1317 Punta Gorda St. Entitled 14-Unit Multifamily Development | Santa Barbara, CA 93103

1317 Punta Gorda St.
Santa Barbara, CA 93103
Entitled 14-Unit Multifamily Development

Property Type
Land
Multi-Family
Price
$6,995,000
Land Size
0.55 Acres
County
Santa Barbara

Incredible opportunity to purchase one of the only new-construction, turn-key assets that will be available in the city of Santa Barbara. The offering consists of approx .55-acre lot with entitlements to build 14 units with seven (7) two-story duplexes on one lot. All units consist of 2 bedrooms and 2.5 baths. The property is currently at the end of plan check with permits expected to be ready to pull in less than two months and a grading permit accessible in approximately one month. The owner is willing to develop the property and deliver the land and fully constructed approx. 12,908 SF, 14-unit building for a price of $6,995,000, to close upon issuance of the certificate of occupancy. At a projected rent of $3,000 for each newly constructed two-story townhouse unit, the capitalization rate on current income would be approximately 5.00% for a brand new asset. Furthermore, newly constructed buildings are not subject to AB1482 rent restrictions. Time to completion of project is expected to be 18 months from the current date. Pricing: $6,995,000 (Fully Constructed) | Pricing: $3,495,000 (Fully Entitled Land).

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