342 Palisades Drive, SANTA BARBARA, CA 93109, SANTA BARBARA, 93109 - 2 bed, 1 bath
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SANTA BARBARA, CA 93109
This Remodeled West Mesa Beach Bungalow is a Prime Investment Opportunity, listed at $1,995,000—positioned well below the $2,085,955 Fair Market Value by 4%. This valuation gap provides $90,955 in Instant Equity. Boasting a Condition Rating of 2, the home features a spa-style steam shower, modern kitchen, and private patio near Mesa Lane Beach. With approved ADU plans and potential for a second bathroom, it offers significant appreciation potential. This is an ideal acquisition for Owner-Occupants or Buy-and-Hold Investors.
Comparables within 1 miles sold in recently
| Address | Sold Price | Beds | Baths | Sq Ft | $/Sqft | Distance |
|---|---|---|---|---|---|---|
★ 342 Palisades Drive Subject | $1,995,000* List Price | 2 | 1 | 936 | $2,229 | - |
A 2325 Edgewater Way Sold | $2,168,500 | 2 | 1 | 912 | $2,378 | 0.3 mi |
* Subject property listed price vs sold prices of comps.
Property is new construction or fully renovated.
Although originally built in 1956, this beach bungalow has undergone an extensive recent renovation that brings it to modern standards. The property features high-quality wood flooring, recessed lighting, updated windows, and solar panels. The description highlights a recently remodeled open-concept kitchen with modern finishes and a luxury spa-style bathroom with a steam shower. The exterior is equally well-maintained with professional landscaping and a newer modern fence, showing no signs of deferred maintenance.
Situated in the highly sought-after West Mesa area, this property offers exceptional walkability to Mesa Lane Beach and captures the quintessential Santa Barbara indoor-outdoor lifestyle.
The property includes approved ADU plans and a footprint for future expansion, plus the immediate potential to convert the existing laundry room into a second bathroom.
The home features a recently remodeled open-concept interior with high-end finishes, including a spa-style bathroom with a steam shower and a contemporary kitchen.
With only 936 square feet of living space and a single bathroom, the current layout may be restrictive for buyers seeking more interior volume or family-sized accommodations.
At a list price of nearly $2 million, the cost per square foot is significantly high, reflecting a heavy premium for the location and land value over the existing structure's size.
In a prime West Mesa location just moments from Mesa Lane Beach access, this recently remodeled two-bedroom beach bungalow offers relaxed coastal living with an open-concept layout. Warm wood floors and a classic brick fireplace create a cozy, inviting feel, while the updated open kitchen features modern finishes and an easy flow for entertaining. The spa-style bathroom includes a steam shower for a touch of everyday luxury. Outside the spacious, lush lot (approx. 6100 sf) offers a palm-shaded backyard, an alfresco dining area, fire pit and lounging space capturing the essence of Santa Barbara indoor-outdoor living. Enjoy a relaxed, resort-like atmosphere with privacy and walkability. Additional highlights include laundry hookups added to the back bedroom closet allowing potential conversion of the current laundry room into a second half or full bathroom. Approved ADU footprint and plans (through first-level City review) are included, offering future potential for rental income or multigenerational living. The property also has proven short and long-term rental income potential (details available upon request). An Airstream is available for purchase separately, creating an instant guest suite, office, or additional rental opportunity.
No exterior & parking available.
No sensitive facilities data found.
| Feature | Subject | Average Home | Neighborhood Ranking (50 Listings) |
|---|---|---|---|
| Beds | 2.0 | 3.0 | 19% |
| Baths | 1.0 | 2.0 | 12% |
| Square foot | 936 | 1,666 | 5% |
| Lot Size | 6,098 | 8,712 | 25% |
| Price | $2.00M | $2.55M | 19% |
| Price per sq ft | $2.1K | $1.6K | 81% |
| Built year | 1956 | 1959 | 35% |
| HOA | $0 | $0 | 50% |
| Days on market | 49 | 200 | 2% |
Mar 4, 2026
$1,995,000
Initial Listing
Dec 13, 2021
$1,650,000
Public Record