1600 Santa Barbara Street, SANTA BARBARA, CA 93101, SANTA BARBARA, 93101 - bed, bath
ACTIVE$7,500,000/sqft
1600 Santa Barbara Street, SANTA BARBARA, CA 93101
0Bed
0Bath
Sqft
31,363Lot
Price Vs. Estimate
Estimation data not available
Key pros and cons
Top Pros:
Prime Location: Situated in an A++ location in Santa Barbara, transitioning between downtown and the Upper Eastside, and directly across from Alick Keck Park gardens, offering exceptional desirability.
Top Cons:
Dated Systems & Infrastructure: The last major systems renovation occurred in the 1990s, indicating that critical infrastructure (e.g., HVAC, plumbing, electrical) is likely outdated and will require substantial capital investment for modernization.
Compared to the nearby listings
Price:$7.50M vs avg $1.77M (+$5,725,000)94%
Size: sqft vs avg 1,612.5 sqft38%
Price/sqft:$0 vs avg $57144%
More Insights
Built in 1940 (86 years old).
Condition: This property, built in 1940, has been used commercially since the late 1960s and is explicitly marketed for 're-purposing' into apartments or condominiums. While the exterior and general interior spaces appear well-maintained for their commercial use, there are no residential kitchens or bathrooms shown in the images, strongly indicating they are either non-existent for residential purposes or severely outdated/commercial-grade and require complete installation or renovation. The last major systems renovation was in the 1990s, making critical infrastructure (HVAC, plumbing, electrical) 24-34 years old and likely requiring substantial modernization, as noted in the property analysis. This property is not move-in ready for residential use and requires significant capital investment for rehabilitation and conversion, aligning with the 'Poor' condition criteria.
Year Built
1940
Close
-
List price
$7.5M
Original List price
-
Price/Sqft
$0
HOA
$0
Days on market
-
Sold On
-
MLS number
25-3995
Home ConditionPoor
Features
Good View:
Deck
Patio
View-
About this home
Prime opportunity for the savvy developer/investor to take advantage of the new flexible Adaptive Re-Use ordinance and favorable R-M zoning, to re-purpose inside the walls of a classic historic building into apartments or condominiums. As one of Santa Barbara's most treasured and unique properties, in an A++ location where downtown transitions to the Upper East and directly across from Alick Keck Park gardens, ''The McCormick House'' has been used commercially since the late 1960's as an art education center. The approx. 12,500+/-SF structure (incl. full ceiling height lower level) had a major systems renovation in the 1990's. Mills Act potential property tax reduction may add to the investment benefits. Contact agents for details and examples. Floorplans and ARU code under Documents.
K
Ken Switzer
Listing Agent
Condition Rating
Poor
This property, built in 1940, has been used commercially since the late 1960s and is explicitly marketed for 're-purposing' into apartments or condominiums. While the exterior and general interior spaces appear well-maintained for their commercial use, there are no residential kitchens or bathrooms shown in the images, strongly indicating they are either non-existent for residential purposes or severely outdated/commercial-grade and require complete installation or renovation. The last major systems renovation was in the 1990s, making critical infrastructure (HVAC, plumbing, electrical) 24-34 years old and likely requiring substantial modernization, as noted in the property analysis. This property is not move-in ready for residential use and requires significant capital investment for rehabilitation and conversion, aligning with the 'Poor' condition criteria.
Pros & Cons
Pros
Prime Location: Situated in an A++ location in Santa Barbara, transitioning between downtown and the Upper Eastside, and directly across from Alick Keck Park gardens, offering exceptional desirability.
Development & Adaptive Re-Use Potential: Benefits from favorable R-M zoning and a new flexible Adaptive Re-Use ordinance, making it ideal for conversion into apartments or condominiums.
Historic & Unique Property: Known as 'The McCormick House,' it is a classic historic building, recognized as one of Santa Barbara's most treasured and unique properties, adding significant character and appeal.
Significant Building Size: Offers approximately 12,500+/- SF of space, including a full ceiling height lower level, providing substantial square footage for redevelopment.
Mills Act Potential: The property has potential for Mills Act property tax reduction, which could significantly enhance the long-term financial benefits for an investor.
Cons
Dated Systems & Infrastructure: The last major systems renovation occurred in the 1990s, indicating that critical infrastructure (e.g., HVAC, plumbing, electrical) is likely outdated and will require substantial capital investment for modernization.
High Acquisition Cost: The list price of $7.5 million represents a significant initial investment, which, when combined with extensive renovation and conversion costs, could impact overall project feasibility and return on investment.
Complexity of Adaptive Re-Use: While zoning is favorable, converting a historic commercial building into residential units will involve intricate planning, adherence to historic preservation guidelines, and potentially lengthy permitting and construction processes.