We are pleased to present Sycamore Creek Apartments, an 18 unit multifamily investment opportunity in Santa Barbara, CA.Situated on a 29,185 SF lot (0.67 acres), the property consists of three buildings with 16 one bedroom units (~550 SF each), a two bedroom apartment (~950 SF), and a standalone two bedroom house with a den (~1,100 SF).A highly attractive assumable Chase Bank loan is in place, featuring a 4.80% fixed interest rate through August 2027 and an outstanding balance of ~$4 million (~50% LTV). This provides investors with below market financing in a high interest rate environment.The property has undergone over $500,000 in capital improvements (2022 2025), including new roofs, a repaved parking lot, brand new sewer laterals, exterior repainting, and SB 721 compliant balcony replacements. With minimal deferred maintenance, an investor can focus on maximizing rents and long term appreciation.Sycamore Creek Apartments offers 10%+ rental upside with no local rent controlonly subject to California's AB 1482 (currently allowing ~8.5% annual rent increases). Additionally, the large lot provides the opportunity to develop two detached ADUs, further enhancing income potential.With strong rental upside, assumable financing, and a supply constrained location, Sycamore Creek Apartments presents an ideal opportunity for investors seeking stable cash flow and long term appreciation in Santa Barbara.