Trophy asset in one of Santa Barbara’s finest locations featuring remodeled 1-bedroom 1-bath units.* *Seller is currently in the approval process for 2 additional ADUs.
Nestled in a garden setting with manicured landscaping, 28 W. Pedregosa St. is a well maintained property on a quiet street less than a block from downtown Santa Barbara’s main thoroughfare. Many of the units have been remodeled and feature modern upgrades. In addition, each of the units include carport parking and storage. Seller is currently in the approval process for additional 2 ADUs. This multifamily asset is in close proximity to area amenities with quick access to downtown, transportation, and the 101 Freeway. This is an prime opportunity for an investor seeking a turn-key property. In recent years, the rents in this area have increased, and several multifamily buildings have sold to investors catering to professionals willing to pay higher rents. Don’t miss this chance to acquire a 14-unit trophy asset in one of Santa Barbara’s finest locations.
· Current loan is assumable with 1% assumption fee.
· The loan is interest only until March 1, 2023. After that date, the loan will involve principal and interest.
· The outstanding principal is $3,430,000 and currently interest rate is 3.43%.
· The interest rate is fixed until March 1, 2026, then after that interest rate will adjust to 2.25% plus six month LIBOR.
· Umpqua Bank currently holds the loan and the amortization period is 30 years.