Soul and Sea Apartments 440 Por La Mar Dr 8 Unit Apartment Building $11,836,437 CAD ($1,479,555 CAD/Unit) 4.80% Cap Rate Santa Barbara, CA 93103

This very rare waterfront-area 8-unit multi-family offering is just a few steps to Santa Barbara's famous East Beach, the best beach in one of the world's most desirable coastal communities. Tenants at 440 Por La Mar Drive enjoy proximity to waterfront-area recreation of all types, fine dining and casual restaurants, parks and open spaces, and numerous other amenities in a vibrant beach lifestyle. The property has been recently re-positioned for higher investor return potential, featuring unit upgrades and an investor-friendly 6 of 8 units under landlord control, almost impossible to find today in a localized market where landlord control of apartment use carries a premium value. The apartments are all large 2-bed/1-bath units, and at ~860sf each are big enough to support a 2nd bath addition for high-end luxury conversion. The units are currently held as mostly upgraded and furnished vacation rentals, in order to maintain maximum flexibility of use for the next owner, while providing immediate cash flow. The pro-forma financials in the attached Offering Memorandum focus primarily on a sustainable and profitable future transition to beach-area long-term luxury rentals. The financials shown in the Loopnet listing are also pro-forma only as luxury long-term rentals, and not representative of the current mix of income from mainly short-term rentals along with 2 long-term legacy rentals. Most furnishings in the 5 short-term rental units are included in the sale. Only a few apartment buildings of this size even exist in the waterfront areas of Santa Barbara, let alone come up for sale and with the unusual built-in advantages to future use which 440 Por La Mar Drive can offer.