270 W Alamar Ave, Santa Barbara | Parkview Apartments, 20-Unit Multifamily

Investment Overview

A Well-Located 20-Unit Multifamily Asset in Coastal Santa Barbara

The LAAA Team of Marcus & Millichap is pleased to present Parkview Apartments at 270 West Alamar Avenue, a 20-unit multifamily community on the border of Santa Barbara’s established Samarkand and Oak Park neighborhoods (93105), steps from Cottage Hospital. The all-one-bedroom unit mix, generous on-site parking, and irreplaceable South Coast location combine to offer an investor durable in-place cash flow and a clear path to higher yield as rents mark to market on turnover.

Built in 1960 and held in strong physical condition, the property spans approximately 11,800 rentable square feet across a 0.77-acre parcel, with 30 on-site parking spaces, roughly 1.5 spaces per unit, a genuine rarity for infill Santa Barbara. Its twenty one-bedroom units (approximately 550 square feet each) target the deepest, most resilient tenant pool on the South Coast, keeping turnover low and lease-up fast.

Santa Barbara is one of the most severely supply-constrained rental markets in the country. Hemmed between the Santa Ynez Mountains and the Pacific, hampered by strict entitlement and coastal-zone barriers, and anchored by UC Santa Barbara, Cottage Health, and a deep base of professional employment, the city sustains persistent excess housing demand. New multifamily supply is effectively negligible, and well-located existing product like Parkview Apartments is difficult to replace at any price.

At the $7,000,000 list price, $350,000 per unit and roughly $593 per square foot, the offering is underwritten to $335,965 of current net operating income, a 4.80% in-place capitalization rate, rising to $427,138 of net operating income and a 6.10% capitalization rate as the in-place rents (currently averaging $2,338 per month) are marked toward the $2,750 market level on turnover. That built-in loss-to-lease of roughly 18% represents the property’s core value-add.

$7.0M

List Price

Total Units

$561K

Current Scheduled Rent

6.10%

Pro Forma Cap Rate

Parking Spaces

Investment Highlights

Why 270 W Alamar Stands Out

Attractive Yield for Santa Barbara

At a 4.80% in-place cap rising to 6.10% pro forma, Parkview Apartments prices to a yield near the top of the Santa Barbara range, a market where recent trades have generally cleared between roughly 3.0% and 6.2%.

Built-In Rent Upside

In-place rents average about $2,338 per month against a market rent near $2,750, roughly 18% loss-to-lease. Under California’s vacancy-decontrol rules, a buyer captures that spread as units naturally turn over.

Generous On-Site Parking

Thirty on-site spaces for twenty units, about 1.5 per unit, is exceptional for infill Santa Barbara, where parking is scarce. It widens the tenant pool, supports rents, and simplifies management.

Efficient, Resilient Unit Mix

Twenty one-bedroom units (~550 SF) target the deepest, most durable segment of the Santa Barbara rental market, keeping vacancy low, turnover simple, and operations straightforward.

Supply-Constrained South Coast

Wedged between the mountains and the Pacific with negligible new construction, Santa Barbara sustains persistent excess housing demand. Well-located existing product like this is effectively irreplaceable.

Anchored by Cottage Hospital

The property sits steps from Cottage Health, the largest hospital between Los Angeles and San Francisco and the city’s biggest private employer with roughly 3,500 jobs, placing a deep, stable pool of rental demand at its doorstep.

The Property

Twenty One-Bedroom Units on a Well-Parked Santa Barbara Parcel

Parkview Apartments (270 West Alamar Avenue) is a two-story, garden-style multifamily community of twenty one-bedroom / one-bath units built in 1960, situated on a 0.77-acre parcel with 30 on-site parking spaces. See the full rent roll and operating financials below.

