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Santa Barbara Multifamily Property for Sale

November 16, 2022

A selection of our current multifamily real estate property listings in Santa Barbara, CA.

Radius Group put together a list to highlight the Santa Barbara multifamily property for sale from our portfolio of commercial real estate properties. Below are links to the respective multifamily assets in Santa Barbara as well as the address and notes for highlights of the properties. The retail properties below currently have availabilities, and the list is subject to changes with new listed and / or purchased properties. We will update the list frequently as new deals are signed and new assets are added to our portfolio.

You can contact our CRE experts directly to find out more about any of the available spaces or to find out more about our commercial real estate services in Santa Barbara and surrounding areas.


Santa Barbara

3445-3449 Richland Dr.


Two (2) apartment buildings totaling 16 units across approx. 0.38 AC off upper State St. & close to a variety of neighborhood amenities.

Property Highlights
• Recent Unit Upgrades
• Ample Parking
• On-Site Laundry
• Tenant Storage
• Great Walkability; Centrally Located to Shops & Amenities
• New Driveway Paving
• New Dual Pane Windows

The Upper State neighborhood highlights include Mackenzie Park, Loreto Plaza featuring the local landmark Harry’s Restaurant and Gelson’s Groceries. Shopping includes La Cumbre Plaza, Whole Foods, Bristol Farms, Target, and Five Points Shopping Center. The neighborhood backs up to the Santa Barbara Municipal Golf Club and nearby schools include Adams Elementary and Peabody Elementary.


16 Units
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Santa Barbara

117-119 N. Milpas St.

Mixed-Use Property

Rarely available Mixed-Use asset built in 1991. There are two apartments on the second floor along with a small office. The first floor was designed for two tenancies fronting Milpas Street. Currently the first floor is occupied by a single office tenant. The complex consists of five total units.*

*The existing tenant downstairs leases the two units on the first floor and the office unit on the second floor.

Mixed UseMulti-Family

5 Units
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Santa Barbara

16 W. Mission St.

NEW PRICE | Fully renovated & stabilized 23-unit apartment building in Santa Barbara at a 4.16% cap rate on current actuals.

This 23-unit apartment asset showcases a rare level of quality in a core Santa Barbara location. Originally built in the 1950’s and 1970’s, no expense was spared as the property underwent an exhaustive renovation between 2019–2020, including impeccable interior updates, lovely new courtyard landscaping and new parking. One must view this gem to fully appreciate the extent of craftsmanship & attention to detail. Rents also are fully stabilized and additional upside includes construction of two permit ready ADU units.

Upgrades & Amenities

· New Electrical System
· In-Unit Laundry
· New Landscaping & Amenities
· Fully Renovated Interiors
· New Windows
· Dishwashers
· New Roof
· New Parking Lot
· Fire Sprinklers Throughout
· New Plumbing System


23 Units
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Santa Barbara

707-723 Colina Lane

707-723 Colina Lane

Perched on a lush hilltop on Colina Lane, this prime lower Riviera asset, comprising five (5) townhome duplexes, represents a prime opportunity to purchase an investment property that has not been on the market in 50 years. Each of the 10 units boasts an ocean view and is surrounded by lush gardens, giving the complex a very private feel. The approx. .75-acre, well-kept property is surrounded by multi-million dollar homes, just steps from the Santa Barbara Bowl. Made up of nine (9) 2BD/1.5BA and one (1) 3BD/2.5BA units, the rental base is ideal for both smaller families and professionals. Each unit has covered parking as well as balconies and patios for tenants to enjoy the fresh air and views this location provides. Pro Forma rents with minimal upgrades will garner substantial income for investors.


10 Units
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