1403 Bath St · Santa Barbara, CA 93101

$2,250,000

36 bd · 36.0 ba · 4,870 sqft · MultiFamily · 85 Days on market

Built 1920 9,147 sqft lot $462/sqft · 18% below area Est $2735k · 18% under

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Why this score? — see what drove the C+ grade

The composite is a weighted blend of 9 inputs, each scored 0–100. Each bar is that input's sub-score; the figure is the points it added to the 100-point composite (weight × sub-score).

• Cash flow +20.8/30.0
• ARV discount +15.0/15.0
• DSCR +6.6/10.0
• 1% rule +5.0/10.0
• Schools +4.6/10.0
• Livability +3.6/5.0
• Rent growth +3.5/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Multi-family units

County records classify this as Multi-Family (5+ Unit). Listing-text estimate: 6 units. confirmed

5+ unit building — per-unit beds/baths from public records are typically unavailable; the breakdown below (if shown) is an estimate from the listing text.

Listing remarks MLS

Prime Downtown Santa Barbara 6-Unit Investment Property! Originally built in the 1920s, this charming two-story building blends classic character with modern appeal, boasting approximately 4,870 sqft of living space across its 6 units. The building is fully occupied and includes two one-bedroom, one-bath units and four studio apartments with current rents at $10,585 per month. Sitting on a 9,148 SF lot, this asset offers a strong history of proven rental performance. Immaculately cared for and ready for the next chapter, it presents strong income potential in one of the most desirable and walkable locations in town.

Key facts

• Walkable locations
• Two-story building
• 9,147 sq ft lot

Tags

• TWO-STORY BUILDING
• 6-UNIT INVESTMENT PROPERTY
• STRONG INCOME POTENTIAL
• WALKABLE LOCATIONS

What this means for you Summary

Snapshot

• This is a 2×1bd/1ba + 4×?bd/1ba units multifamily listed at $2.25M.

Deal economics

• At list price, monthly cash flow is $3k ($37k/yr) — positive. Per door: $515/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($23k rent vs $2.25M).
• Recommended offer: $2.12M (6.0% below list) — sets the bar for market timing.
• Cap rate 7.9% vs local median 1.8% in Santa Barbara — top-decile yield for the area; either an underpriced asset or a hidden risk that comps aren't pricing in. Stress-test before assuming the spread holds.

Location & tenants

• Location reads 71/100 on livability (#219 in CA) — a middle-class / working-renter tenant base. Strengths: commute A+, employment A+, health & safety A+; Watch: schools C-, crime F, cost of living F.
• Santa Barbara Unified (urban): math 45% / reading 54% proficiency, ranked #409 of 1,400 in CA (top 29%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Market conditions: Rents rising (+4.0%/yr); 52 active listings in the ZIP; solid renter incomes; 719 units permitted in Santa Barbara County in 2024 (217 in 5+ unit buildings).
• At $22,549/mo this rent would consume 300% of the median local household income ($90k/yr) (locally 3070% of renters already pay >50% of income on rent) — very limited rent-growth headroom before tenants either downsize or default.

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $16k of loan paydown is wiped out by about $68k of value loss. Plan a longer hold.
• Santa Barbara County population projected at +20% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.

Negotiation context

• It's been on market 85 days — a 6% lower offer ($2.12M) is reasonable based on typical stale-listing flexibility.
• 4 sale attempts since 2y ago; this cycle's ask has dropped $149k (6%) from the opening price — seller is motivated, your offer sets the floor, not the list.

Risks & watch-outs

• Watch-outs: built in 1920 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: extreme-heat days projected 7→19/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $2,115,000 (6.0% below list)

Questions for the listing agent

1. It's been on market 85 days. Have you received any prior offers? Is the seller open to a 6% concession, seller financing, or rate buy-down credit?
2. Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
3. What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
4. Built in 1920 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
5. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
6. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
7. Crime grade is F in this area — have there been break-ins, vandalism, or insurance claims at this property in the last 3 years? What carrier currently insures it and at what premium?
8. What's the average days-on-market for RENTAL listings here right now (not sales)? A rising rental-DOM trend means longer vacancies and softer asking-rent achievability than the comps imply.
9. What's the recent tenant-quality profile in this submarket — average credit score on applications, eviction rate, late-payment / NSF rate, and stable-employment percentage? A property-management company in the area should have these aggregated.
10. How much new apartment / multifamily construction is in the pipeline within 1–3 miles? Heavy new supply (>2% of stock underway) typically softens rents 12–24 months out; light construction supports rent growth.

