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Mixed-Use

320 W Carrillo St

320 W Carrillo St, Santa Barbara, CA 93101

Listing Price: $3,750,000

Cap Rate
3.17%
Number of Units
6
Occupancy
84.0%
Price/Unit
$625,000
Price/Gross SF
$647.00
Gross SF
5,796

Investment Overview

Marcus & Millichap, as exclusive advisor, is pleased to present a premier opportunity to acquire 320 W Carrillo Street (the “Property”), a mixed-use investment/redevelopment property consisting of a 2,396 square foot 3-unit multifamily asset and a 3,400 square foot retail/office building on 17,589 SF (0.41 AC) of C-2 zoned land located in the AUD multifamily redevelopment program area next to the highly trafficked intersection of W Carrillo St (33,967 VPD) and Castillo St (5,545 VPD) in Downtown Santa Barbara. A truly dynamic location providing a developer with a covered land play opportunity. Developers can take advantage of the generous in-place income while working through the entitlement process for a higher and better use with the city of Santa Barbara. Through the AUD multifamily program, a developer could build up to 25 apartment units on this parcel. There is also a value-add opportunity at play for an investor who wants to come in and bump up the below market rents. The subject property benefits from a prime centralized downtown Santa Barbara location, phenomenal 101 Freeway access, numerous walkable amenities and affluent demographics. It is ideally located only blocks from The Funk Zone, State Street Promenade, Santa Barbara Pier, and beaches. Downtown Santa Barbara serves as a tourist attraction, attracting people to various historic cultural venues such as the Granada Theater and Santa Barbara Courthouse, as well as various other retail amenities including Paseo Nuevo mall and the Santa Barbara Public Market. State Street, within Downtown Santa Barbara, is well known for its shops, restaurants, and boutiques. The Property is being offered at $3,750,000 on a fee simple basis, free and clear of existing debt.

Investment Highlights

  • Rare Mixed-User Value-Add Investment or Owner-User Opportunity
  • High-Density Multifamily Redevelopment Site
  • Excellent Downtown Santa Barbara Location

Exclusively Listed By

Mixed-Use

320 W Carrillo St

Listing Price: $3,750,000

Cap Rate
3.17%
Number of Units
6
Occupancy
84.0%
Price/Unit
$625,000
Price/Gross SF
$647.00
Gross SF
5,796

Investment Highlights

  • Rare Mixed-User Value-Add Investment or Owner-User Opportunity
  • High-Density Multifamily Redevelopment Site
  • Excellent Downtown Santa Barbara Location

Investment Overview

Marcus & Millichap, as exclusive advisor, is pleased to present a premier opportunity to acquire 320 W Carrillo Street (the “Property”), a mixed-use investment/redevelopment property consisting of a 2,396 square foot 3-unit multifamily asset and a 3,400 square foot retail/office building on 17,589 SF (0.41 AC) of C-2 zoned land located in the AUD multifamily redevelopment program area next to the highly trafficked intersection of W Carrillo St (33,967 VPD) and Castillo St (5,545 VPD) in Downtown Santa Barbara. A truly dynamic location providing a developer with a covered land play opportunity. Developers can take advantage of the generous in-place income while working through the entitlement process for a higher and better use with the city of Santa Barbara. Through the AUD multifamily program, a developer could build up to 25 apartment units on this parcel. There is also a value-add opportunity at play for an investor who wants to come in and bump up the below market rents. The subject property benefits from a prime centralized downtown Santa Barbara location, phenomenal 101 Freeway access, numerous walkable amenities and affluent demographics. It is ideally located only blocks from The Funk Zone, State Street Promenade, Santa Barbara Pier, and beaches. Downtown Santa Barbara serves as a tourist attraction, attracting people to various historic cultural venues such as the Granada Theater and Santa Barbara Courthouse, as well as various other retail amenities including Paseo Nuevo mall and the Santa Barbara Public Market. State Street, within Downtown Santa Barbara, is well known for its shops, restaurants, and boutiques. The Property is being offered at $3,750,000 on a fee simple basis, free and clear of existing debt.

Exclusively Listed By

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