527-533 State Street, SANTA BARBARA, CA 93101 (MLS# 21-1818)

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527-533 State Street, SANTA BARBARA, CA 93101

$41,900,000

Property Type: Commercial Sale Square Footage: 45,410 Lot Size (sq. ft.): 25,000 Status: Closed

Current Price: $41,900,000 List Date: 5/20/2021 Last Modified: 9/17/2024

Overview

Description

Once in a lifetime opportunity to acquire the Hotel Santa Barbara, a trophy, Santa Barbara landmark w/high-quality architectural detail, located in the well-traveled downtown area, five blocks from the ocean and Stearns Wharf pier. Located on the popular Lower State Street corridor, it is surrounded by numerous restaurants, shopping venues, and entertainment such as theaters and art galleries. The hotel is situated on a 25,000 sf lot and features 75 guest rooms, a lobby, and 6 ground-level retail spaces along State Street anchored by Starbucks Coffee at the immediate corner. The single U-shaped building is served by a rear surface parking lot with 23 spaces. Size of the improvements are approx 6,105 sf for the retail, roughly 39,305 sf for the hotel portion, & 41,410 sf total.

Supplements: In addition to the six ground-floor retail tenants, there is a roof-top cell-tower installation. Included in the hotel is also a small basement totaling approx 1,220 sf. The hotel itself features a lobby, two meeting rooms, and a small kitchen used for a lobby breakfast service (currently on hold due to COVID-19).

Listing Details MLS# 21-1818

Location Info

District: 20 - SB/WEST OF STATE
Street #: 527-533
Street Name: State
Street Suffix: Street
State: CA
Country: US
Postal Code: 93101
Compass Map: Santa Barbara
Map Grid: O12
County: Santa Barbara
Parcel Number: 037-172-001
Cross Street: Cota St

Contract Info

Price: 49000000
Buyers Agent $/%: 1.5
Begin Date: 2021-05-20

Property Information

TYP: Business
For Sale/Lease: For Sale
Year Built: 1926
Stories: 4
#Retail: 6
Gross Sq Ft: 45410
Apx Lot SqFt: 25000
Apx # Acres: 0.57
#Offices: 0

Owner Info

Deposit: 2

Remarks

Directions: South corner of State St & Cota St
Hot Sheet Comment: new

Status Change Info

Sold Date: 2021-11-30
Under Contract Date: 2021-07-15

More Information

Business Info

Current Use: Hotel/Retail

Condition

Excellent: Yes

Amenities

Views: Yes
Elevator: Yes

Use

Other: Yes

Zoning

C-M: Yes

Terms

Cash: Yes
Conventional: Yes

Listing Type

ER: Yes

Parking

Uncovrd: Yes

Property Features

Use: Other Zoning: C-M Condition: Excellent Parking: Uncovrd Amenities: Views; Elevator Terms: Cash; Conventional Listing Type: ER

Documents

Offering Memorandum ›

Listing Office: Berkshire Hathaway HomeServices California Properties

Last Updated: September - 17 - 2024

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