- New
- Open Sat, May 28th 12:30pm – 2:30pm
Courtesy of Omega Real Estate and Investments.
Property Description
Exceptional trophy investment of three newly remodeled cottages. Rarely do you find a turn-key investment with large upside potential, like this one. Perfect for owner/user or a 1031 buyer looking for an add value play. Big upside being the plans pending to build an additional 2 cottages(ADU’s) which would easily increase the monthly income $8,000 per month. Renderings available upon request. All three cottages have been remodeled extensively with current rents grossing $10,000 per month. The front cottage(907 SF) has 2 bedrooms, 2 bathrooms with a fenced in front yard at $3,250 per month(market rent $4,000). The tastefully updated back two cottages(941 SF each) have mirrored floor plans with 2 bedrooms and 1 bathroom. They are both leased for $3,400(market rent $3,900) with their own single car garage, no shared walls and both have large private back yards. This unique investment boasts a tranquil setting along Sycamore Creek and a community garden in the rear. Surely not one to be missed with close access to the 101 freeway and East Beach.
Open House
- Saturday, May 28, 2022 12:30pm – 2:30pm
Property Details & Features
Property Type
- Home/estate
Year Built
- 1925
Bathrooms
- 4 bathrooms
- 4 full bathrooms
Bedrooms
- 6 bedrooms
House
- Built in 1925
- 3 total units
- Excellent
- Single Story
Foundation
- Raised
Water
- S.B. Wtr
Heating & Cooling
- Ceiling Fan(s)
- Elec
- Wall
Listing
- Status: Active
- Deposit: $3
- Price: $2,929,000
- 37 days on market
Location
- County: Santa Barbara
- Cross street: Salinas
- District: 15 – SB/EAST OF STATE
- Neighborhood: 15 – Lower Eastside
- Level
Lot
- 18,730 lot square feet (approximate)
- Approximately 0.43 acres
Miscellaneous
- Yes
Parking
- Boat
- Cpt #1
- Gar #2
- RV
Property
- Property type: A
- Fenced: ALL
- Yard Irrigation PRT
- Mountain
- Setting
- R-2
Roof
- Composition
Schools
- Elementary school: Franklin
- High school: S.B. Sr.
- Junior high school: S.B. Jr.