523 W Gutierrez Street, SANTA BARBARA, CA 93101, SANTA BARBARA, 93101 - 3 bed, 2 bath
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SANTA BARBARA, CA 93101
This property presents a Strong Value Opportunity with a List Price of $2,000,000—positioned well above the $1,832,346 Fair Market Value by -9%. Featuring Approved Plans for a 9-unit residential development, this asset offers significant upside in a high-demand coastal market. While the Condition Rating of 6 reflects an aging structure, the 8,712 sqft lot and existing rental income provide a stable foundation for developers. This is a strategic acquisition ideal for Real Estate Developers or Buy-and-Hold Investors seeking immediate cash flow and long-term density potential.
Comparables within 1 miles sold in recently
| Address | Sold Price | Beds | Baths | Sq Ft | $/Sqft | Distance |
|---|---|---|---|---|---|---|
★ 523 W Gutierrez Street Subject | $2,000,000* List Price | 3 | 2 | 998 | $1,836 | - |
A 1129 San Andres Street Pending | $1,725,000 List Price | 2 | 1 | 1,045 | $1,651 | 0.8 mi |
* Subject property listed price vs sold prices of comps.
Property is land value only, full reconstruction required.
Although the interior shows cosmetic updates including recessed lighting and modern laminate flooring, the property is a 114-year-old structure marketed primarily as a 'Prime Development Opportunity' with approved plans for 9 units, shifting the value entirely to the land and entitlements.
The property has a large lot size, which is more than 4 times of its living area. lot size in square feet = 8712, living area = 998.
The property includes approved plans for a 9-unit residential development, significantly reducing the time, cost, and risk typically associated with the Santa Barbara permitting process.
Situated in the desirable Westside neighborhood, the property is minutes from State Street, the Funk Zone, and the waterfront, ensuring high demand for future residential units.
The $2 million list price reflects the land's development value, requiring a buyer with significant additional liquidity to fund the construction of the 9-unit project.
Built in 1910, the current 998-square-foot home may require ongoing maintenance or present challenges regarding tenant relocation when development commences.
Prime Santa Barbara Development Opportunity. 523 W. Gutierrez Street features an existing single-family home with a long-term tenant in place, providing immediate rental income, along with approved plans for a 9-unit residential development. Located in Santa Barbara's desirable Westside neighborhood, the property is just minutes from Downtown, State Street, the Funk Zone, the waterfront, and Santa Barbara City College. This rare entitled project offers investors and developers a unique opportunity to capitalize on strong housing demand in one of California's premier coastal markets while benefiting from current income and significant future upside.
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 | 998 | 1,110 | 35% |
| Lot Size | 8,712 | 5,227 | 87% |
| Price | $2.00M | $1.40M | 87% |
| Price per sq ft | $2.0K | $1.1K | 96% |
| Built year | 1910 | 1930 | 13% |
| HOA | $0 | $0 | 50% |
| Days on market | 12 | 192 | 4% |
Jun 1, 2026
$2,000,000
Initial Listing
Oct 24, 2022
$1,080,000
Public Record