1611 Castillo Street, SANTA BARBARA, CA 93101, SANTA BARBARA, 93101 - 0 bed, 0 bath
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SANTA BARBARA, CA 93101
This triplex represents a High-Potential Investment Opportunity, listed at $2,995,000—positioned above the $2,780,817 Fair Market Value. While the current pricing reflects a premium, the property offers significant Development Potential on a 16,988 SF lot, fully entitled for seven additional units. With a Condition Rating of 3, the existing triplex provides stable, turnkey rental income. This asset is a strategic acquisition for Buy-and-Hold Investors or Real Estate Developers seeking to scale density in a supply-constrained coastal market.
Comparables within 1 miles sold in recently
| Address | Sold Price | Beds | Baths | Sq Ft | $/Sqft | Distance |
|---|---|---|---|---|---|---|
★ 1611 Castillo Street Subject | $2,995,000* List Price | 0 | 0 | 2,122 | $1,310 | - |
A 518 E Islay Street Active | $2,650,000 List Price | 0 | 0 | 2,268 | $1,168 | 1.0 mi |
* Subject property listed price vs sold prices of comps.
Property is move-in ready.
The property was built in 2006 (18 years old) and two of the three units underwent renovations in 2018 (6 years ago). With central HVAC in the primary unit and recent updates to the others, the property is well-maintained and move-in ready, fitting the 10-20 year age and 5-15 year renovation bracket.
The property sits on a massive 16,988 SF lot and is fully entitled for an additional seven units, providing a rare and clear path to increased density and substantial value-add potential.
Situated in a highly desirable Santa Barbara neighborhood, the property is minutes from State Street, the Funk Zone, and Cottage Hospital, ensuring consistently high tenant demand.
The existing triplex features well-maintained units with modern upgrades, including 2018 renovations and central HVAC, offering strong immediate rental income and reduced initial maintenance costs.
Beyond the $2.995M acquisition cost, the development of seven additional units will require significant further investment and construction financing.
The property was last sold in early 2022 for $2.05M; the current asking price reflects a nearly 50% increase, which may impact immediate cap rate expectations for some investors.
1611 Castillo Street offers a rare opportunity to acquire a well-located Santa Barbara triplex on a 16,988 SF lot, fully entitled for an additional seven total units. The property provides strong in-place income with approved plans for a clear near-term path to added density and future upside. Existing improvements include three well-maintained units: a remodeled 2BD/1BA and 1BD/1BA renovated in 2018, plus a 1BD/1BA built in 2006 with central HVAC and a gas fireplace. Each unit includes a private garage and dedicated storage. Minutes from downtown, the beach, Cottage Hospital, State Street, Funk Zone, and transit, 1611 Castillo offers investors a compelling opportunity to grow income in a supply-constrained coastal market.
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 | 2,122 | - |
| Lot Size | 16,988 | - |
| Price | $3.00M | $2.13M |
| Price per sq ft | $1.4K | $813 |
| Built year | 2006 | 0 |
| HOA | $0 | $0 |
| Days on market | 42 | 47 |
Jun 11, 2026
$2,995,000
Initial Listing
Feb 15, 2022
$2,050,000
Public Record