3885 State Street, SANTA BARBARA, CA 93105 (MLS# 12-3480)

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3885 State Street, SANTA BARBARA, CA 93105

$3,800,000

Upper Level of Office Building at 3887 State St.

Lower Floor Plan of Existing Office Bldg

Map of Property and Surrounding Upper State St. Neighborhood

'Mirasol' Office Building 3887 State St. and side parking area.

The City of Santa Barbara has approved the plans submitted by the Berkus Design Studio for the construction of an exquisite, new, three-story mixed-use development project on this property. The commercial component consists of a 2,567 square foot unit. The residential component consists of thirty residential units (26 at market rate and 4 affordable units). The market rate component consists of 23 two-bedroom and 3 three-bedroom units. The affordable component consists of 3 two-bedroom units and 1 three-bedroom unit. A total of 78 parking spaces are proposed (62 covered and 16 uncovered.) On sight amenities include a 3,863 sq ft recreation facility, including an exercise room, sun room, spa/hot tub, dining room, staging kitchen, wine lockers, concierge service and a 545 square foot crafts room. The proposal also includes the voluntary merger of two parcels.

Drawings of Proposed Mixed Use Loft Condo Project

80+ Parking Spaces; lot extends to trees. Unlimited potential for development; rent spaces to local businesses/residents for extra money.

Mountain Views from Second Story of Office Building.

48 Unit Office Building and Side lot. Tenants on month to month leases. $300,000 gross Income.

Property Type: Commercial Sale 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: 9/16/2024

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

Country: US Compass Map: Santa Barbara Map Grid: L11 Cross Street: La Cumbre Rd District: 20 - SB/WEST OF STATE Street #: 3885 Street Name: State Street Suffix: Street State: CA Postal Code: 93105 County: Santa Barbara Parcel Number: 051-022-012

Contract Info

Buyers Agent $/%: 2.25 Current Price: $3,800,000 Price: 4125000 Begin Date: 2012-11-09 Status: Closed

Property Information

For Sale/Lease: For Sale Year Built: 1968 #Offices: 13 Total Bathrooms: 13 Gross Sq Ft: 62331 Apx Lot SqFt: 62331 Apx # Acres: 1.49 TYP: Business Total SqFt.: 4990

Assessor's Data

Assessor SqFt: 0 Assessor Lot Acres: 0.33

Owner Info

Deposit: 3

Remarks

Hot Sheet Comment: price 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.

Condition

Poor: 1

Business Info

Sales/Lse BK: Sale St. Signage: 1 Current Use: motel- vacant Lease Term: month-to-month

Amenities

Cable TV: 1 Shr/Phone: 1 Meter/Gas: 1 Meter/Elec: 1 Meter/Wtr: 1

Heating

Wall: 1

Use

Medical Office: 1 Office: 1 Retail/Commercial: 1 Residential: 1 Mixed Use: 1 Other: 1

Zoning

C-2: 1

Terms

Cash: 1

Listing Type

ER: 1

Business Type

Service: 1 Bus Other: 1

Parking

Uncovrd: 1 Pub/Lot: 1

Loan

No: 1

Contingent Remarks

CONTACT AGENT: 1

Reports

Build Plans: 1

Status Change Info

Sold Date: 2014-01-23 Sold Price: $3,800,000 Under Contract Date: 2013-09-12

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: 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: September - 16 - 2024

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