523 W Gutierrez St 9 Unit Apartment Building Offered at $2,778,400 CAD Santa Barbara, CA 93101

523 W. Gutierrez Street is a prime Santa Barbara development featuring an existing single-family home with a long-term tenant in place, providing immediate rental income, along with approved plans for a 9-unit residential development. Located in Santa Barbara's desirable Westside neighborhood, the property is just minutes from Downtown, State Street, the Funk Zone, the waterfront, and Santa Barbara City College. The approved 9-unit building is designed to maximize both livability and returns. Every residence includes a private outdoor deck, with the building offering a 493 SF common space rooftop deck. These plans include 9 covered vehicle spaces, and 6 secured bicycle spaces with unit sizes ranging from 452 to 908 square feet across three floors. There are also two additional ADUs' possible to be built on this property making 11 total units. This rare entitled project offers investors and developers a unique opportunity to capitalize on strong housing demand in one of California's premier coastal markets while benefiting from current income and significant future upside.
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The approved 9-unit building is designed to maximize both livability and returns. Every residence includes a private outdoor deck, and the building offers a 493 SF common rooftop deck, a covered carport with 9 vehicle spaces, and 6 secured bicycle parking spaces. Unit sizes range from 452 to 908 square feet across three floors.