111 Chapala Street, SANTA BARBARA, CA 93101, SANTA BARBARA, 93101 - bed, bath
111 Chapala Street
SANTA BARBARA, CA 93101
Property Price
SUMMARY
Analysis of 111 Chapala Street, SANTA BARBARA, CA 93101 is currently available with a list price of $10,500,000. The property maintains a Fair Condition Rating (50/100), suggesting the property is in acceptable condition with potential for value enhancement through selective updates and improvements. Located in a high-demand neighborhood within the SANTA BARBARA Unified School District, this asset is categorized as a low-risk, high-reward acquisition suitable for both Buy-and-Hold Investors and Owner-Occupants willing to undertake light renovation work.
Condition Analysis
OVERALL CONDITION SCORE
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.
PROSSTRENGTHS & OPPORTUNITIES
- Prime Coastal Location
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.
- Architectural Heritage
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.
- Significant Value-Add Potential
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.
CONSRISKS & DEFICIENCIES
- Substantial Renovation Required
To realize the projected market value and upside, the 1930s structures will likely require significant capital expenditure for modernization and infrastructure upgrades.
- High Barrier to Entry
The $10.5 million acquisition price, combined with the necessary renovation budget, requires a high level of liquidity and sophisticated investment planning.
- Regulatory Oversight
Being located in the Coastal Zone and having historical significance may lead to more stringent permitting processes and restrictions on exterior modifications.
About 111 Chapala Street
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!
Property Details
Public Facts
- Property Type
- Residential Income
- Year Built
- 1930
- Lot Size
- 18,730 Sq. Ft.
Interior
- Total Bedrooms
- -
- Total Bathrooms
- -
Exterior & Parking
No exterior & parking available.
Utilities & Misc
- HOA Fee
- $0 / Month
Neighborhood Insights
Sensitive Facilities
No sensitive facilities data found.
Neighborhood Comparison
| Feature | Subject | Average Home | Neighborhood Ranking (50 Listings) |
|---|---|---|---|
| Beds | - | - | 50% |
| Baths | - | - | 50% |
| Square foot | 11,675 | 2,228 | 96% |
| Lot Size | 18,730 | 8,712 | 96% |
| Price | $10.50M | $2.79M | 96% |
| Price per sq ft | $899 | $640 | 57% |
| Built year | 1930 | 1951 | 43% |
| HOA | $0 | $0 | 50% |
| Days on market | 171 | 211 | 26% |
Pricing History
Listed for Sale
Sep 17, 2025
$10,500,000
Initial Listing