Property Summary

Address: 270 W Alamar Ave, Santa Barbara, CA 93105
Property Name: Parkview Apartments
Property Type: Multifamily (20 Units)
Unit Mix: 20 × 1 Bed / 1 Bath (~550 SF)
Year Built: 1960
Building Area: ±11,800 SF
Lot Size: 0.77 acres (±33,541 SF)
Parking: 30 on-site spaces (~1.5 / unit)

Title & Pricing

Estate: Fee Simple
APN: 051-283-019
Submarket: Samarkand / Oak Park (93105)
List Price: $7,000,000
Price / Unit: $350,000
Price / SF: $593
Cap Rate (In-Place / Pro Forma): 4.80% / 6.10%
GRM (In-Place / Pro Forma): 12.5× / 10.6×

Unit Mix

Unit Type	Count	Beds / Baths	Avg SF	In-Place Rent	Market Rent
Residential: One Bedroom	20	1 BD / 1 BA	~550	$2,338	$2,750
Total / Blended	20		~11,000	$46,755 / mo	$55,000 / mo

In-place rents reflect the current average scheduled rent of $2,338 per unit ($561,060 annualized); market rents reflect $2,750 per unit ($660,000 annualized). Unit square footage is approximate and should be independently verified.

Property Photos

Interior photos show a renovated one-bedroom unit with white shaker cabinetry, quartz counters, stainless appliances, and new flooring, the finish level that supports marking rents to the $2,750 market level on turnover.

270 W Alamar Ave, renovated open living room and kitchen with vaulted ceiling — Renovated open-plan living and kitchen with vaulted ceiling, new plank flooring, and clerestory windows.

270 W Alamar Ave, updated kitchen with shaker cabinets and stainless appliances — Updated kitchen with white shaker cabinetry, quartz counters, tile backsplash, and stainless appliances.

270 W Alamar Ave, bedroom with mirrored closet and vaulted ceiling — Bedroom with mirrored wardrobe closet, clerestory window, and vaulted ceiling.

270 W Alamar Ave, front elevation of a one-bedroom unit with balcony — Front elevation of the two-story garden-style building with private balconies and mature landscaping.

270 W Alamar Ave, building and parking with rooftop solar — Two-story building with rooftop solar and generous surface parking.

270 W Alamar Ave, side view with exterior stair and covered parking — Exterior stair and on-site parking; individual utility meters at grade.

270 W Alamar Ave, two-story residential buildings and on-site surface parking — Two-story residential buildings with gated, generous on-site surface parking.

Rent Roll

Current Rent Roll & Mark-to-Market Summary

All twenty one-bedroom units are underwritten at a current average scheduled rent of $2,338 per month, $561,060 annualized. Marked to the $2,750 market rent, scheduled income rises to $660,000, a roughly 18% loss-to-lease that a buyer captures on natural turnover under California’s vacancy-decontrol framework.

Unit Type	Units	Avg In-Place Rent	Market Rent	Monthly (In-Place)	Monthly (Market)	Annual (In-Place)
1 Bed / 1 Bath (~550 SF)	20	$2,338	$2,750	$46,755	$55,000	$561,060
Totals	20	$2,338	$2,750	$46,755	$55,000	$561,060

Source: Owner-provided rent roll and LAAA underwriting for 270 W Alamar Ave / Parkview Apartments (analysis date July 1, 2026). The property is 100% occupied (20 of 20 units). In-place figures reflect the current $2,338 average scheduled rent; market figures reflect $2,750 per unit. A unit-by-unit rent roll is available on request. Figures are estimates and should be independently verified.

Financials

Operating Statement & Valuation at $7,000,000

The table below presents the property’s current operations alongside a stabilized pro forma. Both columns are underwritten on a buyer’s basis with reassessed property taxes at 1.065% of the purchase price, a 3% vacancy factor, and a 5%-of-revenue management fee, and exclude mortgage debt service, which is a financing item. The pro forma marks the twenty one-bedroom units from the current $2,338 average to the $2,750 market rent.

Income & Expense

Line Item	Current	Stabilized Pro Forma
Gross Scheduled Rent	$561,060	$660,000
Less: Vacancy & Collection (3%)	($16,832)	($19,800)
Effective Rental Income	$544,228	$640,200
Other Income	$5,000	$5,000
Effective Gross Income	$549,228	$645,200
Real Estate Taxes	$74,550	$74,550
Insurance	$40,000	$40,000
Utilities: Electric	$1,700	$1,700
Utilities: Water & Sewer	$22,803	$22,803
Utilities: Gas	$2,761	$2,761
Trash Removal	$21,773	$21,773
Repairs & Maintenance	$17,000	$17,000
Landscaping	$1,800	$1,800
Pest Control	$1,415	$1,415
General & Administrative	$2,000	$2,000
Management Fee (5% of EGI)	$27,461	$32,260
Total Operating Expenses	$213,263	$218,062
Expenses as % of EGI	38.8%	33.8%
Net Operating Income	$335,965	$427,138
Cap Rate @ $7,000,000	4.80%	6.10%

