3432 Richland Drive, Santa Barbara, CA 93105, Santa Barbara, 93105 - 0 bed, 0 bath
Loading property details...
3432 Richland Drive
Santa Barbara, CA 93105
ACTIVE
CONDITION: GOOD
0Beds
0Baths
4,707Sq Ft
9,583Lot Size
Property Price
LIST PRICE$3,295,000
EST. MARKET VALUE
$3,224,074
SUMMARY
This 8-unit multi-family property represents a High-Potential Investment Opportunity, listed at a List Price of $3,295,000. The property is positioned slightly above the $3,224,074 Fair Market Value. Featuring a Condition Rating of 3, the building is stabilized with recent interior updates and offers distant panoramic mountain views. Its strategic location near Cottage Hospital ensures consistent rental demand. This asset is ideal for Buy-and-Hold Investors seeking a solid mid-5% cap rate or 1031 Exchange Buyers looking for a stabilized Santa Barbara income property.
Estimated Market Value
$3,224,074
Based on Realkey algorithm analyzing recent comparable sales in Santa Barbara.
Condition Analysis
See Full ReportOVERALL CONDITION SCORE
Good
TeardownExcellent
Property is move-in ready.
While built in 1962, the property appears well-maintained and 'stabilized' per the description. Interior images show recent updates including modern luxury vinyl plank flooring and fresh paint, suggesting renovations within the 5-15 year window. The exterior shows good curb appeal and a functional roof, making the units move-in ready for tenants.
PROSSTRENGTHS & OPPORTUNITIES
- Strategic Location
Situated in the Upper State corridor near Cottage Hospital and major retail hubs, ensuring high tenant demand and proximity to the city's largest employers.
- Favorable Financials
Offers a solid mid-5% cap rate with additional upside potential and the rare advantage of a possible loan assumption at a below-market interest rate.
- Curb Appeal & Privacy
The property features manicured landscaping and a private corner lot location, enhancing its attractiveness to quality long-term tenants.
CONSRISKS & DEFICIENCIES
- Aging Infrastructure
Originally constructed in 1962, the building may require significant capital reserves for long-term maintenance or modernization of older systems.
- Compact Unit Sizes
With 8 units across approximately 4,700 square feet, the average unit size is relatively small, which could limit the maximum achievable rent per unit.
About 3432 Richland Drive
3432 Richland Drive is a rare opportunity to purchase an attractive and mostly stabilized mid-size multi-family building in the center of Santa Barbara's Upper State corridor - a hub of restaurants, retail and financial services. The location is also within a mile of Cottage Hospital (Santa Barbara's largest private employer), and near the Muni Golf Course, MacKenzie Park and La Cumbre Shopping Center. The 8 units are 1 x 2-BR/1-BA, 5 x 1-BR/1-BA and 2 studios. The property has good curb appeal with manicured landscaping, and is set privately in a corner location. The property delivers a solid current yield approaching a mid-5%'s cap rate, with remaining upside over time. Possible loan assumption at 5.69% interest rate, contact agent for details. Offering Memorandum in Documents.
Property Details
Public Facts
- Property Type
- Residential Income
- Year Built
- 1962
- Lot Size
- 9,583 Sq. Ft.
Interior
- Total Bedrooms
- 0
- Total Bathrooms
- -
Exterior & Parking
No exterior & parking available.
Utilities & Misc
- HOA Fee
- $0 / Month
Neighborhood Insights
Sensitive Facilities
No sensitive facilities data found.
Neighborhood Comparison
| Feature | Subject | Average Home |
|---|---|---|
| Beds | 0.0 | 0.0 |
| Baths | 0.0 | 0.0 |
| Square foot | 4,707 | 1,517.75 |
| Lot Size | 9,583 | 6,905.063 |
| Price | $3.29M | $1.98M |
| Price per sq ft | $700 | $1.2K |
| Built year | 1962 | 1955 |
| HOA | $0 | $0 |
| Days on market | 44 | 69 |
Pricing History
Listed for Sale
Sep 10, 2026
$3,295,000
Initial Listing
Sold
Mar 15, 2022
$2,505,000
Public Record