Investment metrics

• 1% rule: 1.00% ✓
• Cap rate: 7.94%
• Cash-on-cash: 5.89%
• DSCR: 1.26
• GRM: 8.3

CMA / ARV

• ARV (median comp): $2,734,764
• List price: $2,250,000
• Delta: -17.73%
• Verdict: UNDERPRICED
• Comps: 16 within 1.0 mi

Projected returns pro-forma

-3.0% appreciation · 3.95% rent growth · sell at horizon

5-year hold

• IRR: -6.2%
• Equity multiple: 0.77×
• Total profit: $-146,017
• Equity at exit: $335,482

10-year hold

• IRR: 4.5%
• Equity multiple: 1.34×
• Total profit: $216,846
• Equity at exit: $194,539

Cash invested: $630,000 (down + closing). Projections, not guarantees.

Landlord ↔ Tenant lean methodology

• Overall (STATE): 18 Strongly Tenant-Friendly
• State California: 18 Strongly Tenant-Friendly · D+13
• County: — inherits STATE
• City: — inherits STATE

AB1482 statewide rent cap (10% + CPI). Cities (SF/LA/Berkeley) layer stricter rules. Just-cause statewide.

Methodology + full state rankings →

ZIP-level market 93101

• Rents YoY: 4.0%
• Active inventory: 52
• Price-to-rent: 53.4×

Monthly cashflow live

• Estimated rent: $22,549 high
• Mortgage (P&I): −$11,799
• Tax from tax record: −$1,984 /mo · $23,808/yr
• Insurance: −$938
• HOA: −$0
• Vacancy / Maint / Mgmt: −$4,735
• Net cashflow: $3,093

Break-even live

Break-even rent $18,634

Max offer price $2,250,000

Occupancy floor 81%

Sensitivity live

Price	-10% $4,367	-5% $3,730	+0% $3,093	+5% $2,456	+10% $1,819
Rent	-10% $1,312	-5% $2,202	+0% $3,093	+5% $3,984	+10% $4,874
Rate	-1.0pp $4,226	-0.5pp $3,665	base $3,093	+0.5pp $2,510	+1.0pp $1,917

6-unit breakdown (identical units grouped — click to expand)

Units	Beds	Baths	Est. rent
▸ 2× units	1	1	$7,028
▸ 4× units	0	1	$15,520
Total (6 units)			$22,549

UW: 25.0% down · 7.5% · 30yr · 1.5% tax · 5.0% vac · 8.0% maint · 8.0% mgmt

Financing live

Cash to close

• Down payment: $562,500
• Closing costs: $67,500
• Reserves months: —
• Total cash needed: —

Listing history 29 events

1. 2026-06-18
   days on market $2,250,000 Active 85 DOM
2. 2026-06-17
   days on market $2,250,000 Active 84 DOM
3. 2026-06-16
   days on market $2,250,000 Active 83 DOM
4. 2026-06-15
   days on market $2,250,000 Active 82 DOM
5. 2026-06-14
   days on market $2,250,000 Active 80 DOM
6. 2026-06-13
   days on market $2,250,000 Active 79 DOM
7. 2026-06-10
   days on market $2,250,000 Active 77 DOM
8. 2026-06-09
   days on market $2,250,000 Active 76 DOM
9. 2026-06-08
   days on market $2,250,000 Active 75 DOM
10. 2026-06-07
    days on market $2,250,000 Active 74 DOM
11. 2026-06-05
    days on market $2,250,000 Active 71 DOM
12. 2026-06-03
    days on market $2,250,000 Active 70 DOM
13. 2026-06-02
    days on market $2,250,000 Active 69 DOM
14. 2026-06-01
    days on market $2,250,000 Active 68 DOM
15. 2026-05-31
    days on market $2,250,000 Active 67 DOM
16. 2026-05-30
    days on market $2,250,000 Active 66 DOM
17. 2026-04-20
    price $2,250,000 624-char remark

    Show marketing remark (624 chars)

    Prime Downtown Santa Barbara 6-Unit Investment Property! Originally built in the 1920s, this charming two-story building blends classic character with modern appeal, boasting approximately 4,870 sqft of living space across its 6 units. The building is fully occupied and includes two one-bedroom, one-bath units and four studio apartments with current rents at $10,585 per month. Sitting on a 9,148 SF lot, this asset offers a strong history of proven rental performance. Immaculately cared for and ready for the next chapter, it presents strong income potential in one of the most desirable and walkable locations in town.

