618 Olive St Santa Barbara, CA 93101
Lower East NeighborhoodEstimated payment $23,046/month
About This Home
Located in the heart of downtown Santa Barbara, this multifamily investment property presents a rare opportunity, featuring a mix of newly constructed and renovated buildings. Three of the six units were built from the ground up between 2023 and 2024, while the remaining three have been extensively improved, all with market rents in place. Offered at a current 5.47% cap rate and a GRM of 12.71, the property is ideal for investors seeking a more passive investment. Tenants enjoy exceptional walkability, with a Walk Score of 94 and a Bike Score of 99, providing easy access to Santa Barbara's most exciting destinations including Arnoldi's, Santa Barbara's iconic Italian restaurant and the emerging Haley corridor. Total current monthly income is $25,650.
Property Details
Home Type
- Multi-Family
Est. Annual Taxes
- $22,856
Year Built
- Built in 2024
Schools
- Franklin Elementary School
- S.B. Jr. Middle School
- S.B. Sr. High School
Additional Features
- 2-Story Property
- 10,019 Sq Ft Lot
Community Details
- 6 Units
- 15 Or 20 Downtown Subdivision
Listing and Financial Details
- Assessor Parcel Number 031-171-009
- Seller Considering Concessions
Map
Home Values in the Area
Average Home Value in this Area
Tax History
| Year | Tax Paid | Tax Assessment Tax Assessment Total Assessment is a certain percentage of the fair market value that is determined by local assessors to be the total taxable value of land and additions on the property. | Land | Improvement |
|---|---|---|---|---|
| 2023 | $22,856 | $1,471,648 | $1,156,295 | $315,353 |
| 2022 | $15,355 | $1,442,793 | $1,133,623 | $309,170 |
| 2021 | $15,003 | $1,414,504 | $1,111,396 | $303,108 |
| 2020 | $14,848 | $1,400,000 | $1,100,000 | $300,000 |
| 2019 | $14,075 | $1,324,000 | $967,000 | $357,000 |
| 2018 | $13,876 | $1,298,000 | $948,000 | $350,000 |
| 2017 | $13,033 | $1,236,000 | $903,000 | $333,000 |
| 2016 | $12,382 | $1,177,000 | $860,000 | $317,000 |
| 2014 | $10,330 | $973,000 | $711,000 | $262,000 |
Property History
| Date | Event | Price | Change | Sq Ft Price |
|---|---|---|---|---|
| 01/02/2025 01/02/25 | For Sale | $3,795,000 | -- | -- |
Deed History
| Date | Type | Sale Price | Title Company |
|---|---|---|---|
| Interfamily Deed Transfer | -- | Fidelity National Title Co | |
| Grant Deed | $1,400,000 | Fidelity National Title Co | |
| Interfamily Deed Transfer | -- | Equity Title Company Santa B | |
| Grant Deed | -- | Equity Title Company Santa B | |
| Interfamily Deed Transfer | -- | Equity Title Company Santa B | |
| Interfamily Deed Transfer | -- | -- |
Mortgage History
| Date | Status | Loan Amount | Loan Type |
|---|---|---|---|
| Open | $980,000 | Second Mortgage Made To Cover Down Payment | |
| Previous Owner | $1,120,000 | Seller Take Back |
Source: Santa Barbara Multiple Listing Service
MLS Number: 24-3988
APN: 031-171-009
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