740 Walnut Lane, SANTA BARBARA, CA 93111, SANTA BARBARA, 93111 - 5 bed, 3 bath
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SANTA BARBARA, CA 93111
This Versatile Dual-Living Residence is listed at $1,575,000, representing a market-aligned acquisition relative to its $1,537,609 Fair Market Value. Currently maintaining a Condition Rating of 4, the property features a recently refreshed main level and a separate 2-bedroom upstairs unit with a private entrance, providing significant rental income potential. Located within the Hollister Elementary boundary and near UCSB, the residence includes a productive fruit orchard and a private patio. This property is a strategic opportunity for Owner-Occupants seeking to offset mortgage costs or Buy-and-Hold Investors.
Comparables within 1 miles sold in recently
| Address | Sold Price | Beds | Baths | Sq Ft | $/Sqft | Distance |
|---|---|---|---|---|---|---|
★ 740 Walnut Lane Subject | $1,575,000* List Price | 5 | 3 | 2,046 | $733 | - |
A 631 San Ricardo Drive Sold | $1,550,000 | 5 | 3 | 2,302 | $673 | 0.2 mi |
B 5224 San Simeon Drive Sold | $1,583,500 | 5 | 3 | 2,393 | $662 | 0.8 mi |
C 155 San Federico Avenue Sold | $1,577,500 | 4 | 2 | 1,920 | $822 | 0.6 mi |
D 87 Santa Ana Avenue Sold | $1,190,000 | 4 | 3 | 1,837 | $648 | 0.7 mi |
E 5085 Amberly Place Sold | $1,125,000 | 3 | 2 | 1,250 | $900 | 0.3 mi |
F 112 Santa Ana Avenue Active | $1,675,000 List Price | 7 | 3 | 2,351 | $712 | 0.7 mi |
* Subject property listed price vs sold prices of comps.
Property is moderate renovation needed.
The property has received recent cosmetic 'lipstick' updates, including fresh interior paint and new carpeting, which improves its immediate appeal. However, the kitchen and bathrooms remain significantly outdated, featuring vintage cabinetry, laminate countertops, and 1960s-style wall tiling. While the home is well-maintained and functional, the core systems and primary rooms show their age (built in 1959) and have not undergone the comprehensive renovation required for a higher rating.
The separate 2-bedroom, 1-bathroom upstairs unit with its own private entrance offers exceptional flexibility for rental income, guests, or multi-generational living.
Conveniently situated near UCSB, Hollister Elementary, and the Magnolia Shopping Center, making it highly attractive for both families and student renters.
The main level features fresh interior paint and new carpeting, providing a clean and move-in-ready environment for new owners.
Built in 1959, the property may have aging core systems such as plumbing or electrical that require inspection beyond the recent cosmetic updates.
A lot size of approximately 6,100 square feet may feel constrained for a 5-bedroom residence, limiting private outdoor space for a full household.
The recent price reduction from the original listing price suggests the property is still finding its footing in the current market landscape.
Discover a versatile 5-bedroom, 3-bathroom home offering flexible living options. The main level features a 3-bedroom, 2-bath layout with recent improvements, including fresh interior paint and new carpeting. Upstairs, a separate 2-bedroom, 1-bath space with its own private entrance provides excellent flexibility for extended family, guests, or potential rental use. The backyard offers a patio and mature fruit trees including avocado, apricot, plum, and apple, creating a welcoming outdoor setting. Conveniently located near UCSB, Hollister Elementary, the Magnolia Shopping Center, and the Coast Bike Trail, this property is well-suited for a primary residence with supplemental income potential or a smart addition to an investment portfolio.
No exterior & parking available.
No sensitive facilities data found.
| Feature | Subject | Average Home | Neighborhood Ranking (50 Listings) |
|---|---|---|---|
| Beds | 5.0 | 4.0 | 85% |
| Baths | 3.0 | 3.0 | 50% |
| Square foot | 2,046 | 1,932 | 51% |
| Lot Size | 6,098.4 | 8,712 | 23% |
| Price | $1.57M | $1.61M | 45% |
| Price per sq ft | $770 | $866 | 31% |
| Built year | 1959 | 1965 | 6% |
| HOA | $0 | $0 | 50% |
| Days on market | 152 | 173 | 40% |
Jan 20, 2026
$1,575,000
$1,599,000
-2% Price Drop
Initial Listing
Nov 21, 2025
$1,599,000
Initial Listing