
Santa Barbara, CA 93101
Analysis of 321 & 319 W Mission, Santa Barbara, CA 93101 is currently available with a list price of $9,800,000. The property maintains a Good Condition Rating (78/100), reflecting solid structural condition with well-maintained systems. The property presents an attractive opportunity for buyers seeking a move-in ready home. 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 both Buy-and-Hold Investors and Owner-Occupants willing to undertake light renovation work.
Property is move-in ready.
While originally built in 1928, the property has undergone significant updates and is exceptionally well-maintained to support its use as an active 15-bed care facility. Interior images show newer laminate flooring, recessed lighting, and clean paint throughout. The kitchens, though featuring some dated tile work, are fully functional and move-in ready, and the systems are clearly maintained to meet licensing standards.
The property includes an established 15-bed RCFE with a 36-year operational history, generating a robust $640,000 normalized NOI and a 6.5% in-place yield.
The offering includes an adjacent R-MH zoned lot with a secondary residence, providing immediate flexibility for ADUs, multi-unit development, or increased licensed care capacity.
Located near downtown Santa Barbara, this property sits in a highly desirable coastal market with significant barriers to entry, ensuring long-term asset appreciation and demand.
The sale involves an active care business, which requires specialized management expertise and licensing, potentially limiting the buyer pool to experienced owner-operators or niche investors.
With the primary structures dating back to 1928, the property may necessitate higher ongoing maintenance costs or capital improvements to remain competitive with modern care facilities.
Rare opportunity to acquire an established 15-bed RCFE, operating business, and two adjacent properties near downtown Santa Barbara. Operating for more than 36 years, the business benefits from historically strong occupancy, limited vacancy downtime, experienced staff, and established referral relationships. Current annualized revenue is approximately $1.78 million, with approximately $640,000 in seller-reported normalized NOI, representing an indicated in-place yield of approximately 6.5% before expansion. The offering includes 321 W Mission Street, the operating care facility, and 319 W Mission Street, an adjacent four-bedroom, two-bathroom residence on a 9,147-square-foot R-MH-zoned lot. The second property provides residential and care-related flexibility, potential additional licensed capacity, ADU or multi-unit opportunities, and meaningful long-term development upside. Offered together at $9,800,000, this is a compelling opportunity for an owner-operator or investor seeking immediate cash flow, valuable Santa Barbara real estate, and clear pathways for growth in a highly desirable coastal market with significant barriers to entry. Separate sale structures may also be considered. Financial documentation is available to qualified buyers following execution of a confidentiality agreement.
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 | 5,620 | - |
| Lot Size | 7,841 | - |
| Price | $9.80M | $2.43M |
| Price per sq ft | $1.7K | $1.3K |
| Built year | 1928 | 0 |
| HOA | $0 | $0 |
| Days on market | 72 | 60 |
May 12, 2026
$9,800,000
Initial Listing