323 West Islay Street

Santa Barbara, CA 93101

$2,500,000
Price
7
Beds
6
Baths
3,360 Sq. Ft.
$744 / Sq. Ft.
3,360
Sq. Ft.
$744
per Sq. Ft.

Description

Introducing Casa Napoli, a meticulously cared for and recently updated 5-unit apartment building nestled in the vibrant heart of Downtown Santa Barbara. Owned by the same family for nearly 50 years, this property exudes pride of ownership. Offering a spacious 3-bedroom, 2-bathroom unit as well as four 1-bedroom, 1-bathroom units totaling 3,360sq.ft., Casa Napoli offers versatile living spaces to suit a variety of lifestyles. Tenant amenities include both covered and uncovered parking for residents,...Introducing Casa Napoli, a meticulously cared for and recently updated 5-unit apartment building nestled in the vibrant heart of Downtown Santa Barbara. Owned by the same family for nearly 50 years, this property exudes pride of ownership. Offering a spacious 3-bedroom, 2-bathroom unit as well as four 1-bedroom, 1-bathroom units totaling 3,360sq.ft., Casa Napoli offers versatile living spaces to suit a variety of lifestyles. Tenant amenities include both covered and uncovered parking for residents, as well as a convenient coin-operated community laundry room. A low maintenance asset with recent upgrades to the property including a brand-new roof over both the building and carport, ABS plastic sewer line, modernized plumbing and electrical systems, dual pane windows, and an extensive interior renovation throughout all units. A rare opportunity to own one of Santa Barbaras sought after apartment buildings! Current rents total $147,000 annually (4.22% cap). Total market rents are projected to be $190,800 annually (5.92% cap). Upon request, the offering memorandum, title report, natural hazards disclosure, reports/inspections and seller disclosures can be provided. Showings will be May 15th and 22nd by appointment only.
  1. Listed by Stephen Epstein • DRE #00994429 • Brokerage DRE #01277907 • Keller Williams Realty Santa Barbara

Property Details for 323 West Islay Street

Zoning
R-4
Parcel Number
027082027
Total Units
5.0
Living Area
3360
Source Living Area
Plans
Area
Santa Barbara (VC81)
Vacancy Rate
1
Lot Size Area
6534

Location

Listing Courtesy of Keller Williams Realty Santa Barbara, Stephen Epstein, DRE #00994429
Add your commute
LISTING UPDATED: 05/10/2024 11:38 AM

Property Details for 323 West Islay Street

StatusActive
MLS #24-383471
Days on Market19
Taxes-
HOA Fees-
Condo/Co-op Fees-
Compass TypeMulti Family
MLS TypeResidential Income
Year Built1962
Lot Size0.15 AC / 6,534 SF
CountySanta Barbara County

Location

Listing Courtesy of Keller Williams Realty Santa Barbara, Stephen Epstein, DRE #00994429
Add your commute

Virtual Tour

Building Information for 323 West Islay Street

Stories2Residences-Year Built1962Building Size-Lot Size0.15 AC / 6,534 SF

Payment Calculator

$13,954 per month

30 year fixed, 7.25% Interest

Principal and Interest

$13,644

Property Taxes

$310

HOA Dues

$0

The Payment Calculator is for illustrative purposes only.