18. 2026-03-25
    listed $2,399,000 Active 624-char remark

    Show marketing remark (624 chars)

    Prime Downtown Santa Barbara 6-Unit Investment Property! Originally built in the 1920s, this charming two-story building blends classic character with modern appeal, boasting approximately 4,870 sqft of living space across its 6 units. The building is fully occupied and includes two one-bedroom, one-bath units and four studio apartments with current rents at $10,585 per month. Sitting on a 9,148 SF lot, this asset offers a strong history of proven rental performance. Immaculately cared for and ready for the next chapter, it presents strong income potential in one of the most desirable and walkable locations in town.

19. 2024-11-08
    soldstatus $2,250,000 Closed 799-char remark

    Show marketing remark (799 chars)

    Immaculately maintained 6-unit property in Downtown Santa Barbara. First time available in over 50 years. Originally built in the 1920's this two-story gem features street frontage access from both Bath Street and Sola Street. A highly desired Santa Barbara location with ample off-street parking, private laundry facilities, plus storage and workshop space. Beautiful and private gardens, patios, and outdoor spaces which make this property an incredible private oasis for its occupants. Tenants love this beautiful and superb location, conveniently located close to shopping, dining, entertainment, beaches, and much more. Great investment opportunity with a lot of upside potential. Truly a must-see to believe - please see the numerous photos and virtual tour to experience the amazing property!

20. 2024-11-08
    soldstatus $2,250,000 Closed Sale

    Show marketing remark (799 chars)

    Immaculately maintained 6-unit property in Downtown Santa Barbara. First time available in over 50 years. Originally built in the 1920's this two-story gem features street frontage access from both Bath Street and Sola Street. A highly desired Santa Barbara location with ample off-street parking, private laundry facilities, plus storage and workshop space. Beautiful and private gardens, patios, and outdoor spaces which make this property an incredible private oasis for its occupants. Tenants love this beautiful and superb location, conveniently located close to shopping, dining, entertainment, beaches, and much more. Great investment opportunity with a lot of upside potential. Truly a must-see to believe - please see the numerous photos and virtual tour to experience the amazing property!

21. 2024-11-08
    soldstatus $2,250,000 Closed

    Show marketing remark (799 chars)

    Immaculately maintained 6-unit property in Downtown Santa Barbara. First time available in over 50 years. Originally built in the 1920's this two-story gem features street frontage access from both Bath Street and Sola Street. A highly desired Santa Barbara location with ample off-street parking, private laundry facilities, plus storage and workshop space. Beautiful and private gardens, patios, and outdoor spaces which make this property an incredible private oasis for its occupants. Tenants love this beautiful and superb location, conveniently located close to shopping, dining, entertainment, beaches, and much more. Great investment opportunity with a lot of upside potential. Truly a must-see to believe - please see the numerous photos and virtual tour to experience the amazing property!

22. 2024-11-08
    soldstatus $2,250,000

    Show marketing remark (799 chars)

    Immaculately maintained 6-unit property in Downtown Santa Barbara. First time available in over 50 years. Originally built in the 1920's this two-story gem features street frontage access from both Bath Street and Sola Street. A highly desired Santa Barbara location with ample off-street parking, private laundry facilities, plus storage and workshop space. Beautiful and private gardens, patios, and outdoor spaces which make this property an incredible private oasis for its occupants. Tenants love this beautiful and superb location, conveniently located close to shopping, dining, entertainment, beaches, and much more. Great investment opportunity with a lot of upside potential. Truly a must-see to believe - please see the numerous photos and virtual tour to experience the amazing property!

