Consider this attractive cash-flow opportunity at an accessible price point for 5 units in a central Santa Barbara location, a few blocks to downtown and a mile to the beach and Santa Barbara City College. The building orients vertically back from the street for tenant privacy and quiet, and features a good unit mix of 1 x 3-bed/2-bath, 2 x 2-bed/2-bath and 2 x 1-bed/bath. 3 of the 5 units have been nicely updated in the last 2 years, and the property has seen local pride-of-ownership by the same family for nearly 50 years. The current gross rent multiplier (GRM) is ~13.2 and if allowed rent increases on Jan. 1st go into effect, the GRM would drop to ~12.2. See details of financials later in the offering memorandum for current rents, January 2026 allowed rents and estimated market rents. Buyer to independently research and determine on their own any local and state laws regarding rent restrictions, and landlord and tenant rights and responsibilities. This offering is an ideal opportunity to complete a whole or partial 1031 exchange without compromising the rate of return, or to get in on the ground floor of Santa Barbara multi-family investing at a reasonable capitalization rate.