3830 Crescent Dr Santa Barbara, CA 93110

Exceptional investment opportunity awaits with this two-unit multifamily property located in the highly desirable Santa Barbara, CA, 93110 area. This value-add property, situated on a 6,969 sq ft lot at 3830 Crescent Dr, consists of two charming houses. The front house, a single-story dwelling, features two bedrooms, one bathroom, and two parking spaces. The back house, a two-story unit, offers one bedroom, one bathroom, a living room, a bonus room, and three parking spaces. Both units boast their own laundry areas. Built between 1920 and 1950, the back unit underwent renovations in 2020. The property totals 1,378 square feet and is currently vacant, presenting a unique opportunity for immediate income generation. The property is zoned R1 Single Family with an allowance for an Accessory Dwelling Unit (ADU). The asking price is $1,395,000, representing a price per unit of $697,500 and a price per square foot of $1,012.34. Projected "as is" rents are $4,500 for the front house and $3,000 for the back house, yielding a pro-forma NOI of $65,755 and a pro-forma cap rate of 4.71%. The property offers five total parking spaces and is served by single meters for electricity, gas, and water. Its convenient location provides quick access to Upper State Street, Highway 101, Highway 154, trails, beaches, and downtown Santa Barbara. This property presents a compelling investment opportunity with significant upside potential.