1317 Punta Gorda St
Santa Barbara, CA 93103
Land For Sale
·
0.55 AC
Investment Highlights
- Offered at $3,950,000 ($164/SF Land) Land with Building Permits & Plans
- Lot Size: Approx. 0.55 Acres (23,958 SF)
- New Construction Total Investment: $7,499,700-$9,113,200
- Cap Rate: 4.42%-5.60% (Estimated When Completed)
- Units: (14) 2BD/2.5BA (When Completed)
- Situated Within The Average Unit Density Program (AUD)
Property Facts
| Property Type | Land | Proposed Use | Apartment Units |
| Property Subtype | Residential | Total Lot Size | 0.55 AC |
| Zoning | R-3 - High Density Residential | ||
| Property Type | Land |
| Property Subtype | Residential |
| Proposed Use | Apartment Units |
| Total Lot Size | 0.55 AC |
| Zoning | R-3 - High Density Residential |
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. 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.
Property Taxes
| Parcel Number | 017-300-017 | Improvements Assessment | $2,294,050 |
| Land Assessment | $4,000,131 | Total Assessment | $6,294,181 |
Property Taxes
