1215 Cacique Street

Santa Barbara, CA 93103

PRICE REDUCED

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-$350,000 (-4.24%)

$7,900,000

List Price

20

bed Beds

16

shower Baths

11,300 sqft

straighten / sqft

1989

calendar_month Built

Property Description

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.

Listing Information

List Price $7,900,000
Status Active
MLS 25504073
Type Residential Income
Year Built 1989
Lot Size 29,185
Structure Size 11,300
DOM 34
Courtesy Of Marcus & Millichap
Listing Agent Filip Niculete DRE#01905352
Co-Listing Agent Glen Scher DRE#01962976

Interior Features

Total Bedroom
Bedrooms 20
Total Bathroom
Bathrooms 16

Maps

Listing information courtesy of: Filip Niculete, Glen Scher, Marcus & Millichap 818-212-2817. *Based on information from the Association of REALTORS/Multiple Listing as of Apr 3rd, 2025 at 2:13 AM and/or other sources. Display of MLS data is deemed reliable but is not guaranteed accurate by the MLS. 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.