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$ 4,995,000
Est. payment | /mo
42 Beds
12,770 SqFt
$ 4,995,000
Est. payment | /mo
42 Beds
12,770 SqFt
Key Details
Property Type Multi-Family
Sub Type Multi Family
Listing Status Active
Purchase Type For Sale
Square Footage 12,770 sqft
Price per Sqft $391
MLS Listing ID 25002355
Bedrooms 42
Year Built 2025
Lot Size 0.415 Acres
Property Sub-Type Multi Family
Property Description
Are you the kind of investor who is looking for the next high-income producing opportunity? Are you excited by a multi-family building designed for student housing or communal living? If so, this deal is for you. This newly built co-living property has been years in the making, with extensive planning, approvals, and construction now nearing completion. The property was designed specifically for student and communal living. It offers 42 total bedrooms across six 5-bedroom units and two 6-bedroom units. Each bedroom has its own smart lock, and the shared kitchens and bathrooms create a practical setup for communal, dorm-style living that helps maintain high occupancy and steady income. The projected numbers are strong. The developer anticipates monthly income of $55,900 and annual gross income of $670,800, which supports a 9.7% cap rate at a purchase price of $4,995,000. The property is also located in an Opportunity Zone, providing valuable tax advantages that can enhance long-term returns. If you want an investment that rewards effort, demands smart management, and delivers the kind of cash flow most properties can't touch, this one deserves your attention. The location offers the kind of built-in demand investors look for. With Hancock College just minutes away and the consistent need for farm labor, the property benefits from a steady flow of students and seasonal workers seeking flexible housing.
Location
State CA
County Santa Barbara
Area 15 - Sm Southwest
Zoning Res Multi-Family
Interior
Heating Solar
Cooling Other
Laundry Common, Electric Dryer Hookup, Washer Hookup
Exterior
Parking Features Garage, Street, Covered
Roof Type Shingle
Building
Foundation Slab
Sewer Public Sewer
Water Public
Others
Acceptable Financing New Loan, Exchange, Cash
Listing Terms New Loan, Exchange, Cash
Listed by Owen Schwaegerle • OC Enterprises
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