OFFERING MEMORANDUM
Current Structures/Property Features
3885 and 3887 State St., Santa Barbara, CA 93105*
The two parcels are being sold together.
Total Combined Land (12 Room motel + 48 Unit office + 78 space parking lot) = 1.49 acres
3887 State St. (Mirasol Office Building) Parcel # 051 022 33
48 Units
Total Office Building Size: 22,250 sq ft
Lot Size Sq Ft: 48,224 sq ft (1.1 acres)
Land Use: C2 Mixed Use
Valued at $5,000,000. Current Cap Rate: 5%.
(All offices currently on Month-to-Month leases at significantly BELOW market rates (average $1.75 sq foot, none nnn): 2012 Current Annual Gross Income: $300,000 (only two vacant offices.)
Projected Annual Rental Income Potential (15,589 X average $2.50 ft) after remodeling = $38,972 per month, or $467,670 Annual Gross Income.
Expenses (taxes, insurance, repairs) for 2011: $28,424 (not counting property management.) Total Utilities: $56,000 -- could be paid by tenants but is currently paid by owner.)
3885 State St. (Mirasol Plaza Inn Motel) Parcel # 051 022 012
12 Room Motel + Front Office/Apt: Sq Ft.: 4990 sq ft
Land Use: 007 Res/Motel
Lot Size: 14,107 square Feet (0.33 acres)
Valued at $3,250,000. Projected Cap Rate: 10%.
Projected Annual Gross Income Potential for 12 Room Motel $400,000 (After repairs/renovations)
The motel has been vacant for several years. Most recently, it was leased and used as an assisted living home.
It can be used for similar purposes, renovated back into a charming boutique motel, or a new large motel could be constructed. Another lucrative option is to adopt the proposed plans for the 30 2/3 bedroom Residential Loft/Condo Project that were already approved by the City of Santa Barbara. Click on "PROPOSED PLANS" Tab at top of page for details.
We have a very experienced Motel Manager wanting to rent or collaborate with the new owners to help renovate, manage and run it. Please call: Amy at 805-428-9252 for Patrick's phone number if you would be interested in contacting him to discuss possibilities.
We have a very experienced Motel Manager wanting to rent or collaborate with the new owners to help renovate, manage and run it. Please call: Amy at 805-428-9252 for Patrick's phone number if you would be interested in contacting him to discuss possibilities.
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Contact Marian Fuentes 805-452-2137/Marianfuentes@yahoo.com
or Amy Katz (805) 428-9252/amykatz@yahoo.com of Sterling Properties for additional information and to submit offers.
* Financial projections and sq footage are based on past income, current market value, documents provided by the seller to agents for background purposes,and neighborhood/industrystatistics; therefore they are sincere "best guess" approximation of potentials, not stated "facts". Buyers should conduct their own research, investigations, calculations and consult with their own financial advisors, etc. before making offers or purchasing this or any other property. Please read CAR Form "Statewide Buyers and Sellers Advisory" for check-list of considerations and responsibilities.
or Amy Katz (805) 428-9252/amykatz@yahoo.com of Sterling Properties for additional information and to submit offers.
* Financial projections and sq footage are based on past income, current market value, documents provided by the seller to agents for background purposes,and neighborhood/industrystatistics; therefore they are sincere "best guess" approximation of potentials, not stated "facts". Buyers should conduct their own research, investigations, calculations and consult with their own financial advisors, etc. before making offers or purchasing this or any other property. Please read CAR Form "Statewide Buyers and Sellers Advisory" for check-list of considerations and responsibilities.
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