Description

We are pleased to present this opportunity. 517 Chapala Street is a 0.26 acres redevelopment site at 517 Chapala Street in Santa Barbara, CA. Entitlements for a 15-unit residential development give a buyer a defined path to pursue on the 11,325 SF parcel.

The property is zoned C2 and currently operates as a used car dealership. Its identified highest and best use is Multifamily Residential Development, while the existing operation gives an owner-user another way to view the site. The residential entitlements provide a starting point for a buyer interested in carrying forward the current plans. APN 037-163-025 identifies the parcel, keeping the property and its development opportunity tied to a single site.

The site sits in downtown Santa Barbara, one block off State Street, with Chapala Street frontage and walkable access to State Street retail, the Amtrak station, and the waterfront. UC Regents acquired a property directly across the street, and Yardi Systems is relocating its headquarters to Paseo Nuevo two blocks away. Those nearby destinations put the site in an established downtown setting where a residential plan can be considered in relation to workplaces, shopping, and transportation.

The asking price is $2,500,000, or $9,615,384.62 per acre; the listed price per unit is $166,666.67. For a developer, the central question is how the existing residential entitlements fit the intended project and acquisition basis. For an owner-user, the current dealership operation offers a different lens on the same parcel.