34 N Milpas Street, SANTA BARBARA, CA 93103, SANTA BARBARA, 93103 - 2 bed, 1 bath
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SANTA BARBARA, CA 93103
This Versatile Craftsman Residence is a High-Potential Investment Opportunity, listed at $1,395,000—positioned well below the $1,431,459 Fair Market Value by 2%. This valuation gap secures $36,459 in Instant Equity. Maintaining a Good Condition Rating, the home features a newer roof, improved foundation, and mountain views. Its rare Commercial-General/High Density zoning offers significant upside for short-term rentals or commercial use just blocks from East Beach. This is a strategic acquisition for Buy-and-Hold Investors or Owner-Occupants looking to leverage high-density zoning.
Comparables within 1 miles sold in recently
| Address | Sold Price | Beds | Baths | Sq Ft | $/Sqft | Distance |
|---|---|---|---|---|---|---|
★ 34 N Milpas Street Subject | $1,395,000* List Price | 2 | 1 | 1,146 | $1,378 | - |
A 918 N Milpas Sold | $1,298,000 | 2 | 1 | 823 | $1,577 | 0.8 mi |
B 321 N Soledad Street Active | $1,450,000 List Price | 3 | 2 | 1,051 | $1,380 | 0.4 mi |
* Subject property listed price vs sold prices of comps.
Property is move-in ready.
This 1920s craftsman is move-in ready and exceptionally well-maintained. While the kitchen and interior styling (such as the tile countertops, vinyl flooring, and light fixtures) are dated and likely from a renovation 15-20 years ago, the property boasts significant recent infrastructure upgrades including a newer roof, dual-pane windows, an improved foundation, updated waste plumbing, and a tankless water heater. The original hardwood floors appear to be in good condition, and the home shows no signs of deferred maintenance, meeting the criteria for a solid 'good' rating.
The rare Commercial-General/High Density Residential zoning provides exceptional flexibility for investors, allowing for potential commercial use or short-term rentals with city approval.
Ideally situated just blocks from the beach and zoo, and steps away from major retailers like Trader Joe's and Sprouts, offering a highly desirable and convenient lifestyle.
Despite its 1920s charm, the home features critical modern updates including an improved foundation, newer roof, dual-pane windows, and a tankless water heater.
Lot size discrepancy between mls listing and other public or private record. mls listing lot size in square feet =5075, other record lot size in square feet = 5227. Bedroom count discrepancy between mls listing and other public or private record. mls listing bedroom count = 2, other record bedroom count = 3.
The 2-bedroom, 1-bathroom configuration and 1,146 square foot layout may be too small for larger families or buyers seeking more expansive living areas.
Located on Milpas Street, a major Santa Barbara thoroughfare, the property is subject to significant street noise and traffic volume which may impact residential privacy.
The Sunshine Craftsman home offers many opportunities with it's convenient location and combination Commercial-General/High Density Residential zoning which also allows short term rentals with city approvals. Enjoy the beach, zoo, and beachfront hotels just blocks away; convenient shopping with Trader Joe's and Sprouts just a block away; and a multitude of eating establishments practically next door. An improved foundation, waste plumbing, tankless gas water heater, newer roof, and nearly all windows replaced with dual panes provides modern comforts in a classic Santa Barbara home.
No exterior & parking available.
No sensitive facilities data found.
| Feature | Subject | Average Home |
|---|---|---|
| Beds | 2.0 | 0.0 |
| Baths | 1.0 | 0.0 |
| Square foot | 1,146 | - |
| Lot Size | 5,075 | - |
| Price | $1.40M | $2.43M |
| Price per sq ft | $1.2K | $1.3K |
| Built year | 1920 | 0 |
| HOA | $0 | $0 |
| Days on market | 127 | 60 |
Mar 17, 2026
$1,395,000
Initial Listing
Sep 20, 2002
$525,000
Public Record
Sep 29, 1998
$165,000
Public Record
Apr 16, 1996
$185,000
Public Record