601 Eucalyptus Ave
Santa Barbara, CA 93101
Immeuble residentiel Propriété À vendre · 6 Unités

Centrally located in Santa Barbara, this well-main¬tained six-unit apartment building offers convenient access to Downtown, the Mesa, Cottage Hospital, and nearby freeway connections. The two-story property features six spacious 2BD/1BA flats, each approximately 900 square feet, providing functional layouts for tenants.
Five of the six units have been thoughtfully updated over the years and as recently as 2025, with newer flooring and modern kitchen cabinetry and tiled backsplashes, refreshed bathrooms, and other updates to enhance appeal and rental upside. Unit #1, which is closer to original condition than the other units, features an oversized private outdoor patio.
The property offers low-maintenance landscaping, is separately metered for gas and electricity, provides ample on-site parking for each unit (2 spaces per unit), and recent capital improvements including updated electrical panels, newer windows, and completed sewer lateral work.
INVESTMENT DETAILS
Price $2,900,000
Price Per Unit $483,333
Cap Rate 4.71% (current) 5.57% (market)
GRM 12.82 (current) 11.47 (market)
PROPERTY DETAILS
Address 601 Eucalyptus Avenue
APN 045-050-020
Unit Mix 6 x 2BD/1BA
Rentable SF 5,486 SF
Land Size 10,971 SF
Zoning R-M
Year Built 1971
Parking 13 uncovered
Reports Preliminary Title, General Building, Pest, Roof, Sewer