Pricing: $6,995,000 (Fully Constructed) | Pricing: $3,495,000 (Fully Entitled Land). Incredible opportunity to purchase one of the only new-construction, turn-key assets that will be available in the city of Santa Barbara. The offering consists of a ±.55-acre lot with entitlements to build 14 units with seven (7) two-story duplexes on one lot. All units consist of 2 bedrooms and 2.5 baths. The property is currently at the end of plan check with permits expected to be ready to pull in less than two months and a grading permit accessible in approximately one month. The owner is willing to develop the property and deliver the land and fully constructed ±12,908 SF, 14-unit building for a price of $6,995,000, to close upon issuance of the certificate of occupancy. At a projected rent of $3,000 for each newly constructed two-story townhouse unit, the capitalization rate on current income would be approximately 5.00% for a brand new asset. Furthermore, newly constructed buildings are not subject to AB1482 rent restrictions. Time to completion of project is expected to be 18 months from the current date.