111 Chapala Street, SANTA BARBARA, CA 93101, SANTA BARBARA, 93101 - bed, bath
ACTIVE$10,500,000$11,675/sqft
111 Chapala Street, SANTA BARBARA, CA 93101
0Bed
0Bath
11,675Sqft
18,730Lot
Price Vs. Estimate
Estimation data not available
Key pros and cons
Top Pros:
Premium Location: Situated in a premium West Beach location, just 1.5 blocks from the waterfront and 1 block from State Street, offering exceptional walkability and access to key Santa Barbara attractions.
Top Cons:
Significant Renovation Required: To realize its full market value and 'unmatched long-term upside potential,' substantial capital investment will be necessary for renovation and modernization of the 17 units across three buildings.
Compared to the nearby listings
Price:$10.50M vs avg $1.77M (+$8,725,000)94%
Size:11,675 sqft vs avg 1,690 sqft94%
Price/sqft:$899 vs avg $62469%
More Insights
Built in 1930 (96 years old).
Condition: Built in 1930, this property explicitly requires 'substantial capital investment' for 'renovation and modernization' across its 17 units. The listing notes 'outdated systems, infrastructure, and interiors' needing 'comprehensive upgrades.' While the exterior maintains its historic charm, interior images show dated elements like radiators, older light fixtures, and basic finishes. The absence of kitchen and bathroom photos, combined with the strong emphasis on future renovation, indicates these key areas are likely in poor, outdated condition, necessitating significant rehabilitation to meet current standards.
Year Built
1930
Close
-
List price
$10.5M
Original List price
-
Price/Sqft
$899
HOA
$0
Days on market
-
Sold On
-
MLS number
25-3487
Home ConditionPoor
Features
Good View:
Deck
Patio
View-
About this home
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!
K
Ken Switzer
Listing Agent
Condition Rating
Poor
Built in 1930, this property explicitly requires 'substantial capital investment' for 'renovation and modernization' across its 17 units. The listing notes 'outdated systems, infrastructure, and interiors' needing 'comprehensive upgrades.' While the exterior maintains its historic charm, interior images show dated elements like radiators, older light fixtures, and basic finishes. The absence of kitchen and bathroom photos, combined with the strong emphasis on future renovation, indicates these key areas are likely in poor, outdated condition, necessitating significant rehabilitation to meet current standards.
Pros & Cons
Pros
Premium Location: Situated in a premium West Beach location, just 1.5 blocks from the waterfront and 1 block from State Street, offering exceptional walkability and access to key Santa Barbara attractions.
Architectural Significance & Iconic Status: Recognized as an iconic and cherished apartment property, La Casa Rosalia is a crowning example of 1930s Spanish Colonial architecture by E. Keith Lockard, adding unique historical and aesthetic value.
Significant Investment Potential: The property offers unmatched long-term upside potential, with its current price per square foot estimated at half the market value of a future renovated complex in the area.
Tax Benefits & Zoning Advantages: Potential eligibility for Mills Act tax benefits, which can significantly reduce property taxes for historic properties, coupled with favorable R-4/Coastal zoning.
Rare Market Opportunity: This is the first time the property has been available for sale in nearly 40 years, presenting a true one-of-a-kind opportunity for a discerning investor.
Cons
Significant Renovation Required: To realize its full market value and 'unmatched long-term upside potential,' substantial capital investment will be necessary for renovation and modernization of the 17 units across three buildings.
Age of Property: Built in 1930, the property's age suggests potential for outdated systems, infrastructure, and interiors that will likely require comprehensive upgrades to meet contemporary standards and tenant expectations.
Long-Term Investment Horizon: Positioned for a 'generational investor,' this property implies a need for a patient, long-term investment strategy, as the full realization of its potential value may not be immediate.