Property Information for 323 West Islay Street

Community / Development
Community / Development
  • Number Of Units: 5
  • Amenities: Cable TV, Deck, Dryer, Elec Stove, Fireplace, Fncd All, Gas Stove, Insul T/O, Microwave, Ovens/Bltin, Refrigerator, Washer
  • Senior Community: No
Structure Info
Structure Info
  • Year Built Source: Other
  • Number Of Stories: 2
  • Number Of Buildings: 1
  • Type Of Units: Residential
Contract Info
Contract Info
  • Disclosures: None
  • Listing Type: Exclusive Right To Sell
  • Service Level: Full Service
Income & Expenses Information
Income & Expenses Information
  • Scheduled Actual: Actual
  • Gross Operating Income: $148,200
  • Net Operating Income: $106,341.00
  • Gross Income: $148,200
  • Gross Rent Multiplier: $19.53
  • Total Annual Expense: 41589
Land / Lot Info
Land / Lot Info
  • Lot Acreage: 0.15
  • Lot Size Square Feet: 6534
  • Lot Location: Near Bus, Near Hospital, Near Ocean, Near Park(s), Near Shopping
Parking Details
Parking Details
  • Parking Garage: Covered Parking, Uncovered
  • Total Parking: 6
  • Covered Parking: 4
  • Open Other Spaces Total: 2
  • Parking Features: Covered, Uncovered
Interior Features
Interior Features
  • Levels: Two
  • Cooling Type: Other
  • Heating: Forced Air, Wall Furnace
  • Heating Type: Forced Air, Wall
  • Flooring: Wood Laminate, Carpet, Tile
  • Equipment: Dryer, Washer, Refrigerator, Microwave, Range/Oven, Other
  • Cooking Appliances: Gas/Electric Range, Microwave
  • Laundry: Community
Exterior Features
Exterior Features
  • New Construction: No
  • Other Structures: None
Lease Terms
Lease Terms
  • Entry Date: 04-29-2024
Unit Details
Unit 1 Information
  • Unit Beds: 3
  • Unit Baths: 2
  • Unit Furnished: No
  • Unit Rent: $3,250.00
  • Unit Actual Rent: $3,250.00
  • Unit Projected Rent: $4,500.00
  • Like Units: 1
Unit 2 Information
  • Unit Beds: 1
  • Unit Baths: 1
  • Unit Furnished: No
  • Unit Rent: $2,245.00
  • Unit Actual Rent: $8,975.00
  • Unit Projected Rent: $10,750.00
  • Like Units: 4
Unit Details
  • Unit Type Type: 2106, 2107
Tax and Assessed Info
Tax and Assessed Info
  • Assessed Improvement Value: $215,163.00
  • Assessed Improvement Percent: 62.23
  • Assessed Land Value: $130,600.00
  • Assessed Land Percent: 37.77
  • Assessed Total Value: $345,763.00

Property History for 323 West Islay Street

DateEvent & SourcePriceAppreciation
DateEvent & SourcePrice

For completeness, Compass often displays two records for one sale: the MLS record and the public record.

Public Records for 323 West Islay Street

Taxable ValueLand$130,600Additions$215,163Total$345,763
Tax Record2023$3,725 ($310 / month)
Home Facts
Lot Size6,534 SqFtStyleMulti-Family Res (5+ Units)CountySANTA BARBARAAPN027-082-027

Schools near 323 West Islay Street

This home is within Santa Barbara Unified School District.
Rating
School
Type
Grades
Distance
Public - K to 6
Public - 7 to 8
Public - 9 to 12
Public - 9 to 12
Rating
School
Distance
Santa Barbara Community Academy
PublicK to 6

Santa Barbara Junior High School
Public7 to 8

Santa Barbara Senior High School
Public9 to 12

La Cuesta Continuation High School
Public9 to 12

School ratings and boundaries are provided by GreatSchools.org and Pitney Bowes. This information should only be used as a reference. Proximity or boundaries shown here are not a guarantee of enrollment. Please reach out to schools directly to verify all information and enrollment eligibility.

Similar Homes

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323 West Islay Street is a multi-family home for sale in Santa Barbara, CA 93101. This property was listed for sale on April 29, 2024 by Keller Williams Realty Santa Barbara, it's currently listed at $2,500,000. This listing's school district is Santa Barbara Unified School District. Nearby schools include Santa Barbara Community Academy, Santa Barbara Junior High School and Santa Barbara Senior High School. 323 West Islay Street is a 7-bed, 6-bath, 3,360 sqft multi-family home built in 1962.

No guarantee, warranty or representation of any kind is made regarding the completeness or accuracy of descriptions or measurements (including square footage measurements and property condition), such should be independently verified, and Compass expressly disclaims any liability in connection therewith. Photos may be virtually staged or digitally enhanced and may not reflect actual property conditions. No financial or legal advice provided. Equal Housing Opportunity.

Listing Courtesy of Keller Williams Realty Santa Barbara, Stephen Epstein, DRE #00994429

Based on information from one of the following Multiple Listing Services: Santa Barbara MLS. Information being provided is for the visitor’s personal, noncommercial use and may not be used for any purpose other than to identify prospective properties visitor may be interested in purchasing. The data contained herein is copyrighted by Santa Barbara MLS is protected by all applicable copyright laws. Any dissemination of this information is in violation of copyright laws and is strictly prohibited. Property information referenced on this web site comes from the Internet Data Exchange (IDX) program of the MLS. This web site may reference real estate listing(s) held by a brokerage firm other than the broker and/or agent who owns this web site. For the avoidance of doubt, the accuracy of all information, regardless of source, is deemed reliable but not guaranteed and should be personally verified through personal inspection by and/or with the appropriate professionals.