Perdido St., #4 6/15/2017 2bd/2ba $3,395

12 Messina Luxury Apartments | 2541 Modoc Rd. 6/20/2017 2bd/2ba $2,400

13 Riviera Hills Apartments | 813 E. Anapamu St. 6/20/2017 2bd/2ba $2,695

14 The Marc | 3885 State St. 7/13/2017 2bd/2ba $3,400

15 25 W. Pedregosa St. 8/31/2017 2bd/2ba $2,400

16 515 E. Arrellaga St. 9/5/2017 2bd/2ba $3,000

rent compar ables

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