Source: Owner-provided financials and LAAA underwriting. Both columns reassess property taxes at 1.065% of the $7,000,000 purchase price, apply a 3% vacancy factor, normalize repairs & maintenance to $850 per unit, and apply a 5%-of-revenue management fee. Insurance is carried at $40,000; owner-reported insurance ran higher (~$52,000) and a new quote is recommended. Operating expenses exclude mortgage debt service, which is a non-operating financing item. Figures are estimates and should be independently verified.

Valuation Summary

Metric	Value
List Price	$7,000,000
Number of Units	20
Price per Unit	$350,000
Price per SF	$593
Gross Scheduled Income (Current)	$561,060
Gross Rent Multiplier (Current)	12.5×
Net Operating Income (Current)	$335,965
Cap Rate (Current)	4.80%
Net Operating Income (Pro Forma)	$427,138
Cap Rate (Pro Forma)	6.10%
Gross Rent Multiplier (Pro Forma)	10.6×

Pro forma reflects the twenty units marked from the current $2,338 average scheduled rent to the $2,750 market rent, captured on turnover. Figures are estimates and should be independently verified.

Value-Add: Capture the Loss-to-Lease

In-place rents sit roughly 18% below market, $2,338 today versus $2,750 achievable. Because California’s Costa-Hawkins framework allows rents to reset to market on vacancy, a buyer captures that spread through natural turnover, lifting net operating income from $335,965 to $427,138 and the capitalization rate from 4.80% in-place to 6.10% pro forma. Combined with generous parking and an efficient all-one-bedroom mix, Parkview Apartments offers a clean, executable path to a materially higher yield.

Sales Comparables

Recent Santa Barbara Multifamily Sales

The two comparables below are recent closed multifamily sales within the City of Santa Barbara. Together they bracket 270 W Alamar on price per unit and support the pricing on both a per-unit and per-square-foot basis. Metrics are calculated on each property’s actual final sale price.

#	Address	Units	Yr Built	Sale Date	Sale Price	$/Unit	$/SF	Cap Rate	GRM
1	427 W Islay St. (Sheri Apartments), 93101	22	1968	2025	$6,500,000	$295,455	$917	5.31%	12.52×
2	2220 Oak Park Ln., 93105	10	1962	2025	$4,400,000	$440,000	$562	4.38%	12.9×
★	270 W Alamar Ave. (Subject), 93105	20	1960	Offered	$7,000,000	$350,000	$593	4.80%	12.5×

Sources: 427 W Islay St., 22 units (2 one-bedroom + 20 studio), ±7,088 SF, closed 2025. 2220 Oak Park Ln., 10 units (8 two-bedroom + 2 one-bedroom), 7,830 SF, closed 2025; cap rate and GRM computed on the property’s current in-place income of $341,796 and NOI of $192,841 per the seller’s Offering Memorandum. All per-unit, per-SF, cap-rate, and GRM figures are calculated on each property’s actual final sale price. Subject metrics shown on a current in-place basis (pro forma: 6.10% cap / 10.6× GRM). Figures are estimates and should be independently verified.

How the Comps Support the Pricing

The two recent Santa Barbara sales bracket the subject on a per-unit basis: 427 W Islay (all-studio product) closed at ~$295,000 per unit, and 2220 Oak Park Ln. (larger two-bedroom units adjacent to Cottage Hospital) closed at $440,000 per unit. At $350,000 per unit, 270 W Alamar’s one-bedroom mix sits squarely between them.
On yield, the two comps closed at 5.31% (Islay) and 4.38% (Oak Park) caps on current income; 270 W Alamar is offered at a 4.80% in-place cap with clear mark-to-market upside to a 6.10% pro forma, a stabilized yield above both comparables.
On a per-square-foot basis, the subject’s $593/SF is in line with Oak Park’s $562/SF and well below Islay’s $917/SF (small-studio product), reinforcing that $7,000,000 is well supported.
Both comparables are recent, real South Coast closings, not projections, underscoring durable investor demand for well-located Santa Barbara multifamily.

