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1062 Coast Village Road for sale � prime location 14-unit apartment complex 1062 coast Village rd. | montecito, ca One of Montecito’s Few Residential Income Complexes Over 10 Units | Exceptional Development Potential Steve Brown Austin Herlihy Chris Parker 805.879.9607 805.879.9633 805.879.9642 [email protected] [email protected] [email protected] CA Lic. 00461986 CA Lic. 01518112 CA Lic. 01887788 205 E. Carrillo st. suitE 100 | santa BarBara Ca 93101 | 805.965.5500 | Fax 805.965.5300 | radiusgroup.Com for sale � Prime location 14-unit aPartment comPlex 1062 coast village rd. | montecito, ca executive summary & offering highlights One of only three apartment complexes over ten units in Montecito, this offering is a unique opportunity to acquire a rare and highly desired asset. The property’s prime location is within walking distance to fine shopping and restaurants along Coast Village Road. Sitting on over a half acre, the sprawling property features large private patios and a private forested courtyard. Several units have been renovated and the remaining units are in very good, original condition. The property generates over $385,000 in gross income plus upside in the rent should a new buyer renovate the remaining original units. PROPERTY SPECIFICS OFFERING HIGHLIGHTS � Price — $10,600,000 � Conveniently located in Central Montecito along Coast Village Road within walking � Building Size — Fourteen (14) distance to shopping and restaurants. apartments; ±11,466 SF � Over a half acre site with future � Units — (7) 2BR+1BA; (7) 1BR+1BA development potential. � Lot Size — Approx. 26,136 SF � Large open courtyard with mountain views. � Zoning — C-1/S-D-3 � Property generates cash flow � APN — 009-211-014 during entitlements. � Floors — Two stories � Valuable Coast Village Road frontage. � Year Built — 1959 with multiple units � Close Proximity to the ocean recently renovated and Butterfly Beach. � Potential upside in current rents. � Please do not disturb tenants. Contact Listing Agents to schedule a showing. The information provided here has been obtained from the owner of the property or from other sources deemed reliable. We have no reason to doubt its accuracy, but we do not guarantee it. 5.6.16 Steve Brown Austin Herlihy Chris Parker 805.879.9607 805.879.9633 805.879.9642 [email protected] [email protected] [email protected] CA Lic. 00461986 CA Lic. 01518112 CA Lic. 01887788 205 E. Carrillo st. suitE 100 | santa BarBara Ca 93101 | 805.965.5500 | Fax 805.965.5300 | radiusgroup.Com for sale � Prime location 14-unit aPartment comPlex 1062 coast village rd. | montecito, ca interior & exterior photos The information provided here has been obtained from the owner of the property or from other sources deemed reliable. We have no reason to doubt its accuracy, but we do not guarantee it. Steve Brown Austin Herlihy Chris Parker 805.879.9607 805.879.9633 805.879.9642 [email protected] [email protected] [email protected] CA Lic. 00461986 CA Lic. 01518112 CA Lic. 01887788 205 E. Carrillo st. suitE 100 | santa BarBara Ca 93101 | 805.965.5500 | Fax 805.965.5300 | radiusgroup.Com for sale � Prime location 14-unit aPartment comPlex 1062 coast village rd. | montecito, ca Hwy. 101 Coast Village Rd. Hermosillo Dr. The information provided here has been obtained from the owner of the property or from other sources deemed reliable. We have no reason to doubt its accuracy, but we do not guarantee it. Steve Brown Austin Herlihy Chris Parker 805.879.9607 805.879.9633 805.879.9642 [email protected] [email protected] [email protected] CA Lic. 00461986 CA Lic. 01518112 CA Lic. 01887788 205 E. Carrillo st. suitE 100 | santa BarBara Ca 93101 | 805.965.5500 | Fax 805.965.5300 | radiusgroup.Com for sale � Prime location 14-unit aPartment comPlex 1062 coast village rd. | montecito, ca 3 Hermosillo Dr. Hermosillo 4 5 1062 Coast Village Rd. 15 16 7 Coast Village Rd. 12 8 14 9 10 1 Starbucks 10 Honor Bar Hwy. 101 2 Von’s 11 Jeannine’s Bakery 3 Little Alex’s 12 Trattoria Mollie 4 U.S. Post Office 13 Montecito Inn 5 Sakana Sushi & Japanese 14 Lucky’s 6 Tre Lune 15 Los Arroyos Olive Mill Rd. 7 Coast Village Inn 16 CVS Pharmacy 8 Cava Restaurant 17 Coral Casino Beach & Cabana Club 9 The UPS Store 18 Four Seasons Biltmore Santa Barbara Butterfly Beach 17 The information