The Montecito presents a rare investment opportunity that marries both a charming Spanish style front duplex with a newly developed and modern rear duplex comprised of two new spacious Townhome ADUs. Priced to sell at an attractive 6.58% cap rate. This investment opportunity presents an ideal income property for a savvy investor looking to acquire a well-positioned asset with a 9.90% rental upside potential with an attractive private financing option. This high-income producing 4-plex is comprised of 2 (3+2) units in a one-story building built in 1923, averaging ±918 sq ft, and 2 (3+2) newly developed townhouse ADU units built in 2024 averaging ±1,200 sq ft each. The combined building structure is ±4,236 square feet. The structures sit on a ±6,055 square foot lot, zoned LAR2. Additionally, 50% of the units are non-rent control. Unit Improvement Summary includes: 3-Bedroom + 2-Bath Units: One of the front units has been highly improved with new countertops, wood like flooring and stainless steel appliances. Both units offer laundry rooms with washer/dryer hookups and individual hot water heaters. In 2016, the roof was replaced, and in 2024, ownership upgraded the electrical panels. 3-Bedroom + 2-Bath Tri-Level Townhome Units: Both newly constructed Townhome ADUs are immaculate Schedule a Private Showing

Listing courtesy of BRIDGE / Equity Union

Last checked: Checking… • Last updated Feb 21, 2025 • Source: BRIDGE

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