1600 Santa Barbara St 20 Unit Apartment Building $7,500,000 ($375,000/Unit) Santa Barbara, CA 93101

Prime opportunity for the savvy developer/investor to take advantage of the City of Santa Barbara's brand-new Adaptive Re-Use ordinance along with favorable R-M zoning, to re-purpose inside the walls of a classic historic building into apartments or condominiums. As one of Santa Barbara's most treasured and unique properties, in an A++ location where downtown transitions to the Upper East and directly across from Alick Keck Park gardens, ''The McCormick House'' has been used commercially since the late 1960's as an art education center. The approx. 12,500+/-SF structure (incl. full ceiling height lower level) had a major systems renovation in the 1990's. Mills Act potential property tax reduction may add to the investment benefits. See in Photos and Documents for floorplans, ordinance codes and land-use reports, and contact listing agent for more details about how Adaptive Re-Use can apply and examples of how this building fits well for a profitable re-development within the walls. Preliminary land-us analysis shows potential for 20 units plus 2 ADU's under City Average Unit Density zoning, and perhaps a similar number of units will fit under the easier Adaptive Re-Use entitlement. This is a true one-of-a-kind opportunity in the very best of locations in one of the world's premier coastal cities.