3432 Richland Drive is a rare opportunity to purchase an attractive and mostly-stabilized mid-size multi-family building in the center of Santa Barbara’s Upper State corridor. The investment offers solid current rents yielding a cap rate approaching in the mid-5%’s, with room for cap rate growth over time through further upgrades as apartments turn over. There are 8 units configured in a single L-shaped 2-story building, the unit mix is 1 x 2-BR/ 1-BA, 5 x 1-BR/1-BA and 2 studios. The apartments have been well-maintained inside and out, with a low expense history. A secluded and nicely-finished center courtyard with palm trees has direct slider access from the downstairs units, providing a tenant amenity and showing pride of ownership. The property is set privately in a corner location where the street bends towards a cul-de-sac. Inquire about assumable financing at a 5.69% interest rate. The adjacent Upper State Street corridor is a hub of dozens of restaurants, all varieties of retail, and financial services. The location is a few blocks to the Municipal Golf Course, MacKenzie Park, Loreto Plaza, La Cumbre Shopping Center and Five Points Center, as well as nearby to the Whole Foods, Gelson’s and Bristol Farms gourmet markets. Cottage Hospital - Santa Barbara’s largest private employer with over 3000 employees – is within 1 mile, as are Adams Elementary and the highly-regarded Peabody Elementary schools. Downtown Santa Barbara is just 2 miles away, and the beaches and waterfront are 3 miles away. Beautiful and sunny Santa Barbara, California is one of the premier small coastal cities in the world, a magnet for tourism, and which offers an unmatched quality of life for its fortunate residents. Consider this very well-located property for a secure ongoing investment returning a good yield in a great location, and with continued upside potential.