1317 Punta Gorda Street, SANTA BARBARA, CA 93103 (MLS# 21-3858)

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1317 Punta Gorda Street, SANTA BARBARA, CA 93103

$3,850,000

1317-Punta-Gorda-St.-Santa-Barbara-CA-93

Property Type: Res Inc Lot Size (sq. ft.): 23,958 Status: Closed

Current Price: $3,850,000 List Date: 10/18/2021 Last Modified: 9/15/2024

Overview

Description

The Subject Property located at 1317 Punta Gorda St. is an excellent and rare ''Shovel-Ready''development opportunity located in an up-and-coming neighborhood within Santa Barbara. All entitlements and soft costs have been completed and paid for by current ownership and will be delivered at COE. The parcel of land, a ±.55 acre lot, is situated within the average unit density program (AUD), medium-high density overlay, granting a development potential of 15 – 27 units per acre. Recently, the City of Santa Barbara has discussed that it wants to discontinue the AUD program within the neighboring area, making this approved project potentially insulated from competing developments. Newly constructed buildings are not subject to AB1482 rent restrictions.

Supplements: Time to completion of the project is expected to be 18 months. The project, designed by local architect Tom Ochsner, consists of (7) 2-story, 2-unit buildings, totaling 14 units. The units are 2-story townhomes with 2.5 baths. Freestanding buildings like this can be more attractive to tenants and command above average rents.

Listing Details MLS# 21-3858

Location Info

District: 15 - SB/EAST OF STATE
Street #: 1317
Street Name: Punta Gorda
Street Suffix: Street
State: CA
Country: US
Postal Code: 93103
Compass Map: Santa Barbara
Map Grid: Q12
County: Santa Barbara
Parcel Number: 017-300-017
Cross Street: S Salinas Street

Contract Info

Price: 3950000
Buyers Agent $/%: 2.5
Begin Date: 2021-10-18

Status Information

Sold Date: 2022-12-06
Under Contract Date: 2022-02-02

Property Information

Number of Units: 14
Stories: 2
Apx # Acres: 0.55
Apx Lot SqFt: 23958
Recurring Fees: No
Year Built: 0

Remarks

Hot Sheet Comment: new

Owner Info

Deposit: 3

More Information

Unit 1

# Units: 14
# Bedrooms: 2
# Baths: 2
# Half Baths: Yes
Furnished: N
Rent: 47600
Monthly Total: 47600

Neighborhood/Schools

Elementary School: Cleveland
Junior High School: S.B. Jr.
High School: S.B. Sr.

Zoning

R-3: Yes

Terms

Cash: Yes
Conventional: Yes

Listing Type

ER: Yes

Parking Info

Mixed: Yes

Contingent Remarks

LOAN APPROVAL: Yes
SUBJ 2 INSPECT: Yes

Property Features

Parking Info: Mixed Zoning: R-3 Terms: Cash; Conventional Listing Type: ER Contingent Remarks: LOAN APPROVAL; SUBJ 2 INSPECT

Listing Office: Radius Group Commercial R.E.

Last Updated: September - 15 - 2024

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