220 W Figueroa Street, SANTA BARBARA, CA 93101, SANTA BARBARA, 93101 - 3 bed, 2 bath
ACTIVE$1,625,000$1,900/sqft
Est. Value: $1,625,000
%
FairlyEstimate
220 W Figueroa Street, SANTA BARBARA, CA 93101
3Beds
2Baths
1,900Sqft
10,018Lot
Price Vs. Estimate
The estimated value ($1,625,000) is $0 (0%) lower than the list price ($1,625,000). This property may be overpriced.
Key pros and cons
Top Pros:
High Available Lot Utilization: The property has a large lot size, which is more than 4 times of its living area. lot size in square feet = 10018, living area = 1900.
Top Cons:
Age and Condition of Existing Structure: Built in 1895, the existing structure is very old and likely requires extensive rehabilitation or demolition, adding significant costs and project complexity.
Compared to the nearby listings
Price:$1.62M vs avg $1.40M (+$225,500)64%
Size:1,900 sqft vs avg 984 sqft86%
Price/sqft:$855 vs avg $86850%
More Insights
Built in 1895 (131 years old).
Condition: Built in 1895, this property is explicitly marketed to investors/developers for its R-4 zoned land, with the listing analysis suggesting 'extensive rehabilitation or demolition' of the existing structure. The exterior images reveal severe deterioration, including extensively peeling paint, weathered wood siding, and a dilapidated porch, indicating the structure is well beyond repair for comfortable living without a complete overhaul. The absence of interior photos further supports the conclusion that the existing structure is unlivable and its value is solely in the land for redevelopment.
Year Built
1895
Close
-
List price
$1.63M
Original List price
-
Price/Sqft
$855
HOA
$0
Days on market
-
Sold On
-
MLS number
25-3286
Home ConditionTear down
Features
Excellent View:
Patio
View-
About this home
For the Investor/Developer. Only serious Buyers will be Considered. Proof of Funds required prior to Showings Exceptional opportunity in the heart of Santa Barbara's vibrant West Downtown district. Situated on a ~10,000 sq ft lot ( roughly 67'x150'), this property is zoned R-4, allowing for multi-unit/residential /Hotel development and offering tremendous potential for the savvy investor or developer. It's central location provides unmatched walkability to the Santa Barbara Courthouse, Sunken Gardens, restaurants, shopping, and transit, making it highly desirable for both rental and resale markets. This parcel represents one of the few remaining opportunities to build or redevelop in a core urban area where demand consistently outpaces supply. Whether you're looking to rehabilitate the existing structure or maximize the zoning to its highest and best use, the long-term upside is undeniable
P
Pamela Shalhoob
Listing Agent
Nearby schools
5/10
Roosevelt Elementary School
Public,•K-6•1.1mi
4/10
Santa Barbara Junior High School
Public,•7-8•1.1mi
5/10
La Cumbre Junior High School
Public,•7-8•1.3mi
6/10
Santa Barbara Senior High School
Public,•9-12•0.8mi
7/10
San Marcos Senior High School
Public,•9-12•4.7mi
Condition Rating
Tear down
Built in 1895, this property is explicitly marketed to investors/developers for its R-4 zoned land, with the listing analysis suggesting 'extensive rehabilitation or demolition' of the existing structure. The exterior images reveal severe deterioration, including extensively peeling paint, weathered wood siding, and a dilapidated porch, indicating the structure is well beyond repair for comfortable living without a complete overhaul. The absence of interior photos further supports the conclusion that the existing structure is unlivable and its value is solely in the land for redevelopment.
Pros & Cons
Pros
High Available Lot Utilization: The property has a large lot size, which is more than 4 times of its living area. lot size in square feet = 10018, living area = 1900.
Prime Downtown Location: Situated in the heart of Santa Barbara's vibrant West Downtown district, offering unmatched walkability to key amenities like the Courthouse, Sunken Gardens, restaurants, shopping, and transit.
High-Value R-4 Zoning: The R-4 zoning allows for multi-unit, residential, or hotel development, providing exceptional flexibility and potential for maximizing return on investment.
Large Urban Lot: A substantial ~10,000 sq ft lot in a core urban area is a rare asset, offering ample space for significant redevelopment projects.
Scarcity and High Demand: This parcel represents one of the few remaining development opportunities in a highly desirable urban area where demand consistently outpaces supply, ensuring strong market interest.
Strong Investment Potential: Explicitly marketed for investors and developers, the property offers undeniable long-term upside whether through rehabilitation or new construction, catering to both rental and resale markets.
Cons
Age and Condition of Existing Structure: Built in 1895, the existing structure is very old and likely requires extensive rehabilitation or demolition, adding significant costs and project complexity.
Limited Buyer Pool: The property is specifically targeted at 'Investor/Developer' and requires 'Proof of Funds,' narrowing the potential buyer market to those with substantial capital and development expertise.
Significant Development Costs and Complexity: Maximizing the R-4 zoning will entail substantial capital investment for construction, permitting, and project management, representing a considerable financial and logistical undertaking beyond the purchase price.