320 W Carrillo Street

Marcus & Millichap, as exclusive advisor, is pleased to present a premier opportunity to acquire 320 W Carrillo Street, a 100% leased mixed-use investment/redevelopment property consisting of a 2,396 SF 3-unit multifamily asset and a 3,400 SF retail/office building on 17,589 SF of C-2 zoned land located in the AUD multifamily redevelopment program area next to the highly trafficked intersection of W Carrillo Street and Castillo Street in Downtown Santa Barbara.

A truly dynamic location providing a developer with a covered land play opportunity. Developers can take advantage of the generous in-place income while working through the entitlement process for a higher and better use with the city of Santa Barbara. Through the AUD multifamily program, a developer could build up to 25 apartment units on this parcel. There is also a value-add opportunity at play for an investor who wants to come in and bump up the below market rents. 

The subject property benefits from a prime centralized downtown Santa Barbara location, phenomenal 101 Freeway access, numerous walkable amenities and affluent demographics. It is ideally located only blocks from the Funk Zone, State Street Promenade, Santa Barbara Pier, and beaches. Downtown Santa Barbara serves as a tourist attraction, attracting people to various historic cultural venues such as the Granada Theater and Santa Barbara Courthouse, as well as various other retail amenities including Paseo Nuevo mall and the Santa Barbara Public Market. State Street, within Downtown Santa Barbara, is well known for its shops, restaurants, and boutiques. The property is being offered at $3,750,000 on a fee simple basis free and clear of existing debt.