Craftsman
For Sale
$1,950,000
223 W Arrellaga St, Santa Barbara, CA 93101
The three residences comprise two two-bedroom units and one one-bedroom unit, with separate garages and additional off-street parking.
Property Size2,814 SF
Price / SF$692.96
Days on Market19
Property Features for 223 W Arrellaga St
General Information
Standard status
Active
Size
2,814 SF
Property subtype
Multi-Family
Site & Location
Neighborhood
Oak Park
Units
Unit Mix
2-story 2BD/1.5BA, upstairs 2BD/1.5BA, ground-floor 1BD/1BA
Multifamily Units
3
Building Details
Year Built
1903
Construction
Craftsman
Listing Agency:
Berkshire Hathaway HomeServices California Properties
Listed By:
The Santa Barbara Group
Source:
Santaynezvalleyhomesforsale
Added: Oct 19
Changed: Nov 4
Last Checked: Nov 4 at 2:49PM
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 Berkshire Hathaway HomeServices California Properties
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Investment Insights
Based on property information with market context.
Built in 1903, this 2,814-square-foot Craftsman triplex in Santa Barbara contains three apartments: two two-bedroom, one-and-a-half-bath units and a one-bedroom, one-bath unit. One apartment spans two stories, while the other two are arranged on a single level. Two separate one-car garages and additional off-street parking serve the property.
Recent work includes a new roof and skylights, exterior wood repairs and paint, yard divider fencing, reinforced garages, and updated exterior lighting. The vacant apartment has been refreshed with new paint, carpet, kitchen laminate flooring, fixtures, and a microwave hood. The property is located downtown, a few blocks from the State Street corridor.
Recent work includes a new roof and skylights, exterior wood repairs and paint, yard divider fencing, reinforced garages, and updated exterior lighting. The vacant apartment has been refreshed with new paint, carpet, kitchen laminate flooring, fixtures, and a microwave hood. The property is located downtown, a few blocks from the State Street corridor.
Key Highlights
- Three‑unit mix: two 2BD/1.5BA apartments and one 1BD/1BA apartment
- 2,814 square feet; built in 1903
- Two separate one‑car garages plus additional off‑street parking
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$61,824
Cap Rate
3.17%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$1,236,480
$1.2M
Cap Rate 7%
$883,200
$883.2K
Cap Rate 9%
$686,933
$686.9K
Market Conditions
NOI Build-Up for 2,814 SF
Gross rent
$91.2K $32.40/SF
− Vacancy
−$2.9K −$1.01/SF
EGI
$88.3K $31.39/SF
− OpEx
−$26.5K −$9.42/SF
NOI
$61.8K $21.97/SF
Area
Santa Barbara County, CA
Vacancy
3.13%
Lease Rate
$32.40 /SF/Yr
Expense Ratio
30.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap Rate 5%
$1,236,480
Cap Rate 7%
$883,200
Cap Rate 9%
$686,933
Alternative Uses
Best Use
Multifamily LT 5
$883.2K
$772.8K – $1.03M
NOI $61,824 @ 7.0% cap · market cap 3.17%
Second Best
Apartment 5plus
$795.3K
$695.9K – $927.9K
NOI $55,674 @ 7.0% cap · market cap 2.86%
Theoretical Best
—
—
same as Best Use
Zoning and permitted uses should be independently verified with authorities.
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Property Analytics
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Open Analytics
Lease Details
3
Residential units
Location Intelligence
Trade Area within ½ mile
5,080
Businesses Nearby
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Business Placement
Demographics for 93101, CA
30,513
Population
13,664
Households
2.2
Avg Household Size
36
Median Age
41%
College-Educated
83%
High-School Grad
3.2 sq mi
ZIP Area
9,535
Density / Sq Mi
$79,868
Median Household Income
$42,614
Median Earnings
$2,109
Median Rent
$1,122,200
Median Home Value
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Market
Vacancy Rate% for Multifamily in West region
Frequently Asked Questions
What type of property is this?
Triplex - The three residences comprise two two-bedroom units and one one-bedroom unit, with separate garages and additional off-street parking.
Where is this triplex located?
The property is located at 223 W Arrellaga St Santa Barbara, CA.
What is the asking price?
The asking price for this property is $1,950,000.
What are key features of this property?
This property features: Three‑unit mix: two 2BD/1.5BA apartments and one 1BD/1BA apartment; 2,814 square feet; built in 1903; Two separate one‑car garages plus additional off‑street parking