23. 2024-10-04
    historical Active Under Contract
24. 2024-09-30
    status Pending Sale

    Show marketing remark (799 chars)

    Immaculately maintained 6-unit property in Downtown Santa Barbara. First time available in over 50 years. Originally built in the 1920's this two-story gem features street frontage access from both Bath Street and Sola Street. A highly desired Santa Barbara location with ample off-street parking, private laundry facilities, plus storage and workshop space. Beautiful and private gardens, patios, and outdoor spaces which make this property an incredible private oasis for its occupants. Tenants love this beautiful and superb location, conveniently located close to shopping, dining, entertainment, beaches, and much more. Great investment opportunity with a lot of upside potential. Truly a must-see to believe - please see the numerous photos and virtual tour to experience the amazing property!

25. 2024-09-30
    status Pending 799-char remark

    Show marketing remark (799 chars)

    Immaculately maintained 6-unit property in Downtown Santa Barbara. First time available in over 50 years. Originally built in the 1920's this two-story gem features street frontage access from both Bath Street and Sola Street. A highly desired Santa Barbara location with ample off-street parking, private laundry facilities, plus storage and workshop space. Beautiful and private gardens, patios, and outdoor spaces which make this property an incredible private oasis for its occupants. Tenants love this beautiful and superb location, conveniently located close to shopping, dining, entertainment, beaches, and much more. Great investment opportunity with a lot of upside potential. Truly a must-see to believe - please see the numerous photos and virtual tour to experience the amazing property!

26. 2024-09-30
    historical Contingent - Continue to Show

    Show marketing remark (799 chars)

    Immaculately maintained 6-unit property in Downtown Santa Barbara. First time available in over 50 years. Originally built in the 1920's this two-story gem features street frontage access from both Bath Street and Sola Street. A highly desired Santa Barbara location with ample off-street parking, private laundry facilities, plus storage and workshop space. Beautiful and private gardens, patios, and outdoor spaces which make this property an incredible private oasis for its occupants. Tenants love this beautiful and superb location, conveniently located close to shopping, dining, entertainment, beaches, and much more. Great investment opportunity with a lot of upside potential. Truly a must-see to believe - please see the numerous photos and virtual tour to experience the amazing property!

27. 2024-09-16
    listed $2,250,000 Active 799-char remark

    Show marketing remark (799 chars)

    Immaculately maintained 6-unit property in Downtown Santa Barbara. First time available in over 50 years. Originally built in the 1920's this two-story gem features street frontage access from both Bath Street and Sola Street. A highly desired Santa Barbara location with ample off-street parking, private laundry facilities, plus storage and workshop space. Beautiful and private gardens, patios, and outdoor spaces which make this property an incredible private oasis for its occupants. Tenants love this beautiful and superb location, conveniently located close to shopping, dining, entertainment, beaches, and much more. Great investment opportunity with a lot of upside potential. Truly a must-see to believe - please see the numerous photos and virtual tour to experience the amazing property!

28. 2024-09-13
    listed $2,250,000 Active
29. 2024-09-11
    listed $2,250,000 Active

ⓘ Source: listings_history table (triggers on properties + properties_extension) + one-shot backfill from property_details.listing_events for pre-trigger history.

Tax reassessment forecast CA · Resets to sale price

• Current annual tax: $23,808 · $1,984/mo
• Projected year-2 tax: $23,808 · $1,984/mo
• Expected delta: $0/yr ($0/mo · 0.0%)

ⓘ Screening estimate from a state-policy table — verify with the county assessor before closing.

Climate risk First Street

• 🌊 Flood 1/10 Low FEMA zone X (unshaded) · 0% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 6/10 Major 7 d/yr ≥84°F today · 19 d/yr by 30 yrs out
• 💨 Wind 1/10 Low
• 🫁 Air quality 8/10 Severe 13 unhealthy d/yr today · 13 by 30 yrs out

Taxation est. · year 1

• Rental income: $270,588
• − Mortgage interest: −$126,035
• − Property taxes: −$23,808
• − Insurance: −$11,250
• − Repairs & maintenance: −$21,647
• − Management: −$21,647
• − Depreciation: −$65,455
• Taxable income: $746
• Est. tax owed @ 24.0%: −$179
• After-tax cash flow: $36,936/yr

For passive investors: Depreciation is non-cash, so a rental often shows a tax loss while cash-flowing — sheltering income. Rental losses are passive: they offset passive income freely, and up to $25,000/yr can offset ordinary (W-2) income if you actively participate and your MAGI is under $100k (phasing out to $0 by $150k); unused losses carry forward. On sale, claimed depreciation is recaptured at up to 25%, and gains may owe capital-gains tax (a 1031 exchange can defer both). Figures are a year-1 estimate at your 24.0% rate — not tax advice; consult a CPA.

