610-618 CASTILLO STREET - PRESENTED BY BEACHSIDE PARTNERS
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610-618
CASTILLO STREET
M E M O R A N D U M
O F F E R I N G
P RESEN TE D B Y B E A C H S I DE PA RT N ERS
PRESENTED BY
JON STANDRING LORI ZAHN
Cell 805.626.0112 Cell 805.451.2712
Office 805.453.5097 Office 805.453.5097
Jon@BeachsidePartners.com Lori@BeachsidePartners.com
DRE 01893163 DRE 01914851
PROVEN LEADERS IN REAL ESTATE INVESTMENTS
WWW.BEACHSIDEPARTNERS.COM
3
610 - 618 CASTILLO STREET
Beachside Partners is proud to present this once in a lifetime opportunity to purchase an asset of this caliber, size and completely turn key!
This complex consists of two APN’s and a total of 8 units. The first APN consists of the original Queen Ann home that has been exquisitely
rebuilt to the absolute highest of standards possible from her foundation to the roof. Not only has her floor plan been reconfigured but
tasteful additions that have been added would have even the most discerning architect admiring her beauty. This two-story 3 bedroom
rather/3 bath home boasts new wood sash double hung windows, restored stain glass windows, gourmet kitchen, gorgeous hardwood
flooring and inlays, clear heart redwood siding, 50 year fire resistant shingled roofs, hand cut roof eves, high end plumbing and kitchen
fixtures and the list continues on! We encourage you to take your time and carefully look at the photographs of her amazing details.
On the first APN are new (2 townhome style) – 2 bedroom/2 bath units with attention to every detail applied with gourmet kitchens,
gorgeous flooring along with full size laundry in each unit.
The second APN consists of (2) 2 bedroom/2 bath townhomes, (2) 2 bedroom/ 2.5 bathroom townhomes and (1) freestanding 1 bedroom/1
bath bungalow unit.
This property is perfect for an owner-user, student housing or rental bungalows. All units have tons of storage, mature landscaping, water
features and garages. Highly desirable location for tenants who are mere blocks away from State Street Promenade, West Beach and the
Harbor plus easy freeway access make this a very desirable location for potential tenants.
P R O P E R T Y FA C T S
Address: 610-618 Castillo St, Santa Barbara, CA 93101
Price:
Units:
$6,950,000
7 + House
$6,950,000
List Price
Unit Mix: 4 (2BD/2BA) 2 (2BD/2.5BA) 1 (Cottage) 1 (House)
APN: 037113032 & 037113028
Building Area: 10,495 SF Gross
Site Area: 11,326 SF + 7,405 SF
Off Street Parking + Garage Spaces: 6 garage spaces + 4 surface spaces
Market Cap Rates 4.% (1 Year Leases) 5.15% (Student Housing)
Market GRM’s 15.1 (1 Year Leases) 13.4 (Student Housing)
EXECUTIVE SUMMARY
Property Highlights
-New Construction (6-units) and Full
Renovation on house and cottage
-Turn-Key Santa Barbara Asset
-Gorgeous Design
-Garages with Custom doors and Automatic
Openers
-Custom Fabricated Redwood Siding
-Restored Original Stain Glass Windows along
with new Dual Pane Windows
-Picture railing in the Main house
-Beautiful Hardwood Floors in Main House
-Fire Alarm System
-Full Size Washer/Dryer Hook Ups
201 5
BATH STREET
