440 Por La Mar Drive, SANTA BARBARA, CA 93103, SANTA BARBARA, 93103 - 0 bed, 0 bath
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SANTA BARBARA, CA 93103
Analysis of 440 Por La Mar Drive, SANTA BARBARA, CA 93103 is currently available with a list price of $8,700,000. The property maintains a Excellent Condition Rating (95/100), indicating excellent structural integrity and modern finishes throughout. This turnkey property requires minimal updates and is ready for immediate occupancy. Located in a high-demand neighborhood within the SANTA BARBARA Unified School District, this asset is categorized as a low-risk, high-reward acquisition suitable for both Buy-and-Hold Investors and Owner-Occupants willing to undertake light renovation work.
Property is new construction or fully renovated.
While originally built in 1957, the property has been recently renovated and 're-positioned' as high-end vacation rentals. The interiors feature modern kitchens with stainless steel appliances, farmhouse sinks, recessed lighting, and updated flooring. The exterior and landscaping are in mint condition, meeting the criteria for a recent high-quality renovation.
Situated just steps from Santa Barbara's premier East Beach, this property occupies an ultra-rare coastal position in a high-demand submarket with significant long-term appreciation potential.
With 6 of 8 units currently under landlord control, the property offers a rare level of flexibility for immediate repositioning, market-rate adjustments, or strategic renovations.
The generous 860 sqft 2-bedroom floor plans provide the necessary footprint to add a second bathroom, allowing for a high-end luxury conversion to maximize rental yields.
The current reliance on vacation rental income poses a risk if local short-term rental ordinances are tightened, which could impact immediate cash flow and pro-forma projections.
Originally constructed in 1957, the building may require substantial capital expenditure for aging systems and structural updates to meet modern luxury standards during a conversion.
This ultra-rare waterfront-area 8-unit multi-family offering is just a few steps to Santa Barbara's best beach East Beach, and has been recently re-positioned for higher investor return potential. The property now has an investor-friendly 6 of 8 units under landlord control, almost impossible to find today. The apartments are all large 2-bed/1-bath, and at ~860sf each, big enough to support a 2nd bath addition for high-end luxury conversion. The units are currently held as mostly upgraded and furnished vacation rentals, in order to maintain maximum flexibility for the future for the next owner, while providing immediate cash flow. Offering Memorandum in Documents show pro-forma financials, and profitability as long-term beach-area luxury rentals should short-term rental use be curtailed.
No exterior & parking available.
No sensitive facilities data found.
| Feature | Subject | Average Home | Neighborhood Ranking (50 Listings) |
|---|---|---|---|
| Beds | 0.0 | 0.0 | 50% |
| Baths | 0.0 | 0.0 | 50% |
| Square foot | 7,006 | 2,618.5 | 88% |
| Lot Size | 10,890 | 4,791.3 | 88% |
| Price | $8.70M | $3.06M | 88% |
| Price per sq ft | $1.2K | $1.0K | 75% |
| Built year | 1957 | 1917 | 88% |
| HOA | $0 | $0 | 50% |
| Days on market | 55 | 220 | 13% |
Apr 22, 2026
$8,700,000
Initial Listing