324 W Cabrillo Boulevard, SANTA BARBARA, CA 93101, SANTA BARBARA, 93101 - 1 bed, 1 bath
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SANTA BARBARA, CA 93101
Analysis of 324 W Cabrillo Boulevard, SANTA BARBARA, CA 93101 is currently available with a list price of $4,950,000. The property maintains a Fair Condition Rating (50/100), suggesting the property is in acceptable condition with potential for value enhancement through selective updates and improvements. 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 moderate renovation needed.
The property is a functioning mixed-use site featuring a renowned restaurant and a residential unit, indicating it is currently habitable and operational. However, the structure is estimated to be over 50 years old with aging infrastructure and no major recent renovations mentioned. The listing's emphasis on 'development potential' and 'additional floor area' suggests that while the property is maintained, the existing systems and finishes are dated, and the primary value lies in the land and future redevelopment.
Situated directly on Cabrillo Boulevard with stunning ocean views, the property offers unparalleled visibility and proximity to Santa Barbara’s harbor, Stearns Wharf, and downtown.
The site presents a rare opportunity for future hotel development and allows for 3,000 SF of additional nonresidential floor area per the City's Growth Management Program.
The property features a high-profile, renowned restaurant tenant (Toma Restaurant & Bar) alongside a residential unit, providing immediate rental income and mixed-use versatility.
The property has no physical parking spaces on-site, relying on legal non-conforming credits for 13 spaces, which may complicate future high-density development.
Estimated to be over 50 years old, the existing structures may require significant capital improvements or modernization to maintain their value and functionality.
An exceptional investment opportunity across from the beach in Santa Barbara's coveted waterfront district. This mixed-use property features the renowned Toma Restaurant & Bar—one of the city's most celebrated dining destinations—and a charming single-family residence offering flexible use or rental income. Situated directly along Cabrillo Boulevard with stunning ocean views, this property lies just steps from the harbor, Stearns Wharf, and downtown. With its premier location and zoning, the site presents strong potential for future hotel development, making it ideal for investors or developers Development Potential 3,000 SF of additional nonresidential floor area may be developed per the City's Growth Management Program. Year Built Estimated 50+ years ago Tenant Toma Restaurant + SFR resident Parking None; legal non-conforming with credit for 13 spaces HVAC Yes Restrooms Three To Show Call listing agent
No exterior & parking available.
No sensitive facilities data found.
| Feature | Subject | Average Home | Neighborhood Ranking (50 Listings) |
|---|---|---|---|
| Beds | 1.0 | 3.0 | 6% |
| Baths | 1.0 | 2.0 | 29% |
| Square foot | - | 1,213 | 10% |
| Lot Size | 7,350 | 4,791.6 | 86% |
| Price | $4.95M | $1.50M | 98% |
| Price per sq ft | $0 | $1.1K | 22% |
| Built year | 2000 | 1930 | 90% |
| HOA | $0 | $0 | 50% |
| Days on market | 244 | 218 | 63% |
Mar 13, 2026
$4,950,000
$5,500,000
-10% Price Drop
Initial Listing
Jan 9, 2026
$5,500,000
$5,900,000
-7% Price Drop
Initial Listing
Aug 22, 2025
$5,900,000
Initial Listing