provided here has been obtained from the owner of the property or from other sources deemed reliable. We have no reason to doubt its accuracy, but we do not guarantee it. Steve Brown Austin Herlihy Chris Parker 805.879.9607 805.879.9633 805.879.9642 [email protected] [email protected] [email protected] CA Lic. 00461986 CA Lic. 01518112 CA Lic. 01887788 205 E. Carrillo st. suitE 100 | santa BarBara Ca 93101 | 805.965.5500 | Fax 805.965.5300 | radiusgroup.Com for sale � Prime location 14-unit aPartment comPlex 1062 coast village rd. | montecito, ca current income analysis proforma/level rent income analysis Suite Apt. Size Mo. Rent/Unit Total Rent Suite Apt. Size Mo. Rent/Unit Total Rent A-1 2BD/1BA $2,200 $2,200 A-1 2BD/1BA $2,975 $2,975 A-2 2BD/1BA $2,300 $2,300 A-2 2BD/1BA $2,975 $2,975 B-1 1BD/1BA $1,950 $1,950 B-1 1BD/1BA $2,300 $2,300 B-2 1BD/1BA $1,995 $1,995 B-2 1BD/1BA $2,300 $2,300 C-1 1BD/1BA $2,100 $2,100 C-1 1BD/1BA $2,300 $2,300 C-2 1BD/1BA $1,950 $1,950 C-2 1BD/1BA $2,300 $2,300 D-1 1BD/1BA $2,300 $2,300 D-1 1BD/1BA $2,975 $2,975 D-2 1BD/1BA $2,100 $2,100 D-2 1BD/1BA $2,300 $2,300 E-1 2BD/1BA $2,975 $2,975 E-1 2BD/1BA $2,975 $2,975 E-2 2BD/1BA $2,900 $2,900 E-2 2BD/1BA $2,975 $2,975 F-1 2BD/1BA $2,800 $2,800 F-1 2BD/1BA $2,975 $2,975 F-2 2BD/1BA $2,500 $2,500 F-2 2BD/1BA $2,975 $2,975 G 1BD/1BA $1,800 $1,800 G 1BD/1BA $2,300 $2,300 H 2BD/1BA $2,300 $2,300 H 2BD/1BA $2,975 $2,975 Subtotal $32,170 Subtotal $37,600 Annual Scheduled Income: $386,040 Annual Scheduled Income: $451,200 Laundry: $1,619 Laundry Income: $1,619 Annual Gross Income: $387,659 Parking Income: $19,200 Annual Gross Income: $472,019 LESS EXPENSES LESS EXPENSES New Taxes 1.04% $10,600,000 $110,167 New Taxes 1.04% $10,600,000 $110,167 Insurance Estimated $4,646 Insurance Estimated $4,646 Equipment Rental Estimated $2,508 Equipment Rental Estimated $2,508 Utilities Estimated $16,272 Utilities Estimated $16,272 Landscaping Estimated $2,400 Landscaping Estimated $2,400 Repairs & Maintenance $ 250 $3,500 Repairs & Maintenance $ 250 $3,500 Reserves Per Unit $ 250 $3,500 Reserves Per Unit $ 250 $3,500 Management 3% $11,630 Management 3% $14,161 Annual Expenses (per unit) ($11,044) 40% ($154,623) Annual Expenses (per unit) ($11,225) 33% ($157,154) Net Operating Income: $233,036 Net Operating Income: $314,865 Purchase Price: $10,600,000 Purchase Price: $10,600,000 CAP Rate: 2.2% CAP Rate: 3.0% The information provided here has been obtained from the owner of the property or from other sources deemed reliable. We have no reason to doubt its accuracy, but we do not guarantee it. Steve Brown Austin Herlihy Chris Parker 805.879.9607 805.879.9633 805.879.9642 [email protected] [email protected] [email protected] CA Lic. 00461986 CA Lic. 01518112 CA Lic. 01887788 205 E. Carrillo st. suitE 100 | santa BarBara Ca 93101 | 805.965.5500 | Fax 805.965.5300 | radiusgroup.Com for sale � Prime location 14-unit aPartment comPlex 1062 coast village rd. | montecito, ca montecito, california Neighboring Santa Barbara and located just 90 miles north of Los Angeles is the small and exclusive community of Montecito. This beloved area offers incomparable scenery and a near perfect Mediterranean climate for its wealthy residents and guests who visit far and wide seeking a memorable getaway at a world renowned resort. The most vibrant part of this chic and elegant hamlet, is Coast Village Road, also known as Montecito’s Lower Village, offering boutique shopping, world-class dining, fine jewelry stores, historic hotels, and a thriving business environment. Only three blocks from the Four Season’s Biltmore and the famed Butterfly Beach, Coast Village Road stretches five blocks beginning with the Montecito Country Mart located on Hot Springs Road and ending with Charlie Chaplin’s historic Montecito Inn at Olive Mill Road. The information provided here has been obtained from the owner of the property or from other sources deemed reliable. We have no reason to doubt its accuracy, but we do not guarantee it. Steve Brown Austin Herlihy Chris Parker 805.879.9607 805.879.9633 805.879.9642 [email protected] [email protected] [email protected] CA Lic. 00461986 CA Lic. 01518112 CA Lic. 01887788 205 E. Carrillo st. suitE 100 | santa BarBara Ca 93101 | 805.965.5500 | Fax 805.965.5300 | radiusgroup.Com.
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