Updated Duplex with Junior
New
For Sale
$2,400,000
2937 Glen Albyn Drive, Santa Barbara, CA 93105
Res Inc, SANTA BARBARA, CA
Property Size3,398 SF
Lot Size0.16 Acres
Price / SF$706.30
Days on Market3
Property Features for 2937 Glen Albyn Drive
General Information
Property type
Residential Multi Family
Property subtype
Other
Bedrooms
5
Full bathrooms
5
Rooms
Bedroom 2, Bedroom 1, Laundry Room, Bathroom 4, Bathroom 2, Bedroom 5, Bedroom 3, Bathroom 5, Bedroom 4, Bathroom 3, Bathroom 1
Parking
5
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
Central Air, Ceiling Fan(s)
Amenities
deck
private fenced yard
Building Details
Year built
1977
Floors in Building
2
Number of units
2
Flooring type
Carpet, Tile, Hardwood
Listing Agency:
Village Properties - 1
(805) 681-8800
Listed By:
Crawford Speier Group
(805) 683-7335
Added: Aug 19
Changed: Aug 20
Last Checked: Aug 21 at 4:06AM
MLS# 26-2778
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 3,398-square-foot residential property on a 0.16-acre lot includes a permitted Junior ADU and a flexible interior layout. The renovated kitchen features designer cabinetry, quartz countertops, and stainless-steel appliances. A large downstairs flex area can serve as a media room, gym, office, or playroom. Interior improvements include dual-pane windows and sliders, solid-core doors, an upgraded electrical panel, tankless water heater, and central A/C.
Outdoor features include ocean and island views from the deck, a private fenced yard with drought-tolerant landscaping, a paver driveway, a two-car garage, and ample parking. The property was built in 1977 and is located in Santa Barbara's Peabody School District Attendance Area.
Outdoor features include ocean and island views from the deck, a private fenced yard with drought-tolerant landscaping, a paver driveway, a two-car garage, and ample parking. The property was built in 1977 and is located in Santa Barbara's Peabody School District Attendance Area.
Key Highlights
- 3,398 square feet of living space on a 0.16‑acre lot
- Permitted Junior ADU adds flexibility within the property
- Renovated kitchen with designer cabinetry, quartz countertops, and 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
3.11%
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 3.11%
Second Best
Apartment 5plus
$960.4K
$840.4K – $1.12M
NOI $67,229 @ 7.0% cap · market cap 2.80%
Theoretical Best
—
—
same as Best Use
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
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 - Flexible residential property with a permitted Junior ADU, renovated kitchen, private yard, and garage parking.
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 $2,400,000.
What are key features of this property?
This property features: 3,398 square feet of living space on a 0.16‑acre lot; Permitted Junior ADU adds flexibility within the property; Renovated kitchen with designer cabinetry, quartz countertops, and stainless‑steel appliances
