618 Olive Street Santa Barbara, Ca | 618 Olive St
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618 Olive Street Santa Barbara, Ca 618 Olive St
6 Unit Apartment Building $3,795,000 ($632,500/Unit) 5.47% Cap Rate Santa Barbara, CA 93101
Investment Highlights
- $25,650/Month on Current Rents
- 3 of 6 Units constructed in 2023-2024
- 5.47% Cap Rate & 12.1 GRM on current income in Santa Barbara
- Ideal unit size and layouts in downtown location
Executive Summary
Located in the heart of downtown Santa Barbara, this multifamily investment property presents a rare opportunity, featuring a mix of newly constructed and renovated buildings. Three of the six units were built from the ground up between 2023 and 2024, while the remaining three have been extensively improved, all with market rents in place. Offered at a 5.47% cap rate and a GRM of 12.71, the property is ideal for investors seeking a more passive investment. Tenants enjoy exceptional walkability, with a Walk Score of 94 and a Bike Score of 99, providing easy access to Santa Barbara’s most exciting destinations. Just steps away, the Haley Corridor—known for its emerging local businesses, cafes, breweries, and artisan shops—adds another layer of appeal to the neighborhood. For those seeking a taste of history, Arnoldi’s, Santa Barbara’s iconic Italian restaurant, is just around the corner. With parks, State Street, and the beautiful coastline also within reach, this property is perfectly positioned to offer the Santa Barbara living experience. Total current income is $25,650/Month.
Property Facts
| Price | $3,795,000 | Property Subtype | Apartment |
| Price Per Unit | $632,500 | Apartment Style | Garden |
| Sale Type | Investment | Lot Size | 0.23 AC |
| Cap Rate | 5.47% | Building Size | 6,000 SF |
| Gross Rent Multiplier | 12.1 | Average Occupancy | 100% |
| No. Units | 6 | No. Stories | 2 |
| Property Type | Multifamily | Year Built | 2024 |
| Price | $3,795,000 |
| Price Per Unit | $632,500 |
| Sale Type | Investment |
| Cap Rate | 5.47% |
| Gross Rent Multiplier | 12.1 |
| No. Units | 6 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Garden |
| Lot Size | 0.23 AC |
| Building Size | 6,000 SF |
| Average Occupancy | 100% |
| No. Stories | 2 |
| Year Built | 2024 |
Unit Mix Information
| Description | No. Units | Avg. Rent/Mo | SF |
|---|---|---|---|
| 2+2 | 4 | - | - |
| 3+2 | 1 | - | - |
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Walk Score ®
Walker's Paradise (93)
Bike Score ®
Biker's Paradise (99)
zoning
| Zoning Code | C-M |
| C-M |
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618 Olive Street Santa Barbara, Ca | 618 Olive St
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