
Goleta, CA 93117
This seven-unit apartment complex presents a High-Potential Investment Opportunity with a List Price of $2,900,000—positioned well below the $3,051,557 Fair Market Value by 4%. This valuation gap offers $151,557 in Instant Equity. With a Condition Rating of 4, the property provides stable 5.20% cap rate income while offering significant upside through cosmetic modernization. Its coastal location near UCSB ensures high tenant demand. This is a prime acquisition for Buy-and-Hold Investors or Multifamily Portfolio Managers seeking immediate cash flow.
Comparables within 1 miles sold in recently
| Address | Sold Price | Beds | Baths | Sq Ft | $/Sqft | Distance |
|---|---|---|---|---|---|---|
★ 431 Ellwood Beach Drive Subject | $2,900,000* List Price | 0 | 0 | 6,450 | $473 | - |
A 406 Ellwood Beach Drive Pending | $3,600,000 List Price | 16 | 12 | 6,819 | $528 | 0.1 mi |
* Subject property listed price vs sold prices of comps.
Property is moderate renovation needed.
Built in 1970, this 54-year-old property is well-maintained but dated. While the description notes updated flooring in some units, the kitchen images reveal older tile countertops, dated cabinetry, and white appliances (including an electric coil stove) that likely exceed 20 years in age, necessitating cosmetic and functional updates.
Situated just blocks from Ellwood Beach and the Ellwood Mesa Open Space, the property offers an irreplaceable location near UCSB and major employment hubs, ensuring consistently high tenant demand.
The building consists entirely of spacious two-bedroom, two-bathroom units, a highly sought-after configuration that maximizes rental appeal for roommates and small families in the Goleta market.
With a current cap rate of 5.20%, the property provides robust in-place income and immediate cash flow, which is exceptional for a coastal multifamily asset in Santa Barbara County.
Originally constructed in 1970, the property may require significant long-term capital expenditures for system upgrades and modernization to remain competitive with newer developments.
The property lacks modern communal features such as a fitness center, pool, or updated outdoor social spaces, which may limit its ability to command top-tier luxury rents.
Offered for the first time in decades, 431 Ellwood Beach Drive presents a rare opportunity to acquire a seven-unit apartment community in one of Goleta's most desirable coastal neighborhoods, just a few blocks from Ellwood Beach. Comprised of spacious two-bedroom, two-bathroom units, the property generates strong in-place income at a 5.20% current cap rate. Many units feature updated flooring, while two upstairs residences benefit from vaulted ceilings that enhance the sense of space and natural light. Tenants also benefit from off street covered parking and storage. Located just moments from Ellwood Beach, Ellwood Mesa Open Space, UCSB, and Goleta's major employment centers, the property offers an exceptional blend of coastal living and everyday convenience. With its attractive unit layouts, well-maintained condition, and irreplaceable location near the coast, 431 Ellwood Beach Drive represents a rare multifamily investment opportunity in one of Santa Barbara County's most sought-after rental markets.
No exterior & parking available.
No sensitive facilities data found.
| Feature | Subject | Average Home |
|---|---|---|
| Beds | 0.0 | 0.0 |
| Baths | 0.0 | 0.0 |
| Square foot | 6,450 | - |
| Lot Size | 10,454 | - |
| Price | $2.90M | $5.40M |
| Price per sq ft | $450 | $423 |
| Built year | 1970 | 0 |
| HOA | $0 | $0 |
| Days on market | 15 | 116 |
Jul 7, 2026
$2,900,000
Initial Listing