1317 Punta Gorda St. Entitled 14-Unit Multifamily Development | Santa Barbara, CA 93103

1317 Punta Gorda St.
Santa Barbara, CA 93103
Entitled 14-Unit Multifamily Development

Property Type
Land
Multi-Family
Price
$3,995,000
Land Size
0.55 Acres
County
Santa Barbara

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. 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.

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