Location

Santa Barbara, The American Riviera

Santa Barbara sits on California’s South Coast between the Santa Ynez Mountains and the Pacific, a coastal city of enduring desirability, deep employment, and severe housing scarcity. 270 W Alamar Avenue sits on the border of the established Samarkand and Oak Park neighborhoods (93105), an interior residential pocket wrapped around Oak Park itself and just steps from Cottage Hospital, minutes from downtown, the waterfront, and US-101.

What Drives Demand in Santa Barbara

Severe supply constraint. Boxed in by mountains and ocean, with strict coastal-zone and entitlement barriers, Santa Barbara adds almost no new multifamily supply, sustaining persistent excess demand.
Deep, diversified employment. UC Santa Barbara, Cottage Health, local government, tourism, and a growing technology base anchor a broad and resilient tenant pool.
Affluent, high-barrier area. The 93105 area spanning Samarkand and Oak Park carries a median household income near $138,000 and median home values near $1.5 million, steep ownership costs that keep rental demand deep and durable.
Coastal lifestyle premium. Beaches, State Street, the Riviera, and the Mission draw residents and visitors year-round, supporting durable rents.
Regional position. On the US-101 corridor, roughly 30 minutes to Ventura and under two hours to Downtown Los Angeles.

Site Snapshot

Address: 270 W Alamar Ave, Santa Barbara, CA 93105
County: Santa Barbara
Neighborhood: Samarkand / Oak Park
Submarket: Santa Barbara South Coast (93105)
Drive to Downtown / Waterfront: 5 to 10 minutes
Drive to Ventura: ~30 minutes
Freeway Access: US-101 corridor

Area Demographics

Santa Barbara is one of California’s most desirable and supply-constrained coastal cities. The 93105 area, spanning the Samarkand and Oak Park neighborhoods, pairs an affluent, high-home-value ownership base with deep rental demand anchored by the Cottage Health medical district, sustaining steady demand for rental housing like Parkview Apartments. The figures below reflect the 93105 area.

The 93105 Area at a Glance

Population (93105): ~26,000
Households: ~10,500
Median Household Income: $138,286
Median Home Value: ~$1,496,500
Avg. 1-Bedroom Rent: ~$2,595 / month
Major Employer Nearby: Cottage Health (~3,500+ jobs)

Source: ZIP-level estimates (U.S. Census ACS, ZIP 93105) and local rental-market data for the Samarkand/Oak Park area of Santa Barbara. Figures are approximate and provided for general reference.

Between Samarkand & Oak Park

270 W Alamar sits right on the border of two of Santa Barbara’s most established near-west-side neighborhoods, Samarkand and Oak Park, a tree-lined area wrapped around Oak Park itself and anchored by the Cottage Health medical campus, the largest hospital between Los Angeles and San Francisco. State Street, the waterfront, and US-101 are all minutes away.

The 93105 area pairs an affluent, high-home-value ownership base with deep, durable rental demand from the surrounding medical district, one of the city’s most resilient rental submarkets. For an owner, that translates into consistent occupancy and defensible demand for well-located one-bedroom housing.

For a buyer, the combination of an irreplaceable Santa Barbara location, generous parking, in-place income, and clear mark-to-market upside makes 270 W Alamar a rare entry point into one of the most protected coastal rental markets in the country.

Your Team

Exclusively Marketed By

Ventura and Santa Barbara County deals are led by Logan Ward, the LAAA Team’s specialist for the Central Coast corridor. Logan partners with co-founders Glen Scher and Filip Niculete, senior managing directors who together have closed more than $1.4 billion in transactions across Los Angeles, Ventura, and Santa Barbara counties.

Logan Ward

Associate Investments

(818) 212-2675
Logan.Ward@marcusmillichap.com

CA License 02200464

Glen Scher

Senior Managing Director Investments

(818) 212-2808
Glen.Scher@marcusmillichap.com

CA License 01962976

Filip Niculete

Senior Managing Director Investments

(818) 212-2748
Filip.Niculete@marcusmillichap.com

CA License 01905352

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Ready to tour the property, review the financials, or discuss the underwriting? Reach out to any member of the team above. We’ll coordinate access, deliver the full due diligence package, and walk you through the model line by line.