Listing Summary
A premier investment opportunity to acquire a Ready-to-Issue (RTI) development site in high-demand Santa Barbara County.
Full Description
A premier investment opportunity to acquire a Ready-to-Issue (RTI) development site in high-demand Santa Barbara County. This 2.5-acre parcel is fully entitled for a 50-unit apartment community, allowing developers to bypass the 12–24 month entitlement process and move immediately into vertical construction. With an exceptionally attractive basis of just $38,000 per unit, this shovel-ready project is positioned for significant value creation in one of California’s most constrained rental markets.
Project Specifications
| Feature |
Details |
| Asset Class |
Land / Multifamily Development |
| Project Status |
RTI (Ready-To-Issue) |
| Total Units |
50 Units |
| Lot Size |
2.50 Acres |
| Zoning |
R3 (High-Density Residential) |
| Asking Price |
$1,900,000 |
| Price Per Unit |
$38,000 |
| Broker Co-Op |
Yes |
Investment Highlights
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Zero Entitlement Risk: This project comes with fully approved plans, eliminating the uncertainty and costs typically associated with California's permitting process.
-
Immediate Construction Start: As an RTI site, the project is truly shovel-ready, providing a massive advantage for developers looking to capitalize on the current market cycle.
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Optimized Design: The plans feature an efficient garden-style/low-rise layout, complete with dedicated parking and central resident amenities designed for modern tenant appeal.
-
Strong Market Fundamentals: Located in a high-demand Santa Barbara County submarket characterized by a limited supply pipeline and consistent long-term rental growth.
-
Flexible Exit Strategies: * Build & Hold: Establish a high-yield stabilized asset for long-term cash flow.
Location & Potential
Situated on a expansive 2.5-acre site with R3 zoning, this development benefits from the strong demographics and lifestyle appeal of the Central Coast. The low price-per-unit basis provides ample "margin of safety" for the builder, ensuring a highly competitive project upon completion.
Development Note: Rare opportunity to secure a 50-unit footprint in a region known for high barriers to entry and strict zoning regulations.
Quick Glance
- Listing ID:
CL-California-27573
- Status:
Active
- Year Build:
N/A
- Building Size:
N/A
- Lot Size:
N/A