111 Chapala Street, SANTA BARBARA, CA 93101, SANTA BARBARA, 93101 - 0 bed, 0 bath
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SANTA BARBARA, CA 93101
This Residential Income Trophy Asset is a High-Potential Investment Opportunity with a List Price of $10,500,000, reflecting its stable $10,421,364 Fair Market Value. Despite a Condition Rating of 4, the 1930s Spanish Colonial architecture and R-4/Coastal Zoning provide a significant value-add path. Located 1.5 blocks from the Santa Barbara waterfront, the property offers potential Mills Act tax benefits and substantial rent upside. This iconic 17-unit complex is a premier acquisition for Generational Investors and Sophisticated Developers looking to secure a legacy coastal asset.
Property is moderate renovation needed.
This 1930s Spanish Colonial property is architecturally iconic and well-maintained, but it shows clear signs of age and requires substantial modernization. Interior images reveal dated features such as older carpeting and surface-mounted electrical conduits, and the listing description explicitly notes that significant capital expenditure is required for infrastructure upgrades and interior renovations to meet current market standards.
Situated in the premium West Beach area, the property is just 1.5 blocks from the Santa Barbara waterfront and one block from the vibrant State Street corridor.
Designed in 1930 by E. Keith Lockard, this iconic Spanish Colonial property is a rare, well-preserved example of Santa Barbara's peak architectural era.
At approximately $900/SF, the property is priced well below the market value of renovated complexes in the area, offering massive upside for a generational investor.
To realize the projected market value and upside, the 1930s structures will likely require significant capital expenditure for modernization and infrastructure upgrades.
The $10.5 million acquisition price, combined with the necessary renovation budget, requires a high level of liquidity and sophisticated investment planning.
Being located in the Coastal Zone and having historical significance may lead to more stringent permitting processes and restrictions on exterior modifications.
Recognized as one of Santa Barbara's most iconic and cherished apartment properties, La Casa Rosalia is for sale for the 1st time in nearly 40 years. In a premium West Beach location 1.5 blocks to the waterfront and 1 block to State Street, the property is a crowning example of local Spanish Colonial architecture at its peak era, designed in 1930 by E. Keith Lockard. Today the 17 total units in 3 buildings are ready for the generational investor to claim a trophy property with an unmatched long-term upside potential, plus possible Mills Act tax benefits and R-4/Coastal zoning. The 11,675+/-SF measured gross living area = ~$900/SF, perhaps half of the market value for the area of a future renovated complex. Unbranded OM available in Documents. Don't miss a true one-of-a-kind opportunity!
No exterior & parking available.
No sensitive facilities data found.
| Feature | Subject | Average Home |
|---|---|---|
| Beds | 0.0 | 0.0 |
| Baths | 0.0 | 0.0 |
| Square foot | 11,675 | - |
| Lot Size | 18,730 | - |
| Price | $10.50M | $2.13M |
| Price per sq ft | $899 | $813 |
| Built year | 1930 | 0 |
| HOA | $0 | $0 |
| Days on market | 309 | 47 |
Sep 17, 2025
$10,500,000
Initial Listing