40 Ocean View Avenue, SANTA BARBARA, CA 93103, SANTA BARBARA, 93103 - 3 bed, 1 bath
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SANTA BARBARA, CA 93103
This property presents a Strong Value Opportunity with a List Price of $1,400,000—positioned well below the $1,501,584 Fair Market Value by 6%. This valuation gap offers $101,584 in Instant Equity for buyers. Featuring a Fair Condition Rating (5/10), the home requires a total rehab, yet the 11,761 sq. ft. lot provides significant development potential for expansion or an ADU. This is a high-reward acquisition ideal for Fix-and-Flip Investors or Owner-Occupants seeking to build long-term value in a prime Santa Barbara location.
Comparables within 1 miles sold in recently
| Address | Sold Price | Beds | Baths | Sq Ft | $/Sqft | Distance |
|---|---|---|---|---|---|---|
★ 40 Ocean View Avenue Subject | $1,400,000* List Price | 3 | 1 | 1,188 | $1,264 | - |
A 40 Ocean View Avenue Active | $1,500,000 List Price | 3 | 1 | 1,188 | $1,263 | 0.0 mi |
* Subject property listed price vs sold prices of comps.
Property is extensive renovation needed.
Built in 1953 (71 years old) with no evidence of major renovations. The property features an original 1950s kitchen with dated tile, a pink-tiled original bathroom, and obsolete systems including a wall heater and wood-burning stove. While clean, it requires a total rehab to address dated infrastructure and single-pane windows.
The property has a large lot size, which is more than 4 times of its living area. lot size in square feet = 11761, living area = 1188.
Situated in the prestigious Eucalyptus Hill area, the property offers exceptional proximity to Montecito, local beaches, and the Santa Barbara Zoo, ensuring strong long-term desirability and lifestyle appeal.
The oversized lot of nearly 12,000 square feet provides a rare opportunity for a substantial home expansion or the addition of an ADU, offering excellent upside for investors and developers.
With three bedrooms but only one bathroom, the current configuration is undersized for modern family needs and will likely require a capital-intensive plumbing addition to maximize market value.
At 1,188 square feet for $1.4M, the interior living space is relatively small, meaning buyers are paying a premium for the land and location rather than the existing structure's size.
Exceptional opportunity in a prime Santa Barbara location! Situated on a generous lot just under 12,000± square feet, this charming single-level home offers approximately 1,188± square feet of living space and endless possibilities for future expansion. The versatile layout and oversized parcel may provide excellent potential to add onto the existing residence, create a second unit (buyer to verify), or reimagine the property to suit a variety of needs. Ideally located with close proximity to Montecito, the beach, and the zoo, this property offers the perfect blend of convenience, lifestyle, and long-term upside. Whether you're looking for a primary residence, investment opportunity, or property with room to grow, the options here are abundant.
No exterior & parking available.
No sensitive facilities data found.
| Feature | Subject | Average Home | Neighborhood Ranking (50 Listings) |
|---|---|---|---|
| Beds | 3.0 | 3.0 | 50% |
| Baths | 1.0 | 2.0 | 24% |
| Square foot | 1,188 | 1,816 | 33% |
| Lot Size | 11,761 | 11,761 | 50% |
| Price | $1.40M | $2.12M | 24% |
| Price per sq ft | $1.2K | $1.6K | 38% |
| Built year | 1953 | 1929 | 76% |
| HOA | $0 | $0 | 50% |
| Days on market | 10 | 220 | 5% |
May 27, 2026
$1,400,000
Initial Listing