18 Units | Santa Barbara | Built 1989

Highlights:

• Built in 1989 | AB 1482 Property
• Assumable Loan from Chase
• $4M+ Loan | 4.80% Interest Rate
• Significantly Renovated
• New Roofs, Sewer & Much More
• SB 721 Compliant Balconies
• Huge Lot (About 30,000 SqFt)
• Very Rare Santa Barbara Deal

Description:

The LAAA Team of Marcus & Millichap is pleased to present Sycamore Creek Apartments, an 18-unit multifamily investment opportunity in Santa Barbara, CA.

Situated on a 29,185 SF lot (0.67 acres), the property consists of three buildings with 16 one-bedroom units (~550 SF each), a two-bedroom apartment (~950 SF), and a standalone two-bedroom house with a den (~1,100 SF).

A highly attractive assumable Chase Bank loan is in place, featuring a 4.80% fixed interest rate through August 2027 and an outstanding balance of ~$4 million (~50% LTV). This provides investors with below-market financing in a high-interest rate environment.

The property has undergone over $500,000 in capital improvements (2022-2025), including new roofs, a repaved parking lot, brand-new sewer laterals, exterior repainting, and SB 721-compliant balcony replacements. With minimal deferred maintenance, an investor can focus on maximizing rents and long-term appreciation.

Sycamore Creek Apartments offers 10%+ rental upside with no local rent control—only subject to California’s AB 1482 (currently allowing ~8.5% annual rent increases). Additionally, the large lot provides the opportunity to develop two detached ADUs, further enhancing income potential.

With strong rental upside, assumable financing, and a supply-constrained location, Sycamore Creek Apartments presents an ideal opportunity for investors seeking stable cash flow and long-term appreciation in Santa Barbara.

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