223-225 W Arrellaga Street, SANTA BARBARA, CA 93101, SANTA BARBARA, 93101 - 0 bed, 0 bath
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SANTA BARBARA, CA 93101
This Classic Craftsman Triplex serves as a high-demand residential income asset with a List Price of $2,195,000, reflecting a stable valuation near its $2,169,630 Fair Market Value. Currently holding a Condition Rating of 4, the 1903 structure retains historic bay windows and covered porches while offering functional multi-unit living. The rare addition of two one-car garages and off-street parking significantly enhances its utility in the downtown corridor. Located blocks from State Street, this property is a prime candidate for Owner-Occupants or Buy-and-Hold Investors.
Comparables within 1 miles sold in recently
| Address | Sold Price | Beds | Baths | Sq Ft | $/Sqft | Distance |
|---|---|---|---|---|---|---|
★ 223-225 W Arrellaga Street Subject | $2,195,000* List Price | 0 | 0 | 2,814 | $771 | - |
A 1111-1113 Olive Street Sold | $1,805,000 | 0 | 0 | 0 | 0.8 mi | |
B 15 W Islay Street Sold | $2,210,000 | 0 | 0 | 3,453 | $640 | 0.3 mi |
C 2133 Gillespie Street Sold | $1,625,000 | 0 | 0 | 1,690 | $962 | 0.9 mi |
D 1308 Bath Street Pending | $1,850,000 List Price | 0 | 0 | 2,533 | $730 | 0.3 mi |
* Subject property listed price vs sold prices of comps.
Property is moderate renovation needed.
This 1903 Craftsman triplex is well-maintained but shows clear signs of its age. While some units feature updated wood-look flooring and modern laundry appliances, other areas contain dated linoleum, older carpeting, and weathered exterior wood elements. The property appears functional and move-in ready for tenants, but it lacks a comprehensive recent renovation, with several original or older systems and finishes still in place.
Situated just blocks from the State Street corridor, this property offers exceptional walkability and high rental demand in the heart of Santa Barbara's urban center.
The inclusion of two one-car garages plus additional off-street parking is a significant and rare asset for a downtown multi-unit property, adding substantial practical value.
Built in 1903, this Craftsman-style triplex features timeless details like bay windows and covered porches, providing a unique charm that appeals to both tenants and owners.
As a structure dating back to 1903, the property may require ongoing investment in aging systems, structural upkeep, or modernization to meet contemporary standards.
The $2.195M price point represents a significant capital requirement, which may result in a lower initial capitalization rate for investors compared to newer or less central assets.
Classic Santa Barbara two-story Craftsman-style triplex offers a prime multi-unit opportunity in a highly sought-after downtown location. The property features a versatile configuration including a 2-bedroom/2-bathroom unit, a 2-bedroom/1-bathroom unit, and a 1-bedroom/1-bathroom unit. Historic architectural details like bay windows and covered porches add timeless character, while the rare inclusion of two one-car garages and additional off-street parking or storage provides significant practical value. Situated just blocks from the State Street corridor, this property combines SB charm with the convenience of urban living and private yard space.
No exterior & parking available.
No sensitive facilities data found.
| Feature | Subject | Average Home | Neighborhood Ranking (50 Listings) |
|---|---|---|---|
| Beds | 0.0 | 0.0 | 50% |
| Baths | 0.0 | 0.0 | 50% |
| Square foot | 2,814 | 2,708 | 53% |
| Lot Size | - | 10,018.8 | 6% |
| Price | $2.19M | $2.75M | 24% |
| Price per sq ft | $780 | $608 | 59% |
| Built year | 1903 | 1951 | 24% |
| HOA | $0 | $0 | 50% |
| Days on market | 41 | 232 | 6% |
Mar 12, 2026
$2,195,000
Initial Listing