• 19 Units
• 17,228 Sq Ft
• 21,780 Sq Ft
• Unknown Cap Rate

Description

180 Holly Avenue is a 19-unit garden-style multifamily community located in Carpinteria, one of the most supply-constrained and desirable coastal submarkets along the Santa Barbara South Coast. This marks the property's first offering in nearly 40 years, an exceptionally rare opportunity to acquire a well-maintained coastal apartment asset in an irreplaceable infill location where multifamily turnover is extremely limited and barriers to entry remain high. The property features an attractive two-story design centered around a landscaped courtyard and pool on a half-acre parcel. Units average approximately 900 square feet and include a mix of one- and two-bedroom layouts, many with private patios or balconies that take advantage of abundant natural light, mountain views, and open-air living. Two units will be delivered fully furnished at closing, offering flexibility for a buyer to operate them as short-term rentals or premium long-term offerings. Three apartments, plus the on-site manager's unit, will be delivered vacant, allowing an investor to immediately reposition to market rents and realize approximately 18% rental upside through natural turnover and light renovation. In addition, laundry and storage income are not currently reflected in the financials, offering further incremental potential.Select units qualify for rent increases that will add approximately $500 per month ($6,000 annually). The seller will implement these adjustments during escrow, allowing the buyer to close with the higher income in place. This translates to roughly $60,000$75,000 in added value based on the pro forma GRM and supports stronger loan proceeds through increased NOI.Beyond rental growth, the property's PRD20 zoning and lot size support ADU feasibility, subject to local Coastal Zone review. The City of Carpinteria has adopted ADU ordinances consistent with California state law, providing a potential long-term avenue for incremental unit yield or flexible use. Located just half a block from Carpinteria State Beach, known as "The World's Safest Beach," the property is within proximinty distance of parks, trails, and downtown Linden Avenue's boutique shops and upscale restaurants. Residents enjoy proximity to the Amtrak station, regional job centers in Santa Barbara and Ventura, and the oceanfront neighborhoods of Sandyland Cove and Padaro Lane, home to multimillion-dollar estates.With its resort-style character, low-vacancy submarket, and multiple paths for income growth and enhancement, 180 Holly Avenue offers investors a rare blend of stability, value-add potential, and long-term appreciation in one of California's most tightly held coastal markets. Modest improvements such as cosmetic upgrades, refreshed paint, and light modernization- could further enhance the property's aesthetic and performance, positioning it as a standout multifamily asset in Carpinteria's enduring rental market.