Schools (NCES district)

• District: Santa Barbara Unified
• NCES district ID: 0601414
• Math proficiency: 45% ▲ 2.00%
• Reading proficiency: 54% ▬ 0.00%
• Median HH income: $67,369
• Composite: 46.05/100
• National rank: #5495
• State rank: #409 of 1400 in CA

Livability — Santa Barbara

• Score: 71/100
• State rank: #219
• US rank: #6964

Category grades

Amenities B Commute A+ Cost of living F Crime F Employment A+ Housing C Health & safety A+ User ratings C

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Santa Barbara, CA
• County: Santa Barbara County · 410,380 people
• City population: 119,998
• Metro: Santa Maria-Santa Barbara, CA
• Population (ZIP): 31,554
• Household income: $90,148
• Rent vs Own: 77.1% rent · 22.9% own
• Severe rent burden: 3070.0

Population outlook (Santa Barbara County) Hauer SSP2

• Today (2025): 484,679 people
• By 2030: 505,323 · +4.3%
• By 2040: 545,783 · +12.6%
• By 2050: 584,263 · +20.5%
• By 2075: 682,586 · +40.8%
• By 2100: 723,188 · +49.2%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Diverse neighborhood (Simpson 0.58)
• Race & ethnicity: Hispanic / Latino 48% White 43% Two or more races 23% Asian 3% Native American 2% Black 1%
• Hispanic origin (detail): Mexican 42%
• Common ancestry: Italian 2% Lithuanian 2% Iranian 1%
• Foreign-born: 26% · Canada, China
• Languages at home: 59% English-only · Spanish 36% German/W. Germanic 1% Other Indo-European 1%

Political lean MEDSL · Santa Barbara

• 2024 margin: Strong D (+26.7) · D 61.8% · R 35.1% · Other 3.1%
• 2008→2024 swing: +3.8pp toward D · 2008: 22.9pp · 2024: 26.7pp
• All cycles: 2024: D+26.7 2020: D+32.1 2016: D+28.2 2012: D+17.1 2008: D+22.9

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -1014.03%
• Current HPI: 305.6871
• Rent YoY: ▲ 3.95%
• Metro: Santa Maria-Santa Barbara, CA
• State GDP YoY: ▲ 3.21%
• F500 in state: 116

Industry mix (Fortune 500 HQ in CA)

Industry	F500 HQs	Revenue
▸Technology	27	$1,492B
▸Financial Services	3	$174B
▸Retail	3	$44B
▸Insurance	3	$26B
▸Media / Entertainment	2	$115B
▸Pharmaceuticals / Biotech	2	$62B

Price history

+0.0% since first listed

13 events — show timeline

• 2026-04-20 Price Changed $2,250,000 SBMLS
• 2026-03-25 Listed $2,399,000 SBMLS
• 2024-11-08 Sold (Public Records) $2,250,000 Public Records
• 2024-11-08 Sold (MLS) $2,250,000 SBMLS
• 2024-11-08 Sold (MLS) $2,250,000 CRMLS
• 2024-11-08 Sold (MLS) $2,250,000 NSBCRMLS
• 2024-10-04 Contingent — CRMLS
• 2024-09-30 Pending — CRMLS
• 2024-09-30 Pending — NSBCRMLS
• 2024-09-30 Contingent — SBMLS
• 2024-09-16 Listed $2,250,000 NSBCRMLS
• 2024-09-13 Listed $2,250,000 CRMLS
• 2024-09-11 Listed $2,250,000 SBMLS

Property tax history

+17.3%/yr

Latest (2025): $23,808 · +1026.3% YoY. Source: county tax records.