233 W Quinto St 0.21 Acres of Residential Land Offered at $2,395,000 in Santa Barbara, CA 93105

Now available for sale for the 1st time in over 50 years, is a rare under-developed parcel adjacent to the Cottage Hospital medical buildings in the heart of the Santa Barbara Medical District. Currently consisting of 3 apartment units at the front of the property facing West Quinto Street, the back half of the lot was never built on. Recent and ever-increasing housing density rules now offer a developer/investor an incredible opportunity to build-out the remainder of the parcel or re-build from scratch, as suggested plausibly in the cover rendering. Or a non-developer may also value this opportunity, but instead as a multi-family investment plus a profitable land-bank with upside appreciation, or by entitling and selling the entitled project for profit.
The location for apartments is unbeatable in its immediate proximity to Santa Barbara’s largest private employer Cottage Health Systems, as well as Sansum Clinic, the Ridley-Tree Cancer Center, and numerous other medical and professional offices. The property is also within a couple of blocks of the Upper De La Vina commercial corridor with several restaurants, markets and all services. The rear of the property is accessed by a public alley, providing valuable double-access.
An included land-use report from Suzanne Elledge Planning and Permitting Services (SEPPS) discusses the potential total number of apartment units which might be built, along with guidance on square footage rules. Using a combination of the City of Santa Barbara Average Unit Density (AUD) rules, the State of California Density Bonus (SDBL) rules, and state Accessory Dwelling Unit (ADU) rules for multi-family properties, the report projects the potential for up to 11 apartment units on the property. A prospective buyer should also review the underlying development standards and details of the various housing legislation referenced in the report, available through links in the Offering Memorandum. Buyers and their consultants are advised to conduct their own research as to the development possibilities on the property; the listing agents
and sellers make no representations or guarantees as to what can be developed.