1600 Santa Barbara Street, SANTA BARBARA, CA 93101, SANTA BARBARA, 93101 - 0 bed, 0 bath
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SANTA BARBARA, CA 93101
Analysis of 1600 Santa Barbara Street, SANTA BARBARA, CA 93101 is currently available with a list price of $6,750,000. The property maintains a Poor Condition Rating (30/100), indicating the property requires renovation and updates to maximize its market potential. This presents opportunities for value-add investors. 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 Experienced Investors and Fix-and-Flip Specialists.
Property is extensive renovation needed.
Built in 1940 with the last major systems renovation occurring in the 1990s (over 30 years ago). While the structure is well-maintained as a historic landmark, it currently functions as a commercial art center and requires a complete interior 're-purpose' and rehab to be converted into residential apartments or condominiums. The systems are at the end of their typical life cycle and the layout lacks modern residential kitchens and baths.
Ideally situated where downtown transitions to the Upper Eastside, directly across from Alice Keck Park Memorial Garden, offering unmatched prestige and neighborhood appeal.
The flexible R-M zoning and Adaptive Re-Use ordinance provide a rare opportunity to convert this 12,500 SF historic structure into high-density apartments or luxury condominiums.
Potential for substantial property tax reductions via the Mills Act, coupled with a recent $750,000 price reduction, significantly enhances the investment's value proposition.
Repurposing a long-term commercial art center into residential units involves significant capital expenditure and navigating strict historic preservation and building codes.
While major systems were updated in the 1990s, the 30-year-old renovations likely require modern upgrades to meet current luxury residential standards and efficiency expectations.
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.
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 | 12,500 | - |
| Lot Size | 31,363 | - |
| Price | $6.75M | $2.13M |
| Price per sq ft | $540 | $813 |
| Built year | 1940 | 0 |
| HOA | $0 | $0 |
| Days on market | 266 | 47 |
Feb 12, 2026
$6,750,000
$7,500,000
-10% Price Drop
Initial Listing
Oct 30, 2025
$7,500,000
Initial Listing