Hotel Development with Extended-Stay
2020-2024 De La Vina Street, Santa Barbara, CA 93105
For Sale
$5,500,000
Approved plans call for guest rooms and extended-stay suites with full kitchens.
Property Size16,918 SF
Lot Size0.65 Acres
Price / SF$325.10
Days on Market173
Property Features for 2020-2024 De La Vina Street
General Information
Standard status
Size
Lot size
Property subtype
Site & Location
Neighborhood
Highway Access
Additional Details
Property Use
Building Details
Building Size
Buildings
Listing Agency:
Hayes Commercial Group
Listed By:
Christos Celmayster · License #01342996
(805) 729-2912
Source:
Alemannrealty
Added: May 21
Changed: Nov 8
Last Checked: Nov 8 at 5:05PM
Displayed information is deemed reliable but is not guaranteed and should be independently verified. All listing content including descriptions, pricing, images are the copyrighted material of Hayes Commercial Group
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Investment Insights
Based on property information with market context.
The approximately 0.65-acre property includes 16,918 square feet of improvements in two office buildings. Approved plans provide for a 33-key hotel, with single-king and double-queen rooms alongside eight extended-stay suites in one- and two-bedroom configurations; each suite includes a full kitchen. On-site parking is also present.
The site is about one mile from downtown Santa Barbara and roughly half a mile from Cottage Hospital. Restaurants, shops, and neighborhood services are within walking distance. Highway 101 access supports approximately 15-minute drives north or south to Goleta, Isla Vista, and Carpinteria; the Funk Zone and beaches are also a short drive away.
The site is about one mile from downtown Santa Barbara and roughly half a mile from Cottage Hospital. Restaurants, shops, and neighborhood services are within walking distance. Highway 101 access supports approximately 15-minute drives north or south to Goleta, Isla Vista, and Carpinteria; the Funk Zone and beaches are also a short drive away.
Key Highlights
- Approved plans for a 33‑key hotel development
- Two existing office buildings totaling 16,918 SF on approximately 0.65 acres
- Room plans include single kings, double queens, and 8 extended‑stay suites
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$301,814
Cap Rate
5.49%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$6,036,280
$6.0M
Cap Rate 7%
$4,311,629
$4.3M
Cap Rate 9%
$3,353,489
$3.4M
Market Conditions
NOI Build-Up for 16,918 SF
Gross rent
$446.6K $26.40/SF
− Vacancy
−$44.2K −$2.61/SF
EGI
$402.4K $23.79/SF
− OpEx
−$100.6K −$5.95/SF
NOI
$301.8K $17.84/SF
Area
Santa Barbara County, CA
Vacancy
9.90%
Lease Rate
$26.40 /SF/Yr
Expense Ratio
25.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap Rate 5%
$6,036,280
Cap Rate 7%
$4,311,629
Cap Rate 9%
$3,353,489
Alternative Uses
Best Use
Office B
$4.31M
$3.77M – $5.03M
NOI $301,814 @ 7.0% cap · market cap 5.49%
Second Best
Hotel Hospitality
$1.42M
$1.24M – $1.65M
NOI $99,252 @ 7.0% cap · market cap 1.80%
Theoretical Best
Multifamily LT 5
$5.31M
$4.65M – $6.19M
NOI $371,690 @ 7.0% cap · market cap 6.76%
Zoning and permitted uses should be independently verified with authorities.
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Current Use
Lease Details
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
3,573
Businesses Nearby
Explore this area
Business Placement
Demographics for 93105, CA
26,003
Population
11,401
Households
2.3
Avg Household Size
49
Median Age
60%
College-Educated
94%
High-School Grad
139.8 sq mi
ZIP Area
186
Density / Sq Mi
$129,549
Median Household Income
$64,371
Median Earnings
$2,572
Median Rent
$1,496,500
Median Home Value
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Market
Vacancy Rate% for Office in West region
Frequently Asked Questions
What type of property is this?
Hotel - Approved plans call for guest rooms and extended-stay suites with full kitchens.
Where is this hotel located?
The property is located at 2020-2024 De La Vina Street Santa Barbara, CA.
What is the asking price?
The asking price for this property is $5,500,000.
What are key features of this property?
This property features: Approved plans for a 33‑key hotel development; Two existing office buildings totaling 16,918 SF on approximately 0.65 acres; Room plans include single kings, double queens, and 8 extended‑stay suites
