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Listed by Owen Schwaegerle • Owen Schwaegerle, Broker
$ 4,995,000
Est. payment | /mo
12,770 SqFt
$ 4,995,000
Est. payment | /mo
12,770 SqFt
Key Details
Property Type Commercial
Sub Type Other
Listing Status Active
Purchase Type For Sale
Square Footage 12,770 sqft
Price per Sqft $391
MLS Listing ID CRSC25262675
HOA Y/N No
Year Built 2025
Lot Size 0.415 Acres
Property Sub-Type Other
Source Datashare California Regional
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 dollars and annual gross income of $670,800 dollars, which supports a 9.7% percent cap rate at a purchase price of $4,995,000 dollars. 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 ju
Location
State CA
County Santa Barbara
Interior
Heating Solar, Other
Cooling Other
Flooring Vinyl
Fireplace No
Appliance ENERGY STAR Qualified Appliances
Laundry Other
Exterior
View City Lights, Other
Building
Lot Description Corner Lot, Other
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Vander Meulen Real Estate Group
Broker, REALTOR® | Lic# 00842213 | Lic# 02150745