427 W Islay Street, Santa Barbara, CA 93101

About this property

22 Units in the Heart of Santa Barbara. This is an incredible investment opportunity, ideally situated to take advantage of the city's robust rental market. This property features a mix of 1-bedroom, 1-bathroom apartments and cozy studios. A convenient common laundry facility adds to the property's appeal for tenants. Recent upgrades too numerous to mention. Ample off-street parking. Priced to deliver a cap rate of over 5, this investment offers both strong cash flow and potential for long-term appreciation. With its prime location near Cottage Hospital and the entire medical district, residents will enjoy easy access to Santa Barbara's dining, shopping, and entertainment, making this property a standout addition to any investor's portfolio.

Listing description from the April 2025 sale, as reported to CRMLS.

Sale history

$6,500,000

Sold April 2025 · listed $6,995,000, orig. $7,395,000, on market September 2024 · MLS #24435575 · Source: CRMLS

Listing Agent: Stephen Epstein · Listing Office: Keller Williams Realty Santa Barbara · Contact: 805-456-3600 · Bought with: Subscriber Non · Non-Participant Office

$4,360,000

Sold December 2023 · listed $6,750,000, on market September 2023 · MLS #PI23170398 · Source: CRMLS

Listing Agent: Steven Battaglia · Listing Office: Steven Battaglia, Broker · Contact: 8056806431 · Bought with: Stephen Epstein · Keller Williams Realty Santa Barbara

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