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!
Property Details
Property Features
Property Information:
Year Built: 1957
Living Area: 7,006 SqFt
Listing Office:
Office Name: Berkshire Hathaway HomeServices California Properties
Office Phone: (805) 969-5026
Listing Agent: Ken Switzer
Interior Features
Interior Information:
Flooring Type: Tile
Exterior Features
Parking Information:
Parking: Uncovered
Lot Features
Lot Information:
Lot: Near Public Transit
Lot Size: 0.25 Acres
Price Information
Listing Price Info
Price Summary:
List Price: $7,400,000
Price Per SqFt: $1,056/SqFt
Tax Information:
Annual Amount: $25,540
Tax Year: 2021
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Housing Market Comparison
See how this home compares to others in Santa Barbara, CA.
This property is $5.2M more than the Median Sold Price and $185/SqFt less than other homes in Santa Barbara, CA.
Based on homes sold in the last 12 months
MLS Details
MLS Information:
MLS Name: Santa Barbara Multiple Listing Service
MLS Number: #24-3381
Listing Office:
Office Name: Berkshire Hathaway HomeServices California Properties
Office Phone: (805) 969-5026
Listing Agent: Ken Switzer
The data relating to real estate for sale on this web site comes from the Internet Data Exchange Program of the Santa Barbara Multiple Listing Service. Real estate listings held by other are marked with the “MLS” logo and detailed information about them includes the name of the listing brokers. Based on information from the Santa Barbara MLS. Display of MLS data is usually deemed reliable but is NOT guaranteed accurate by the MLS. Buyers are responsible for verifying the accuracy of all information and should investigate the data themselves or retain appropriate professionals. Information from sources other than the Listing Agent may have been included in the MLS data. Unless otherwise specified in writing, Broker/Agent has not and will not verify any information obtained from other sources. The Broker/Agent providing the information contained herein may or may not have been the Listing and/or Selling Agent. Displays of minimal information (e.g., “thumbnails”, text messages, “tweets”, etc., of two hundred [200] characters or less) are exempt from this requirement but only when linked directly to a display that includes all required disclosures. Audio delivery of listing content is exempt from this disclosure requirement only when all required disclosures are subsequently delivered electronically to the registered consumer performing the property search or linked to through the device’s application. Copyright 2024 Santa Barbara Multiple Listing Service. All rights reserved. Data displayed may be a portion of, and not a complete set of all listings published in the MLS. Last updated on: 11/21/2024, 6:20:54 AM Eastern. If you have any questions regarding the accuracy of this data, please contact us at help@rockethomes.com.
Property Sales & Tax
Tax History
YEAR
PROP. TAX
ASSESSMENT
2021
$25,540
$2,434,396
2020
$25,540
$2,404,982
2019
$24,742
$2,357,827
2018
$24,743
$2,311,596
2017
$23,927
$2,266,271
History based on county public records data.
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Schools
Schools Nearby
The school rating is a score out of 10, where 10 is the highest and 1 is the lowest. Assigned schools have a bold outline.
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Nearby Schools
5
/10
Adelante Charter
1102 E Yanonali St
Distance between this listing and this school0.64 miles
Public Charter Grades KG-6
7
/10
Franklin Elementary School
1111 E Mason St
Distance between this listing and this school0.66 miles
Public District Grades PK-6
5
/10
Cleveland Elementary School
123 Alameda Padre Serra
Distance between this listing and this school0.71 miles
Public District Grades PK-6
Nearby Schools
3
/10
Santa Barbara Junior High School
721 E Cota St
Distance between this listing and this school1.16 miles
Public District Grades 7-8
4
/10
La Cumbre Junior High School
2255 Modoc Rd
Distance between this listing and this school3.29 miles
Public District Grades 7-8
7
/10
La Colina Junior High School
4025 Foothill Rd
Distance between this listing and this school5.31 miles
Public District Grades 7-8
Nearby Schools
5
/10
Alta Vista Alternative High School
215 E Ortega St
Distance between this listing and this school1.43 miles
Public District Grades 9-12
1
/10
La Cuesta Continuation High School
710 Santa Barbara St
Distance between this listing and this school1.45 miles
Public District Grades 9-12
6
/10
Santa Barbara High School
700 E Anapamu St
Distance between this listing and this school1.54 miles
The neighbors living near this home have an average income of $68,934. The most common annual income of people living in Santa Barbara, CA is between $35k-100k. The most common type of family is single, no kids. The majority of residents in this area have post secondary degree education.
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This home is located at 440 Por La Mar Dr in Santa Barbara, CA and zip code 93103 in the East Beach neighborhood. This 7,006 square foot home, which was built in 1957, sits on a 0.25 acre lot. It has been listed on Rocket Homes since October 11, 2024 and is currently priced at $7,400,000.
While more than 20 listings in Santa Barbara, CA in October 2024 were sold above asking price, there were more than 10 listings sold at asking price, and more than 56 were sold below. In October 2024 in Santa Barbara, CA there were 7% more homes for sale than in September 2024. The median list price of listings available in October 2024 was $2,129,415, while the average time on the real estate market was 43 days.
From Rocket Homes Real Estate and based on county public records data.
The data relating to real estate for sale on this web site comes from the Internet Data Exchange Program of the Santa Barbara Multiple Listing Service. Real estate listings held by other are marked with the “MLS” logo and detailed information about them includes the name of the listing brokers. Based on information from the Santa Barbara MLS. Display of MLS data is usually deemed reliable but is NOT guaranteed accurate by the MLS. Buyers are responsible for verifying the accuracy of all information and should investigate the data themselves or retain appropriate professionals. Information from sources other than the Listing Agent may have been included in the MLS data. Unless otherwise specified in writing, Broker/Agent has not and will not verify any information obtained from other sources. The Broker/Agent providing the information contained herein may or may not have been the Listing and/or Selling Agent. Displays of minimal information (e.g., “thumbnails”, text messages, “tweets”, etc., of two hundred [200] characters or less) are exempt from this requirement but only when linked directly to a display that includes all required disclosures. Audio delivery of listing content is exempt from this disclosure requirement only when all required disclosures are subsequently delivered electronically to the registered consumer performing the property search or linked to through the device’s application. Copyright 2024 Santa Barbara Multiple Listing Service. All rights reserved.
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