1825 Chapala St

1825 Chapala Street is a 40-unit multifamily property located in the heart of Santa Barbara’s highly desirable Oak Park neighborhood. Perfectly situated just blocks from Cottage Hospital, downtown State Street, and a wide array of shopping, dining, and entertainment, the property offers residents unmatched convenience while maintaining a peaceful residential atmosphere. Its central location ensures consistent tenant demand, drawing from major employers, public transit, and the vibrant downtown core.

The property is comprised of three well-maintained buildings, each containing junior one-bedroom, one-bath units ranging from approximately 300 to 330 square feet. These efficient layouts feature open bedroom areas without doors, full kitchens, and private bathrooms, with several units offering private patios or fenced yards. Many interiors have been upgraded to modern standards with quartz countertops, new cabinetry, luxury vinyl plank flooring, and newer windows that enhance both comfort and appeal.

Significant capital improvements have been completed, including the full replacement of all roofs in 2023 and the complete resurfacing and re-striping of the parking lot in 2025. Residents enjoy ample on-site parking with 35 standard spaces plus one designated handicap space, as well as a central courtyard with a stone table and barbecue, a large laundry facility, and a secure storage room.

With strong in-place income and considerable room for rental growth, 1825 Chapala Street presents an exceptional value-add opportunity in one of California’s most supply-constrained and consistently high-demand rental markets. The combination of its prime location, desirable unit mix, modern upgrades, and recent major building improvements positions this property for long-term stability and sustained income growth.

Building Size

±13,408 SF

Units

40 Units ($323,750/per unit)

Unit Mix

(40) 1BD/1BA

Land Size

±28,750 SF ($450/SF of land)

Cap Rate

Current: 4.71% • AB1482: 5.00%

Market: 5.32%

GRM

Current: 14.01 • AB1482: 13.44

Market: 12.85

NOI

$610,215

Parking

35 On-site Spaces

Zoning

R-M (R-3)

APN

027-022-026

Year Built

1966