We are pleased to present Sycamore Creek Apartments, an 18-unit multifamily investment opportunity in Santa Barbara, CA.Situated on a 29,185 SF lot (0.67 acres), the property consists of three buildings with 16 one-bedroom units (~550 SF each), a two-bedroom apartment (~950 SF), and a standalone two-bedroom house with a den (~1,100 SF).A highly attractive assumable Chase Bank loan is in place, featuring a 4.80% fixed interest rate through August 2027 and an outstanding balance of ~$4 million (~50% LTV). This provides investors with below-market financing in a high-interest rate environment.The property has undergone over $500,000 in capital improvements (2022-2025), including new roofs, a repaved parking lot, brand-new sewer laterals, exterior repainting, and SB 721-compliant balcony replacements. With minimal deferred maintenance, an investor can focus on maximizing rents and long-term appreciation.Sycamore Creek Apartments offers 10%+ rental upside with no local rent controlonly subject to California's AB 1482 (currently allowing ~8.5% annual rent increases). Additionally, the large lot provides the opportunity to develop two detached ADUs, further enhancing income potential.With strong rental upside, assumable financing, and a supply-constrained location, Sycamore Creek Apartments presents an ideal opportunity for investors seeking stable cash flow and long-term appreciation in Santa Barbara.
Property Type(s):
Residential Income
|
Last Updated
|
3/26/2025
|
Year Built
|
1989
|
|
Community
|
Santa Barbara
|
County
|
Santa Barbara
|
Price History
|
Prior to Mar 26, '25
|
$8,250,000 |
| Mar 26, '25 - Today |
$7,900,000 |
Additional Details
| AREA |
Santa Barbara |
| GARAGE |
Covered, Uncovered |
| LOT |
0.67 acre(s) |
| PARKING |
Covered,Uncovered |
| STORIES |
2 |
| ZONING |
R-3 |
Location
Listed with Marcus & Millichap
The information being provided by Conejo Simi Moorpark Association of REALTORS® (“CSMAR”) is for the visitor's personal, non-commercial use and may not be used for any purpose other than to identify prospective properties visitor may be interested in purchasing. Any information relating to a property referenced on this web site comes from the Internet Data Exchange (“IDX”) program of CSMAR. 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. Any information relating to a property, regardless of source, including but not limited to square footages and lot sizes, is deemed reliable but not guaranteed and should be personally verified through personal inspection by and/or with the appropriate professionals. The data contained herein is copyrighted by CSMAR and is protected by all applicable copyright laws. Any dissemination of this information is in violation of copyright laws and is strictly prohibited.
This IDX solution is (c) Diverse Solutions 2025.
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