323 W Islay Street

Introducing Casa Napoli, a meticulously cared for and recently updated 5-unit apartment building nestled in the vibrant heart of Downtown Santa Barbara. Owned by the same family for nearly 50 years, this property exudes pride of ownership. Offering a spacious 3-bedroom, 2-bathroom unit as well as four 1-bedroom, 1-bathroom units totaling 3,360sq.ft., Casa Napoli offers versatile living spaces to suit a variety of lifestyles. Tenant amenities include both covered and uncovered parking for residents, as well as a convenient coin-operated community laundry room. A low maintenance asset with recent upgrades to the property including a brand-new roof over both the building and carport, ABS plastic sewer line, modernized plumbing and electrical systems, dual pane windows, and an extensive interior renovation throughout all units. A rare opportunity to own one of Santa Barbaras sought after apartment buildings! Current rents total $147,000 annually (4.22% cap). Total market rents are projected to be $190,800 annually (5.92% cap). Upon request, the offering memorandum, title report, natural hazards disclosure, reports/inspections and seller disclosures can be provided. Showings will be May 15th and 22nd by appointment only.