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526 San Pascual Street

Santa Barbara, CA 93101

PRICE REDUCED

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-$100,000 (-7.19%)

$1,290,000

List Price

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Property Description

We are excited to present a rare development opportunity at 526 San Pascual St, in the desirable city of Santa Barbara, CA. This lot encompasses 6,969 square feet (0.16 acres) of land, zoned R-M (R-3) for multi-unit residential development. Located in the heart of Santa Barbara, 526 San Pascual St offers an ideal blend of urban convenience and coastal charm. The property is just minutes away from the vibrant downtown area, renowned for its eclectic mix of shops, restaurants, and cultural attractions. Residents will enjoy easy access to the beautiful Santa Barbara waterfront, with its picturesque beaches and recreational opportunities. The area is also served by top-rated schools and offers a variety of parks and green spaces and is just down the street from Santa Barbara City College, making it a highly desirable location for students, families, professionals or retirees. With its prime location and development potential, 526 San Pascual St presents a unique investment opportunity in one of California's most sought-after coastal cities.Under Santa Barbara's Average Unit-Size Density (AUD) program, a developer can construct four units by-right on this lot. Per California's Accessory Dwelling Unit (ADU) laws, you can add another two ADUs, meaning a developer can build up to 6 total units on this lot. Furthermore, per Santa Barbara's AUD laws, a 4 unit development is not required to have any affordable / low income units, so all 4 units and both ADUs would be fully market-rate.In total, this example development includes six market-rate units (four primary units plus two ADUs) with a combined building area of 5,275 gross square feet. Starting with the four AUD units, this lot's size and zoning allows a developer to have a maximum average unit size of 925 square feet. The project can have units that are larger than, and smaller than, 925 square feet, but it cannot average out to more than that. Therefore, these four AUD units can max out at 3,700 square feet.In addition to these four units, the developer has multiple options of how to add the two ADUs. You can build two detached ADUs, two attached ADUs where you convert non-livable space to units, or you can do one of each. For the AUD units, we imagine a mix of three 2-bed/ 2-bath (850 SF) and one 3-bed / 2-bath (1,150 SF), totaling 3,700 buildable square feet. For the ADUs, we imagine the best option to be one attached 1-bed/ 1-bath ADU up to 575 SF (50% of the largest unit which is a requirement) and one 2-bed / 2-bath detached ADU up to 1,000 SF (max allowable size for a detached ADU).Additionally, Senate Bill 684 (SB 684) significantly impacts this development opportunity by increasing the feasibility and attractiveness of building multiple units. SB 684 streamlines the approval process for housing developments by granting ministerial approval for projects of up to 10 units on qualifying parcels, thereby reducing bureaucratic hurdles and expediting construction timelines. This legislation also amends the Subdivision Map Act, allowing for faster issuance of building permits once a tentative map has been approved. Furthermore, SB 684 ensures that new developments meet environmental sustainability standards while protecting existing low-income and rent-controlled housing from being displaced. These provisions collectively enhance the development potential at 526 San Pascual St, making it an even more promising investment. *This information is believed to be correct per Broker's conversations with Santa Barbara City, however Broker makes no representations or warranties and Buyer to rely on own due diligence.

Listing Information

List Price $1,290,000
Status Active
MLS 24404253
Type Land
Lot Size 6,970
Structure Size N/A
DOM 60
Courtesy Of Marcus & Millichap
Listing Agent Filip Niculete DRE#01905352
Co-Listing Agent Glen Scher DRE#01962976

Interior Features

Total Bedroom
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Exterior Information

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Listing information courtesy of: Filip Niculete, Glen Scher, Marcus & Millichap . *Based on information from the Association of REALTORS/Multiple Listing as of Jul 17th, 2024 at 12:28 AM and/or other sources. Display of MLS data is deemed reliable but is not guaranteed accurate by the MLS. All data, including all measurements and calculations of area, is obtained from various sources and has not been, and will not be, verified by broker or MLS. All information should be independently reviewed and verified for accuracy. Properties may or may not be listed by the office/agent presenting the information.