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440 Por La Mar Dr
Santa Barbara, CA 93103

$7,400,000 USD

Apartments For Sale  •  8,340 SF

Property Details

  • Property Type Apartments
  • Total Building Size 7,006 SF
  • Lot Size 0.25 AC
  • Building Class C
  • Year Built 1957
  • Cap Rate 3.63 %
  • Zoning R4SD3
37 Transit Score
74 Walk Score

Highlights

A++ location by the beach and waterfront in the world-class coastal community of Santa Barbara, CA
One of a small handful of apartment buildings of this size which were ever built in Santa Barbara's waterfront areas, rarely come up for sale
Next AB 1482 bump projects to a 4.0% cap rate, well above-average for Santa Barbara waterfront areas
Pro-forma upside to 5%+ net cap rate with additional renovations
Many ways for even further upside - zoning may allow flexible uses including vacation rentals, hospitality partnership with nearby resorts, etc.
Potential to add 2 Accessory Dwelling Units (ADU's)

Property Flyers

Financial Summary (Actual)

Net Operating Income: $268,445 USD (2024)
Cap Rate: 3.63 %
Total Expenses: $132,535 USD

Amenities

  • Courtyard
  • Fenced Lot
  • Washer/Dryer
  • Gated
  • Tile Floors

Public Transportation

Commuter RailDriveWalkDistance
Santa Barbara (Coast Starlight - Amtrak, Pacific Surfliner - Amtrak) 4 min - 1.5 mi
Carpinteria Amtrak (Pacific Surfliner - Amtrak) 15 min - 9.9 mi
AirportDriveWalkDistance
Santa Barbara Municipal 30 min - 13.9 mi

Parking Details

Parking Available: Yes
Reserved: No
Spaces Provided: 8
Type: Surface
Included in Rent: Yes
Ken Switzer 805-680-4622 Berkshire Hathaway Commercial Division
Ken Switzer 805-680-4622 Berkshire Hathaway Commercial Division