Located in Santa Barbara’s prime Medical Corridor and near Cottage Hospital, this multifamily property offers a rare value-add opportunity in a high-demand, low-supply submarket. With the two larger units delivered vacant at close of escrow, investors can capitalize on immediate leasing upside at current market rates. The flexible unit mix—ranging from studios to a spacious 3BD/3BA—broadens tenant appeal, while the potential to convert one or both 2-car garages into ADUs presents additional income and long-term value. Enhanced by ample on-site parking and a highly walkable location near De La Vina and State Street, this property is ideal for strategic renovations and repositioning to unlock its full potential. Price $2,275,000 (5% cap rate*) Building Size 4,260 SF (two buildings) Lot Size 9,148 SF APN 025-183-024 Unit Mix Zoning R-MH (residential multi-unit and hotel) Parking Two 2-car garages, plus 2 onsite parking areas Occupancy 2 of 4 units currently vacant To Show Call listing agent • 1 x 3BD/3BA (vacant at COE) • 1 x 2BD/1.5BA (vacant at COE) • 2 x Studio Units * based on a blend of current and market rents