328-330 Islay St Santa Barbara, CA 93101

This exceptional Santa Barbara investment opportunity presents a charming 4-unit multifamily property situated on a substantial 8,712 square foot lot. The property, zoned R-MH, boasts a strong rental history with all four units currently leased. The main house, a colonial-style building, is uniquely configured as two separate units: a 3-bedroom, 2.5-bathroom unit and a 1-bedroom, 1-bathroom unit, each featuring a fireplace. A separate duplex comprises two additional 1-bedroom, 1-bathroom units, also with fireplaces. Three of the four units include in-unit laundry facilities. Ample off-street parking is provided via garages and a shared driveway. The property offers a compelling 3.95% cap rate with a Net Operating Income (NOI) of $102,534 and an asking price of $2,595,000 ($648,750 per unit). The city recognizes three of the four units. The property's layout and zoning present a significant opportunity for a new owner to explore the development of additional dwelling units (ADUs) under current legislation, potentially maximizing rental income and property value. Master metered utilities simplify management. Located conveniently between downtown Santa Barbara and Cottage Hospital, this property offers a blend of classic charm and substantial investment potential. The property's APN is 027-012-019. Please do not disturb tenants.