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412 Corona Del Mar 8 Unit Apartment Building $6,300,642 CAD ($787,580 CAD/Unit) 2.63% Cap Rate Santa Barbara, CA 93103
Investment Highlights
- A+ Location in the waterfront/beach area of Santa Barbara, one of the world's most desirable coastal communities
- Carports in back offer ADU opportunities
- Long-term potential upside for a net capitalization rate far above typical in the waterfront areas of Santa Barbara
Executive Summary
Accessible price point for A+ location apartments by Santa Barbara's waterfront and East Beach, openly for sale for the 1st time since built in 1958. Featuring 8 generous-sized units - 6 x 1-BR over 600 gross SF (meas.), plus 2 x 2-BR over 900 gross SF (meas.) - price is $562K/unit or $825/SF, well below market for the very limited multi-family inventory near the beach of one of world's most renowned coastal communities. Highlights include attractive landscaping around a central green courtyard, high vaulted wood beam ceilings in the 4 upstairs units, moderately updated interiors, and a long pride-of-ownership history. Opportunity for the patient investor to realize long-term cap rates far above historic cap rates for Santa Barbara's beach areas; see pro-forma in unbranded OM in Documents
Financial Summary (Actual - 2026) |
Annual (CAD) | Annual Per SF (CAD) |
|---|---|---|
| Gross Rental Income |
$298,983
|
$44.77
|
| Other Income |
$925
|
$0.14
|
| Vacancy Loss |
-
|
-
|
| Effective Gross Income |
$299,908
|
$44.91
|
| Taxes |
$66,557
|
$9.97
|
| Operating Expenses |
$67,465
|
$10.10
|
| Total Expenses |
$134,022
|
$20.07
|
| Net Operating Income |
$165,886
|
$24.84
|
Financial Summary (Actual - 2026)
| Gross Rental Income (CAD) | |
|---|---|
| Annual | $298,983 |
| Annual Per SF | $44.77 |
| Other Income (CAD) | |
|---|---|
| Annual | $925 |
| Annual Per SF | $0.14 |
| Vacancy Loss (CAD) | |
|---|---|
| Annual | - |
| Annual Per SF | - |
| Effective Gross Income (CAD) | |
|---|---|
| Annual | $299,908 |
| Annual Per SF | $44.91 |
| Taxes (CAD) | |
|---|---|
| Annual | $66,557 |
| Annual Per SF | $9.97 |
| Operating Expenses (CAD) | |
|---|---|
| Annual | $67,465 |
| Annual Per SF | $10.10 |
| Total Expenses (CAD) | |
|---|---|
| Annual | $134,022 |
| Annual Per SF | $20.07 |
| Net Operating Income (CAD) | |
|---|---|
| Annual | $165,886 |
| Annual Per SF | $24.84 |
Property Facts
| Price | $6,300,642 CAD | Apartment Style | Low-Rise |
| Price Per Unit | $787,580 CAD | Building Class | C |
| Sale Type | Investment | Lot Size | 0.23 AC |
| Cap Rate | 2.63% | Building Size | 5,451 SF |
| Gross Rent Multiplier | 21 | Average Occupancy | 100% |
| No. Units | 8 | No. Stories | 2 |
| Property Type | Multifamily | Year Built | 1958 |
| Property Subtype | Apartment | Parking Ratio | 1.47/1,000 SF |
| Zoning | R4SD3 - Primary zoning is R-4 for multi-family and hotel uses. Also in the Coastal Zone and in a Special District #3 overlay. | ||
| Price | $6,300,642 CAD |
| Price Per Unit | $787,580 CAD |
| Sale Type | Investment |
| Cap Rate | 2.63% |
| Gross Rent Multiplier | 21 |
| No. Units | 8 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Low-Rise |
| Building Class | C |
| Lot Size | 0.23 AC |
| Building Size | 5,451 SF |
| Average Occupancy | 100% |
| No. Stories | 2 |
| Year Built | 1958 |
| Parking Ratio | 1.47/1,000 SF |
| Zoning | R4SD3 - Primary zoning is R-4 for multi-family and hotel uses. Also in the Coastal Zone and in a Special District #3 overlay. |
Unit Mix Information
| Description | No. Units | Avg. Rent/Mo | SF |
|---|---|---|---|
| 1+1 | 6 | $2,906 CAD | 604 |
| 2+1 | 2 | $4,090 CAD | 913 |
Fairly walkable
50/100
Moderately drivable
70/100
Some public transit
40/100
Moderately bikeable
70/100
Property Taxes
| Parcel Number | 017-321-004 | Total Assessment | $4,332,602 CAD |
| Land Assessment | $3,189,400 CAD | Annual Taxes | $66,557 CAD ($12.21 CAD/SF) |
| Improvements Assessment | $1,143,201 CAD | Tax Year | 2026 |
Property Taxes
Parcel Number
017-321-004
Land Assessment
$3,189,400 CAD
Improvements Assessment
$1,143,201 CAD
Total Assessment
$4,332,602 CAD
Annual Taxes
$66,557 CAD ($12.21 CAD/SF)
Tax Year
2026
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