3445 Richland Drive, SANTA BARBARA, CA 93101, SANTA BARBARA, 93101 - bed, bath
ACTIVE$6,500,000$10,758/sqft
3445 Richland Drive, SANTA BARBARA, CA 93101
0Bed
0Bath
10,758Sqft
16,552Lot
Price Vs. Estimate
Estimation data not available
Key pros and cons
Top Pros:
Extensive Unit Renovations: Fourteen of the sixteen units have been renovated with upgraded interiors, significantly enhancing rental appeal and reducing immediate capital expenditure needs.
Top Cons:
MLS Listing Discrepancy: Lot size discrepancy between mls listing and other public or private record. mls listing lot size in square feet =16552, other record lot size in square feet = 8276.
Compared to the nearby listings
Price:$6.50M vs avg $1.77M (+$4,725,000)94%
Size:10,758 sqft vs avg 1,690 sqft94%
Price/sqft:$604 vs avg $60650%
More Insights
Built in 1960 (66 years old).
Condition: The property, built in 1960, has undergone significant recent renovations in 14 out of 16 units, as evidenced by the modern kitchens with white shaker cabinets, stainless steel appliances, updated bathrooms with subway tile, and new laminate flooring. Substantial plumbing improvements have also been completed. While the underlying structure is older and two units remain unrenovated, the extensive updates to the majority of the property's interiors and major systems place its overall condition in the 'Good' category, making it largely move-in ready with no immediate renovation required for most units.
Year Built
1960
Close
-
List price
$6.5M
Original List price
-
Price/Sqft
$604
HOA
$0
Days on market
-
Sold On
-
MLS number
26-65
Home ConditionGood
Features
View-
About this home
3445 & 3449 Richland combined. Fourteen of the Sixteen units have been renovated with upgraded interiors, offering strong rental appeal and reduced near-term capital needs. The property has received substantial plumbing improvements, including new sewer connections to the street, ensuring long-term infrastructure reliability. With consistently high occupancy, minimal vacancy, and a proven record of professional maintenance, this garden-style community represents a stable, well-performing asset with upside potential through continued modernization and rent growth.
M
Michael Lopus
Listing Agent
Price History
Date
Event
Price
07/06/16
Sold
$2,291,500
10/31/01
Sold
$1,250,000
Condition Rating
Good
The property, built in 1960, has undergone significant recent renovations in 14 out of 16 units, as evidenced by the modern kitchens with white shaker cabinets, stainless steel appliances, updated bathrooms with subway tile, and new laminate flooring. Substantial plumbing improvements have also been completed. While the underlying structure is older and two units remain unrenovated, the extensive updates to the majority of the property's interiors and major systems place its overall condition in the 'Good' category, making it largely move-in ready with no immediate renovation required for most units.
Pros & Cons
Pros
Extensive Unit Renovations: Fourteen of the sixteen units have been renovated with upgraded interiors, significantly enhancing rental appeal and reducing immediate capital expenditure needs.
Robust Infrastructure Upgrades: The property has received substantial plumbing improvements, including new sewer connections to the street, ensuring long-term infrastructure reliability.
Proven Strong Financial Performance: Consistently high occupancy and minimal vacancy rates indicate a stable, in-demand, and income-generating asset.
Professional Management & Maintenance: A proven record of professional maintenance suggests a well-cared-for property, minimizing operational concerns for a new owner.
Significant Upside Potential: The property offers clear upside potential through continued modernization and rent growth, promising future value appreciation and increased cash flow.
Cons
MLS Listing Discrepancy: Lot size discrepancy between mls listing and other public or private record. mls listing lot size in square feet =16552, other record lot size in square feet = 8276.
Original Construction Age: Built in 1960, the property's underlying structure is over 60 years old, which may imply future capital expenditures for systems not explicitly mentioned as upgraded (e.g., electrical, roofing, HVAC).
Incomplete Unit Renovation: Two of the sixteen units have not yet been renovated, representing a potential immediate capital expenditure or a slight inconsistency in tenant offerings.
Ongoing Capital Investment Required: While offering upside potential, realizing maximum rent growth and modernization will require additional capital investment beyond the current state.