1221 Laguna Street, SANTA BARBARA, CA 93101, SANTA BARBARA, 93101 - 3 bed, 2 bath
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SANTA BARBARA, CA 93101
This Downtown Santa Barbara Multi-Unit Asset is listed at $1,879,000, currently positioned above its $1,596,789 Fair Market Value. The valuation is supported by a rare 7,000 SqFt Lot—twice the size of standard downtown parcels—and three distinct income-generating structures. Featuring a Fair Condition Rating, the property requires modernization but offers immediate rental demand from a classic bungalow and a historic 1800s cottage. With a private patio and proximity to Santa Barbara High School, the site provides significant development upside. This is a strategic acquisition for Buy-and-Hold Investors or Developers.
Property is moderate renovation needed.
The property features a 1923 bungalow and an 1800s cottage that, while charming and functional for rental income, show clear signs of age and deferred maintenance. The kitchen is outdated with older tile countertops and white appliances, floors appear to be painted wood to mask wear, and the listing itself suggests the need to 'clean up the rough edges,' placing it firmly in the fair category.
Situated just blocks from State Street, the Courthouse, and the Granada Theater, the property offers an ideal car-free lifestyle in the heart of Santa Barbara.
With three distinct living spaces including a bungalow, a converted garage, and a historic cottage, the property generates significant rental revenue.
The 7,000 SqFt lot is approximately twice the size of standard downtown parcels, providing rare space and significant development upside.
The listing acknowledges 'rough edges' and structures dating back to 1923 and the 1800s, indicating a likely need for modernization and repairs.
Older converted structures and historic cottages can present challenges with modern building codes and strict Santa Barbara historical preservation guidelines.
At a list price of nearly $1.9M, the property requires a high initial capital outlay before accounting for the costs of necessary renovations and upgrades.
1221 Laguna St - The funnest and best property opportunity in Sunny Happy Santa Barbara. Land, lots of land. 7,000 SqFt of it. Twice the size of many lots. Multiple Houses. Multiple high rental income. Directly downtown. Courthouse, State, Granada Theater, Bowl, SB High (Go Dons!) - all 2 - 4 blocks. Car-free Life. The best location creates the best opportunities and best SB lifestyle. Not just land, income. Up front, a classic Cali Bungalow. 2B/1B/1054SqFt. Sunny. Silent. Happy. 5-6K rent. In the middle of the property, a convrtd Garage w/a King + Full Bath. In the backyard, pure SB Magic - a 550sq Ft renovated 1B/1B Cottage from the 1800s. Hand-chiseled floors. Vaulted ceilings. Impossibly unique. Incredible soul. 4K rent. 1221 Laguna St is Endless Potential. Move in and clean up the rough edges, or rent out multiple units and enjoy income, or build out high-value downtown units. Unlike any other downtown property this is a must see property.
No exterior & parking available.
No sensitive facilities data found.
| Feature | Subject | Average Home | Neighborhood Ranking (50 Listings) |
|---|---|---|---|
| Beds | 3.0 | 3.0 | 50% |
| Baths | 2.0 | 2.0 | 50% |
| Square foot | 1,054 | 1,213 | 43% |
| Lot Size | 7,000 | 4,791.6 | 86% |
| Price | $1.88M | $1.50M | 69% |
| Price per sq ft | $1.8K | $1.1K | 92% |
| Built year | 1923 | 1930 | 33% |
| HOA | $0 | $0 | 50% |
| Days on market | 189 | 197 | 43% |
Oct 15, 2025
$1,879,000
Initial Listing