515 Mills Way, GOLETA, CA 93117, GOLETA, 93117 - 3 bed, 2 bath
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GOLETA, CA 93117
This property presents a Strong Value Opportunity with a List Price of $1,475,000—positioned well above the $1,347,541 Fair Market Value by -9%. While the property requires significant capital expenditure due to its Condition Rating of 5, the 8,276 sq. ft. oversized lot provides exceptional potential for expansion or an ADU. Located in a prime coastal neighborhood near UCSB, this value-add asset features a functional patio and solid bones. This project is best suited for Fix-and-Flip Investors or Contractors capable of executing a full-scale renovation.
Comparables within 1 miles sold in recently
| Address | Sold Price | Beds | Baths | Sq Ft | $/Sqft | Distance |
|---|---|---|---|---|---|---|
★ 515 Mills Way Subject | $1,475,000* List Price | 3 | 2 | 1,676 | $804 | - |
A 64 Sonoma Avenue Sold | $1,200,000 | 3 | 2 | 1,571 | $764 | 0.9 mi |
B 7316 Hillsboro Street Sold | $1,350,000 | 4 | 2 | 1,768 | $764 | 0.5 mi |
C 7044 Del Norte Drive Sold | $1,171,375 | 3 | 2 | 1,638 | $715 | 1.0 mi |
D 6877 Fortuna Road Pending | $1,595,000 List Price | 3 | 3 | 1,409 | $1,132 | 0.8 mi |
* Subject property listed price vs sold prices of comps.
Property is extensive renovation needed.
Built in 1968 and marketed as a 'value-add opportunity' to be sold 'as-is,' the property shows significant signs of age without recent renovations. Visible features such as popcorn ceilings, dated bathroom fixtures, and weathered exterior structures, combined with the agent's call for a contractor, indicate a need for a full rehab.
The property has a large lot size, which is more than 4 times of its living area. lot size in square feet = 8276, living area = 1676.
Situated in the highly desirable University Village, the property offers exceptional proximity to UCSB, local beaches, and Old Town Goleta, ensuring strong long-term demand.
The generous 8,276 sq. ft. lot is considered oversized for the area, providing ample space for potential expansion, an ADU, or custom landscaping.
The property is being sold in as-is condition, which necessitates a contractor-led evaluation and immediate capital expenditure for repairs and updates.
Built in 1968, the home likely requires comprehensive upgrades to its original systems and finishes to meet contemporary living standards and energy efficiencies.
This house is loaded with potential! 515 Mills Way is the value-add opportunity buyers have been waiting for in a prime coastal Goleta neighborhood.. Set on a generous lot minutes from UCSB, the beach, and Old Town Goleta, this 3-bed, 2-bath, 1,676 sq ft single-family home is ready for a new owner to make it their own. The oversized lot offers room to expand, entertain, or landscape to your taste -- a canvas that's increasingly hard to find in the area. Solid bones, unbeatable location, real upside. Sold as-is. Come with your contractor and your imagination.
No exterior & parking available.
No sensitive facilities data found.
| Feature | Subject | Average Home | Neighborhood Ranking (50 Listings) |
|---|---|---|---|
| Beds | 3.0 | 3.0 | 50% |
| Baths | 2.0 | 2.0 | 50% |
| Square foot | 1,676 | 1,630 | 55% |
| Lot Size | 8,276 | 7,405.2 | 68% |
| Price | $1.48M | $1.45M | 57% |
| Price per sq ft | $880 | $882 | 50% |
| Built year | 1968 | 1963 | 70% |
| HOA | $300 | $0 | 83% |
| Days on market | 12 | 185 | 3% |
May 25, 2026
$1,475,000
Initial Listing