23 Magnolia Ave - Apartments FOR SALE


Goleta, CA 93117- Downtown Goleta
$5,550,000 USD
805-698-0174
23 Magnolia Ave, Goleta, CA for Sale
$5,550,000 USD
Apartments - FOR SALE
1/11
null | Request Cap Rate

23 Magnolia Ave
Goleta, CA 93117
Downtown Goleta


HIGHLIGHTS

  • Cap Rates: Current: 4.50% | AB1482: 4.99% | Market: 6.92%
  • GRM: Current: 12.39 | AB1482: 11.62 | Market: 9.34
  • Unit Mix: (17) 1BD/1BA; (2) 3BD/1BA
  • Rentable Square Feet (Buyer to verify): Approx. 12,755 SF

OVERVIEW

JJ’s Apartments presents a rare opportunity to acquire a 19-unit multifamily community ideally located in the heart of Old Town Goleta. This well-maintained property offers investors a manageable coastal asset that combines vintage charm, walkable convenience, strong curb appeal, and attractive upside potential. The community comprises (17) 1 BD/1BA and (2) 3BD/1BA, catering to steady demand from local workforce tenants and UCSB students alike. One unit was recently remodeled and just leased, showcasing the property’s renovation potential and rental appeal. Situated on a ±14,810 SF parcel, the property features a ±12,755 SF building, along with a balanced parking ratio that includes 8 carports and 11 uncovered off-street spaces. The ±1,480 SF carport provides an ideal opportunity for future ADU development. With its classic mid-century design and highly accessible location, JJ’s Apartments exemplifies the timeless, practical appeal of Goleta’s coastal rental housing market. Roof scheduled to be replaced and balconies repaired by close of escrow.

FOR SALE DETAILS

PRICE

$5,550,000 USD

PRICE/SF

$1,110 USD /SF

# OF UNITS

19

PRICE/UNIT

$292,105

CAP RATE

Request Cap Rate

% LEASED

-

SALE TYPE

Investment

BUILDING DETAILS

PROPERTY NAME

1st Time On The Market In Decades 4.50% Cap

PROPERTY TYPE

Multi-Family

APARTMENT STYLE

Garden

PROPERTY SUBTYPE

Apartments

TOTAL BUILDING SIZE

-

STORIES

2

YEAR BUILT

1971

PARKING SPACES

19

LAND DETAILS

LAND ACRES

0.34 AC

LAND SF

14,810 SF

ZONING

RH

APN/PARCEL ID

071-021-004

ASK ABOUT THIS PROPERTY

Steve GolisRadius Commercial Real EstateMore Info
805-698-0174

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Steve GolisRadius Commercial Real EstateMore Info
805-698-0174

By clicking the button, you agree to Showcase's Terms of Use and Privacy Notice.