3885 State Street, SANTA BARBARA, CA 93105
$3,800,000
Property Type:
Comm/Ofc
Baths:
13
Square Footage:
4,990
Lot Size (sq. ft.):
62,331
Status:
Closed
Current Price:
$3,800,000
List Date:
11/09/2012
Last Modified:
4/19/2019
Description
Extraordinary opportunity to purchase 1.49 acres commercial C2 mixed use property on Upper State St. Vacant 12 room motel + apt and 48 unit income-producing office building + huge 80 space parking lot. Re-develop both lots into large hotel, or use approved plans to build condos. New SB Density Overlay Ord. gives potential to build 90+ apartments! Transfer Development Rights can be sold for big
Supplements: 3885 and 3887 State St. are being sold together. 3885 State has a 12 room +apt/office that is vacant. 3887 State is currently rented at approx. 80% capacity, grossing $290,000 per year: all tenets are on month-to-month leases and paying under market rates: projected income, based on comparable space rental in area, is 25% greater. A modest estimate is $450,000 Gross Annual Income.
More Information MLS# 12-3480
Location Info
District: 20 - SB/WEST OF STATE
Street #: 3885
Street Name: State
Street Suffix: Street
State/Province: CA
Postal Code: 93105
Compass Map: Santa Barbara
Map Grid: L11
County: Santa Barbara
Parcel Number: 051-022-012
Cross Street: La Cumbre Rd
Contract Info
Current Price: $3,800,000
Price: 4125000
Buyers Agent $/%: 2.25
Begin Date: 2012-11-09
Status: Closed
Property Information
TYP: Commercial
For Sale/Lease: For Sale
Year Built: 1968
#Offices: 13
Total Bathrooms: 13
Gross Sq Ft: 62331
Total SqFt.: 4990
Apx Lot SqFt: 62331
Apx # Acres: 1.49
Assessor's Data
Assessor Lot Acres: 0.33
Owner Info
Deposit: 3
Remarks
Directions: From 101, exit at La Cumbre. Right on State St. Property comes up quickly on the right: Turn into motel property just before ''Plaza Inn'' sign.
Hot Sheet Comment: price
Status Change Info
Sold Date: 2014-01-23
Sold Price: $3,800,000
Under Contract Date: 2013-09-12
Business Info
Sales/Lse BK: Sale
Current Use: motel- vacant
Lease Term: month-to-month
Property Features
Business Info: St. Signage
Use: Medical Office; Office; Retail/Commercial; Residential; Mixed Use; Other
Business Type: Service; Bus Other
Zoning: C-2
Condition: Poor
Parking: Uncovrd; Pub/Lot
Heating/Cooling: Wall
Amenities: Cable TV; Shr/Phone; Meter/Gas; Meter/Elec; Meter/Wtr
Loan: No
Reports: Build Plans
Terms: Cash
Listing Type: ER
Contingent Remarks: CONTACT AGENT
Documents
Offering Memorandum ›Listing Office: Sterling Properties
Last Updated: April - 19 - 2019
The listing broker's offer of compensation is made only to participants of the MLS where the listing is filed.
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