3432 Richland Drive, SANTA BARBARA, CA 93105
$3,295,000
Property Type:
Res Inc
Square Footage:
4,707
Lot Size (sq. ft.):
9,583
Status:
Active
Current Price:
$3,295,000
List Date:
9/10/2026
Last Modified:
9/27/2026
Description
3432 Richland Drive is a rare opportunity to purchase an attractive and mostly stabilized mid-size multi-family building in the center of Santa Barbara's Upper State corridor - a hub of restaurants, retail and financial services. The location is also within a mile of Cottage Hospital (Santa Barbara's largest private employer), and near the Muni Golf Course, MacKenzie Park and La Cumbre Shopping Center. The 8 units are 1 x 2-BR/1-BA, 5 x 1-BR/1-BA and 2 studios. The property has good curb appeal with manicured landscaping, and is set privately in a corner location. The property delivers a solid current yield approaching a mid-5%'s cap rate, with remaining upside over time. Possible loan assumption at 5.69% interest rate, contact agent for details. Offering Memorandum in Documents.
More Information MLS# 26-3047
Location Info
Country: US
Compass Map: Santa Barbara
Map Grid: M11
Cross Street: Broadmoor
District: 20 - SB/WEST OF STATE
Street #: 3432
Street Name: Richland
Street Suffix: Drive
State: CA
Postal Code: 93105
County: Santa Barbara
Parcel Number: 051-061-018
Property Information
Year Built: 1962
Stories: 2
Apx Lot SqFt: 9583
Apx # Acres: 0.22
Units Furnished: None
Main House SqFt: 4707
Recurring Fees: No
Number of Units: 8
Neighborhood/Schools
Elementary School: Adams
Junior High School: LaCumbre
High School: San Marcos
Owner Info
Deposit: 3
Deposit Type: %
COE: ASAP
Remarks
Hot Sheet Comment: new
Condition
Good: 1
Foundation
Slab: 1
Miscellaneous
Parking Spaces: 8
# Refrigerators: 8
# Stoves: 8
Proximity
Near Bus: 1
Near Hospital: 1
Near Park(s): 1
Near School(s): 1
Near Shopping: 1
Laundry
Laundry Room: 1
Unit 1
# Units: 1
# Bedrooms: 2
# Baths: 1
# Half Baths: 0
Rent: 3404
Lease: 1
Monthly Total: 3404
Income/Expenses
Total Monthly Income: 21285
Annual Income: 255240
Gross Rent Multiplr: 12.90
Capitalization Rate: 5.32
Actual: 1
Estimated: 1
Taxes: 34818
Insurance: 7500
Water Expense: 9157
Electric Expense: 367
Gas Expense: 3691
Maintenance Expense: 6592
Total Monthly Exp: 6667
Total Annual Exp: 80004
NOI: 175416
Unit 2
# Units: 5
# Bedrooms: 1
# Baths: 1
Rent: 2711
Lease: 1
Monthly Total: 13553
Zoning
R-3: 1
Terms
Cash: 1
Conventional: 1
Ctel: 1
Listing Type
ER: 1
Unit 3
# Units: 2
# Bedrooms: 0
# Baths: 1
Rent: 2164
Lease: 1
Monthly Total: 4328
Meters
Sep Meter Wtr: N
Sep Meter Elec: Y
Sep Meter Gas: No
Parking Info
Outside: 1
Total # Unconvered Spaces: 8
Owner Provides
Gas: 1
Water: 1
Trash: 1
Exchange
Yes: 1
Contract Info
Current Price: $3,295,000
Price: 3295000
Begin Date: 2026-09-10
Status: Active
Property Features
Unit 1: Lease
Unit 2: Lease
Unit 3: Lease
Condition: Good
Foundation: Slab
Parking Info: Outside
Proximity: Near Bus; Near Hospital; Near Park(s); Near School(s); Near Shopping
Laundry: Laundry Room
Owner Provides: Gas; Water; Trash
Zoning: R-3
Exchange: Yes
Terms: Cash; Conventional; Ctel
Listing Type: ER
Documents
Offering Memorandum (unbranded) ›
Listing Office:
Berkshire Hathaway HomeServices California Properties
Last Updated: September - 27 - 2026
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