Creative Solutions to Complex Problems
240 W. Alamar Avenue
Santa Barbara, CA
240 W. Alamar Avenue
Santa Barbara, CA 93105
Please Do Not Disturb Occupant
Description:
- Development Potential for up to 6 Units
- ± 14,375 SF Site
- Excellent Location: ± 1/3 Mile from Cottage Hospital
About the Property:
The Property is currently developed with an older one-story, ±1,064 SF, 2+1 single family home + detached garage structure. For sale in "as-is" condition. No value is given to existing structures.
According to information obtained from the City of Santa Barbara Planning Department, the easterly ±10,800 SF of the Property is zoned R-3, with the westerly ±3,566 SF zoned E-3. The entire site also has an additional "overlay" zoning of S-D-2 which imposes certain additional building height and front yard setback restrictions in order to minimize future increases to traffic on State Street. The property does not appear to be located within any of the City’s defined historic preservation or review districts.
According to the City Zoning Code, R-3 is defined as “a restricted residential district of high density in which the principal use of land is for multiple-family dwellings, together with recreational, religious & educational facilities required to serve the community.”
Because of its proximity to Mission Creek, the E-3 zoned portion of the property is not developable.
Development Opportunity:
Based upon a preliminary review of the applicable regulations, it appears that the R-3/S-D-2 zoned portion of the property (±10,800 SF) could be developed with up to six (6) residential units, in full compliance with the zoning code.
Ultimately, the number of units allowed on the property will be a function of the lot area (of the R-3 zoned portion only) per the city’s variable density standards, parking requirements, and the specific unit sizes and configurations proposed. With certain limitations, a maximum building height of 3 stories (45 ft.) is allowed.
Current market dynamics and the availability of financing would suggest that at this time an apartment development may be more feasible than condominiums. However, that clearly depends on the developer’s development goals and available resources. Finally, please note that a multi-family apartment development would be exempt from the City’s Inclusionary housing requirements.
For more information, contact Dyer Sheehan Group, Inc.
Price:
$695,000
Property is for sale in "as-is" condition.
Please Do Not Disturb Occupant
Street View of Existing Structures
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