Active

440 Por La Mar Drive

SANTA BARBARA CA, 93103

$7,400,000


$1,056.24 per sqft

Active

2 Beds

1 Bath

7,006 sqft

Residential

Built in 1957

Courtesy of Ken Switzer, Berkshire Hathaway HomeServices California Properties

The sky's the limit for this ultra-rare waterfront-area 8-unit multi-family offering steps to Santa Barbara's best beach East Beach. Currently operated as standard long-term unfurnished rental apartments, the location of the building in the Coastal Zone and R-4 could allow for shorter-term rental uses. Other creative higher-return uses such as furnished long-term luxury rentals, corporate rentals or specialty group rentals are all possibilities in this A++ location. 2 of the 8 units have been kept intentionally vacant for the next owner to have a head start on re-positioning the property for their preferences. The property's current good condition is reflective of 20+ years of local pride-of-ownership hands-on management; 6 of the 8 units include various levels of existing upgrades, including tile floors throughout, but with plenty of room remaining for a new owner's value-add to a next level of luxury appropriate for the location. Projected cap rate after next AB 1482 round of rent bumps is estimated at ~4%, before any new value-add or other re-positioning for much higher potential cap rates - great numbers for a solid well-located Santa Barbara waterfront-area apartment building. Tenants and/or an owner-occupant would be within 1-2 blocks of casual and upscale dining and the world-renowned volleyball courts and soft sand of East Beach, and within a mile of both State Street / Stearns Wharf and Coast Village Road in Montecito. See the Offering Memorandum (unbranded) under Documents for more details about financial projections, floorplans and nearby amenties. Don't miss this rare generational investment opportunity!

24-3381

MLS ID

October 11, 2024

Listed

November 30, 2024

Updated

Map

440 Por La Mar Drive
SANTA BARBARA CA, 93103

Interior Features

Total Stories

2


Bedrooms

2


Total Bathrooms

1


Full Bathrooms

1


Laundry Description

Laundry Room, In Unit


Floor Description

Tile


Fireplace

No


Cooling

No


Heating

No

Exterior/Building Features

Lot Size

0.25 Acres


Lot Features

Near Public Transit

School Information

High School

S.B. Sr.


Elementary School

Franklin

Other Property Details

Area Name

15 - SB/EAST OF STATE


Days on Market

51


Garage

No


Parking

Uncovered


Parking Total

8


View

No


County

Santa Barbara


Pool

No


Zoning

R-4

Listed by Berkshire Hathaway HomeServices California Properties, Ken Switzer,
Listing Contact: [email protected] 

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Data last updated 5:18 PM UTC, 11/30/2024

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