Santa Barbara Multifamily Property Sells for $2.61 Million at $470 Per Square Foot
A Santa Barbara multifamily property with 8 units has been sold for $2.61 million, at a price per square foot of $470.
In a recent transaction, a multifamily property located at 318 S Voluntario St in Santa Barbara has been sold for 2.61 million. The property, consisting of 8 units, was sold on 04/16/2021. The sale price equates to a price per square foot of 470. The property was listed by Michael McNulty Jr., Filip Niculete, and Glen Scher from LaaaTeam - Marcus & Millichap, and Eadan Avgi from Keller Williams Beverly Hills represented the buyer.
The property, with a total of 5,500 square feet, offers an attractive investment opportunity in the Santa Barbara market. With a price per unit of $326,250, the property provides a solid return on investment. The capitalization rate for the property is 4.85%, indicating a favorable income potential for the buyer.
The gross rent multiplier (GRM) for the property is 13.53, which suggests a reasonable valuation in relation to the rental income generated. This metric is commonly used in the real estate industry to assess the value of income-producing properties.
Located in Santa Barbara, the property benefits from its desirable location in a popular market. Santa Barbara is known for its beautiful beaches, vibrant downtown area, and strong rental demand. The city attracts both tourists and residents, making it an appealing location for real estate investment.
The brokers involved in the deal, Michael McNulty Jr., Filip Niculete, and Glen Scher from LaaaTeam - Marcus & Millichap, and Eadan Avgi from Keller Williams Beverly Hills, played a crucial role in facilitating the transaction. Their expertise in the Santa Barbara market and their extensive network of buyers and sellers contributed to the successful sale of the property.
Overall, the sale of the Santa Barbara multifamily property at 318 S Voluntario St for $2.61 million represents a significant transaction in the local real estate market. The property’s attractive price per square foot, solid income potential, and desirable location make it an appealing investment opportunity for the buyer. With the assistance of the experienced brokers involved, the transaction was executed smoothly, demonstrating their expertise and knowledge of the Santa Barbara market.