Investment Highlights Ideal Unit Mix/Layouts Main House can be turned back into a Duplex adding additional income. One of a kind unit mix – units are designed to feel like a private home. Owner/User capability – Owner can select a unit to live in and lease out the rest. Brand New Construction Rare Opportunity to acquire brand new construction. Personally designed and built by the owner who is has built many properties in the area. Gorgeous finishes inside and outside giving a new owner ease of mind knowing that every detail has been addressed. Prime Downtown Location Located in a fantastic downtown location of Santa Barbara, the property is, only a few blocks away from the Beach, Stearns Wharf, Harbor, World-class dining, and downtown shops, including our own local farmer’s market. Leave your car and take advantage of the 99 Bike score and 86 walk score to enjoy one of the best places on the planet! Owner-User Opportunity An amazing fully renovated Santa Barbara Craftsmans or Beach Bungalow, this property allows for numerous owner-user options depending on if you are looking to live here full time or have a weekend get away. 11
610 #3 610 #5
610 #4
610 #2
612
618 #4 618 #3 618Market Rents 1 Year Leases Unit # Unit Type SF M o nthly Rate 610 #2 2BD/2BA 1,379 SF $5,200 610 #3 2BD/2BA 975 SF $4,250 610 #4 2BD/2BA 1,268 SF $5,200 610 #5 2BD/2BA 1,253 SF $4,750 612 Cottage 954 SF $2,950 618 House 2,378 SF $6,500 618 #3 2BD/2.5BA 1,179 SF $4,750 618 #4 2BD/2.5BA 1,109 SF $4,750 Total 10,495 SF $38,350
Projected Market Rents Analysis (1 Year Leases) Projected Financial Analysis
# of Monthly Rent/
Units Unit Property Taxes (based on ask- 1.0576% + $1653
$75,156
ing price)
8 Monthly Market Rent $38,350
Insurance $17,000
Effective Gross Annual Market Rent $460,200
Water $7,352
Trash/Recycling $6,000
Management 5% $23,010
Landscaping $2,400
Advertising $1,200
Accounting $1,700
.BJOUFOBODF3FTFSWFT 6OJU $7,200
Vacancy 2% $9,200
Total Annual Expense: $
Net Operating Income: $3
CAP Rate: 4.%610 #3 610 #5
610 #4
610 #2
612
618 #4 618 #3 618Market Rents Furnished Student Housing Unit # Beds # Price per Bed SF M o nthly Rate 610 #2 7 Beds $825 1,379 SF $5,775 610 #3 5 Beds $875 975 SF $4,375 610 #4 7 Beds $825 1,379 SF $5,775 610 #5 7 Beds $850 1,253 SF $5,950 612 2 Beds $1,600 954 SF $3,200 618 8 Beds $1,000 2,378 SF $8,000 618 #3 5 Beds $875 975 SF $4,375 618 #4 7 Beds $825 1,379 SF $5,775 Total 48 Beds 10,495 SF $43,225
Projected Market Rents Analysis (Student Housing) Projected Financial Analysis
# of Monthly Rent/ Property Taxes (based on ask- 1.0576% + $1653
BEDS Unit $75,156
ing price)
48 Monthly Market Rent $43,225 Insurance $17,000
Water $7,352
Effective Gross Annual Market Rent $518,700
Trash/Recycling $6,000
Management 6% $31,122
Landscaping $2,400
Advertising $2,500
Accounting $1,700
Maintenance/ReTFSWFT 6OJU $7,200
Vacancy 2% $10,374
Total Annual Expense: $160,804
Net Operating Income: $357,896
CAP Rate: 5.15%INTERIORS
618 CASTILLO
EXTERIORS
SANTA BARBARA TOURISM
Santa Barbara is a premier resort destination with beautiful beaches, majestic
mountains and colorful culture. World class dining, tranquil accommodations and close
proximity to wine country attract visitors from around the world. The local economy
is fueled by the travel and tourism sector. Tourists spends approximately $1.9B annually
s s s s s
Locals from neighboring counties are drawn to the new State Street Promenade, Funk
Zone, museums, gorgeous beaches along with multitude of events which happen
throughout the year.1
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2 5 4
6
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MAP KEY
1 Stearns Wharf
2 Funk Zone
3 State Street Promenade
4 Santa Barbara City College
5 Moxi Musem
6 Amtrak
7 Greyhound Station
8 Brewhouse
9 SB Athletic Center
10 Santa Barbara HarborJ O N S TANDRING LORI ZAHN
C ell 8 0 5 .6 2 6 .0 1 1 2 C ell 805. 451. 2712
O f f ic e 8 0 5 .4 5 3 .5 0 9 7 Of f ice 805. 453. 5097
J o n @B eac h s ide P art n e rs.c o m Lori@BeachsidePartners. com
DR E 01 8 9 3 1 6 3 D RE 01914851You can also read
