527-533 State St, SANTA BARBARA, California 93101$41,900,000 (Sold At) $41,900,000
Once in a lifetime opportunity to acquire the Hotel Santa Barbara, a trophy, Santa Barbara landmark w/ high-quality architectural detail, located in the well-traveled downtown area, five blocks from the ocean and Stearns Wharf pier. Located on the popular Lower State Street corridor, it is surrounded by numerous restaurants, shopping venues, and entertainment such as theaters and art galleries. The hotel is situated on a 25,000 sf lot and features 75 guest rooms, a lobby, and 6 ground-level retail spaces along State Street anchored by Starbucks Coffee at the immediate corner. The single U-shaped building is served by a rear surface parking lot with 23 spaces. Size of the improvements are approx 6,105 sf for the retail, roughly 39,305 sf for the hotel portion, & 41,410 sf total.
In addition to the six ground-floor retail tenants, there is a roof-top cell-tower installation. Included in the hotel is also a small basement totaling approx 1,220 sf. The hotel itself features a lobby, two meeting rooms, and a small kitchen used for a lobby breakfast service (currently on hold due to COVID-19).
Property Type Commercial
Property Status: Sold
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