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120 N La Cumbre Road, Santa Barbara, CA 93110 (MLS # IV17152207)

Price $16,000,000
Status Active
Beds 0
Baths 0 bath
Home size 31,076 sq ft
Lot Size 43,560 sqft
Days on Market 143
DAUM Commercial Real Estate Services is pleased to present a rare opportunity to a acquire a leased-fee interest on approximately one acre of well-located, R-3 land with a ground lease, in beautiful Santa Barbara. A multi-family building is constructed on the parcel. The ground-lease term was 60 and expires in 2021. At lease expiration the apartment building reverts to the land owner--a copy of the lease will be provided to Buyer to verify the reversion language its satisfaction. Seller is selling the land and the lease. Please respect the privacy of the apartment building dwellers and lessee. The apartment complex is 48 units comprised of a mix of forty (40) one-bedroom and eight (8) two-bedroom units (buyer to verify the unit info during due diligence) The property is located less than a block from State Street, the main hub in Santa Barbara, with its boutiques and restaurants and is minutes away from beaches. IMPORTANT NOTE: Because this is a sale of land, not the structure at this point, much of the data on the structure: units, income, expenses, apt mix, etc. is estimated or given a placeholder number, because it is unknown at this point. Buyer will be given time in escrow to contact the apartment building manager for accurate data. Call Kerry Cole at the numbers provided for detailed explanation. Because the land lease is a method to eventually acquire the structure and rent, the listing is included in "Residential Income" as well as "Land" categories.
Property Type(s): Residential Income
Last Updated 7/6/2017 Tract Other (OTHR)
Year Built 1961 Community VC81 - Santa Barbara
County Santa Barbara

Additional Details

AREA VC81 - Santa Barbara
LOT 1.0000 acre(s)
LOTDESCRIPTION Corner Lot
POOL DESCRIPTION Community Pool
STORIES 2
SUBDIVISION Other (OTHR)
UTILITIES Public;
WATER Public
ZONING R-3/S-D-2

Location

 

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Listing provided by : RICK JOHN CalBRE:00800783, DAUM COMMERCIAL RE SERVICES

The multiple listing data appearing on this website, or contained in reports produced therefrom, is owned and copyrighted by California Regional Multiple Listing Service, Inc. ("CRMLS") and is protected by all applicable copyright laws. Information provided is for viewer's personal, non-commercial use and may not be used for any purpose other than to identify prospective properties the viewer may be interested in purchasing. All listing data, including but not limited to square footage and lot size is believed to be accurate, but the listing Agent, listing Broker and CRMLS and its affiliates do not warrant or guarantee such accuracy. The viewer should independently verify the listed data prior to making any decisions based on such information by personal inspection and/or contacting a real estate professional.

Based on information from California Regional Multiple Listing Service, Inc. as of 11/20/17 12:50 PM PST and /or other sources. All data, including all measurements and calculations of area, is obtained from various sources and has not been, and will not be, verified by broker or MLS. All information should be independently reviewed and verified for accuracy. Properties may or may not be listed by the office/agent presenting the information

This IDX solution is (c) Diverse Solutions 2017.

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