Duplex with Permitted ADU Flex
For Sale
$2,599,000
2937 Glen Albyn Drive, Santa Barbara, CA 93105
MULTI_FAMILY - SANTA BARBARA, CA
Property Size3,398 SF
Lot Size0.16 Acres
Price / SF$764.86
Days on Market49
Property Features for 2937 Glen Albyn Drive
General Information
Property type
Residential Multi Family
Property subtype
Other
Bedrooms
5
Full bathrooms
5
Rooms
Laundry Room, Bedroom 2, Bathroom 3, Bathroom 4, Bedroom 5, Bathroom 5, Bedroom 1, Bathroom 2, Bedroom 3, Bathroom 1, Bedroom 4
Parking
4
Parking features
Garage
Subdivision
15 - Mission Canyon
Lot features
Near Public Transit
Elementary school
Peabody
Middle school
S.B. Jr.
High school
S.B. Sr.
Standard status
Active
APN
023-162-011
Size
3,398 SF
Lot size
0.16 Acres
Utilities
Heating system
Forced Air
Cooling system
Ceiling Fan(s), Central Air
Amenities
viewing deck with ocean and island views
private fenced yard with drought tolerant plants
central A/C
dual-pane windows and sliding doors
solid core interior doors
upgraded electrical panel
tankless water heater
polished concrete floors
designer cabinetry
quartz countertops
stainless steel appliances
Building Details
Year built
1977
Floors in Building
2
Number of units
2
Listing Agency:
Village Properties - 1
(805) 681-8800
Listed By:
Crawford Speier Group
(805) 683-7335
Added: Jun 24
Changed: Aug 3
Last Checked: Aug 11 at 6:06PM
MLS# 26-2101
Copyright © 2026 Santa Barbara Multiple Listing Service. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
This duplex offers flexible living with a permitted ADU (Junior Additional Dwelling Unit) and a versatile flex space for options such as a media room, gym, play room, or home office. The home totals 3,398 SF and features 4 bedrooms and 4 bathrooms, with indoor/outdoor flow from the kitchen, living room, and bedrooms. The kitchen has been recently renovated with sleek, contemporary finishes including designer cabinetry, quartz countertops, and newer stainless steel appliances. Bathrooms have also been updated, and polished concrete floors downstairs add a modern touch.
Additional improvements include dual-pane windows and sliding doors, solid core interior doors, an upgraded electrical panel, a tankless water heater, and forced air heating with central A/C. Outside, there is a viewing deck with ocean and island views, a private fenced yard with drought tolerant plants, and a concrete paver driveway. Parking includes a two-car garage and additional on-site areas for vehicles.
Built in 1977 and lovingly maintained by the same owners for nearly 30 years, the property is located within the Peabody School Attendance Area.
Additional improvements include dual-pane windows and sliding doors, solid core interior doors, an upgraded electrical panel, a tankless water heater, and forced air heating with central A/C. Outside, there is a viewing deck with ocean and island views, a private fenced yard with drought tolerant plants, and a concrete paver driveway. Parking includes a two-car garage and additional on-site areas for vehicles.
Built in 1977 and lovingly maintained by the same owners for nearly 30 years, the property is located within the Peabody School Attendance Area.
Key Highlights
- 3,398 SF duplex on a 0.16‑acre lot with a permitted ADU (Junior Additional Dwelling Unit)
- 4 bedrooms and 4 bathrooms plus expansive flex space for multiple use options
- Recently renovated kitchen with quartz countertops and newer stainless steel appliances
Financial Insights
Estimated NOI and Cap Rate
NOI = area × lease_rate × (100 − vacancy) / 100 × (1 − expense_ratio). Net Operating Income — what the owner takes home each year before mortgage payments and income tax. Effective rent (asking rent minus vacancy losses) minus operating costs (taxes, insurance, maintenance, management).
NOI / Yr
$74,654
Cap rate = NOI / list price × 100. Capitalization rate — annual return on a fully cash purchase, before financing. NOI divided by price. Higher means more income per dollar invested, but usually also more risk or older condition. 5–8% is typical for stabilized commercial property; double digits often signal distressed deals.
Cap Rate
2.87%
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$1,493,080
$1.5M
Cap Rate 7%
$1,066,486
$1.1M
Cap Rate 9%
$829,489
$829.5K
Market Conditions
NOI Build-Up for 3,398 SF
Vacancy — income lost from leasable area expected to sit empty during the year, subtracted from gross rent.
EGI (Effective Gross Income) — gross rent minus vacancy losses, the realistic income before paying operating costs.
OpEx (Operating Expenses) — recurring costs to operate the property (property tax, insurance, utilities, maintenance, management); excludes financing and capital improvements.
NOI (Net Operating Income) — income a property generates after operating costs but before financing and taxes.
Gross rent
$110.1K $32.40/SF
− Vacancy
−$3.4K −$1.01/SF
EGI
$106.6K $31.39/SF
− OpEx
−$32.0K −$9.42/SF
NOI
$74.7K $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 rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$1,493,080
Cap Rate 7%
$1,066,486
Cap Rate 9%
$829,489
Alternative Uses
Best Use
Multifamily LT 5
$1.07M
$933.2K – $1.24M
NOI $74,654 @ 7.0% cap · market cap 2.87%
Second Best
Apartment 5plus
$960.4K
$840.4K – $1.12M
NOI $67,229 @ 7.0% cap · market cap 2.59%
Theoretical Best
—
—
same as Best Use
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
578
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
Market
Vacancy Rate% for Multifamily in West region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Duplex - Duplex with a permitted ADU, central A/C, and a flex space plus an updated kitchen and bathrooms.
Where is this duplex located?
The property is located at 2937 Glen Albyn Drive Santa Barbara, CA.
What is the asking price?
The asking price for this property is $2,599,000.
What are key features of this property?
This property features: 3,398 SF duplex on a 0.16‑acre lot with a permitted ADU (Junior Additional Dwelling Unit); 4 bedrooms and 4 bathrooms plus expansive flex space for multiple use options; Recently renovated kitchen with quartz countertops and newer stainless steel appliances
