$6,500,000
SOLD APR 1, 2025

427 W Islay St Santa Barbara, CA 93101

Oak Park Neighborhood
-- Bed
22 Baths
7,088 Sq Ft
0.37 Acres

Recently Sold

$917 Per Sq Ft

12% Below List Price

42 Days on Market

Highlights

  • 0.37 Acre Lot
  • Shed
  • Laundry Facilities
  • Santa Barbara Senior High School Rated A-

About This Home

As of April 2025

22 Units in the Heart of Santa Barbara. This is an incredible investment opportunity, ideally situated to take advantage of the city's robust rental market. This property features a mix of 1-bedroom, 1-bathroom apartments and cozy studios. A convenient common laundry facility adds to the property's appeal for tenants. Recent upgrades too numerous to mention. Ample off-street parking. Priced to deliver a cap rate of over 5, this investment offers both strong cash flow and potential for long-term appreciation. With its prime location near Cottage Hospital and the entire medical district, residents will enjoy easy access to Santa Barbara's dining, shopping, and entertainment, making this property a standout addition to any investor's portfolio.

Last Agent to Sell the Property

Steve Epstein

Keller Williams Realty Santa Barbara License #00994429

Keller Williams Realty Santa Barbara

Last Buyer's Agent

Subscriber Non

Non-Participant Office License #13252

Property Details

Home Type

  • Multi-Family

Year Built

  • 1968

Home Design

Interior Spaces

  • 22 Bathrooms
  • 7,088 Sq Ft Home
  • 2-Story Property
  • Oven or Range

Parking

  • 22 Open Parking Spaces
  • 22 Parking Spaces

Additional Features

  • Shed
  • 0.37 Acre Lot
  • Heating System Mounted To A Wall or Window

Community Details

  • 22 Units
  • Laundry Facilities

Listing and Financial Details

  • Assessor Parcel Number 027-081-021

Property Details

Home Type

Multi-Family

Year Built

1968

Lot Details

0

Listing Details

  • Property Type: Residential Income
  • Levels: Two
  • Street Number Display: Yes
  • Living Area: 7088
  • Lot Acreage: 0.3700
  • Stories: 2
  • Number Of Photos: 25
  • State Abbrv: CA
  • Special Features: None
  • Property Sub Type: MultiFamily
  • Year Built: 1968

Interior Features

  • Laundry: Community
  • Total Bathrooms: 22.00
  • Equipment: Range/Oven, Refrigerator
  • Price Per S Q F T: 986.88

Exterior Features

  • Other Structures: Shed(s)

Garage/Parking

  • Other Spaces: 22
  • Parking Garage: Uncovered
  • Total Parking: 22

Utilities

  • Heating: Wall

Lot Info

  • Assessed Improvement Percent: 75.20
  • Assessed Improvement Value: 373259
  • Assessed Land Percent: 24.8
  • Assessed Land Value: 123106
  • Total Assessed Value: 496365
  • Assessor Parcel Number: 027-081-021
  • Lot Size Area: 16117

Multi Family

  • Unit Type: 2106, 2107
  • Gross Rent Multiplier: 13.92
  • Number Of Units: 22
  • Total Annual Expense: 127184
  • Type Of Units: Apartments
  • Vacancy Rate: 0

Map

Range of Values:

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Average Value
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List Price
Sold Price
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Home Values in the Area

Source: Public Records

Average Home Value in this Area

Source: Public Records

Property History

Date Event Price Change Sq Ft Price
04/01/2025 04/01/25 Sold $6,500,000 -7.1% $917 / Sq Ft
10/21/2024 10/21/24 Pending -- -- --
10/10/2024 10/10/24 Price Changed $6,995,000 -5.4% $987 / Sq Ft
09/09/2024 09/09/24 For Sale $7,395,000 +69.6% $1,043 / Sq Ft
12/15/2023 12/15/23 Sold $4,360,000 -35.4% $615 / Sq Ft
10/10/2023 10/10/23 Pending -- -- --
09/11/2023 09/11/23 For Sale $6,750,000 -- $952 / Sq Ft
Source: The MLS

Source: The MLS

MLS Number: 24-435575

The MLS

California Santa Barbara County Santa Barbara 93101 Oak Park

427 W Islay St, Santa Barbara, CA

Homes for Sale in Santa Barbara, CA

This home is located at 427 W Islay St, Santa Barbara, CA 93101 and is currently priced at $6,500,000, approximately $917 per square foot. This property was built in 1968. 427 W Islay St is a home located in Santa Barbara County with nearby schools including Santa Barbara Junior High School, Santa Barbara Senior High School, and Peabody Charter School.

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