Bath Street Flats is a boutique multifamily investment located in one of Santa Barbara’s most supply-constrained downtown submarkets, offering hands-off ownership and durable cash flow. Situated just two blocks from the Santa Barbara Public Market and minutes from the Theatre District, the property benefits from consistent tenant demand, strong rental performance, and full occupancy. The asset has been meaningfully repositioned, allowing a new owner to step into a fully stabilized investment with limited near-term capital exposure and current income of $30,250 per month. With high barriers to entry and limited turnover, the property is ideally suited for a 1031 exchange buyer, private investor, or family office seeking stable income and long-term capital preservation in Santa Barbara.A newly constructed ADU (2022) adds additional value, while off-street parking and a modernized on-site laundry facility further enhance tenant convenience. This is a well stabilized investment opportunity, ideal for a 1031 exchange or long-term hold. With its unbeatable downtown location, consistent rental demand, and exceptional curb appeal, Bath Street Flats stands out as an ideal option for a hands-off investor.