111 N Milpas St

Commercial building located in the heart of the Milpas corridor being offered at a 6.07% CAP rate on current income of $7,850/Month! The building has been renovated with new plumbing, new electrical, new electrical panel and most of the wood repaired/replaced, and several new windows were installed. Generous lot currently has two tenants (building/house $5,000/month and storage yard $2,850/month) with tenants paying all utilities. Value add upside with a set of drafted site plans/floor plans to add a 2-story, 2 bed/2 bath with attached garage/shop ADU. Short distance to East Beach, 101 Freeway access, downtown Santa Barbara, Funk Zone, waterfront and Santa Barbara Bowl!