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Millman Team Real Estate

$9,800,000
0.18 Acre Lot

321 & 319 W Mission, Santa Barbara, California 93101

  • Residential Income Property Type
  • 1928 Year Built
Property Description

Rare opportunity to acquire an established 15-bed RCFE, operating business, and two adjacent properties near downtown Santa Barbara. Operating for more than 36 years, the business benefits from historically strong occupancy, limited vacancy downtime, experienced staff, and established referral relationships. Current annualized revenue is approximately $1.78 million, with approximately $640, 000 in seller-reported normalized NOI, representing an indicated in-place yield of approximately 6.5% before expansion. The offering includes 321 W Mission Street, the operating care facility, and 319 W Mission Street, an adjacent four-bedroom, two-bathroom residence on a 9, 147-square-foot R-MH-zoned lot. The second property provides residential and care-related flexibility, potential additional licensed capacity, ADU or multi-unit opportunities, and meaningful long-term development upside. Offered together at $9, 800, 000, this is a compelling opportunity for an owner-operator or investor seeking immediate cash flow, valuable Santa Barbara real estate, and clear pathways for growth in a highly desirable coastal market with significant barriers to entry. Separate sale structures may also be considered. Financial documentation is available to qualified buyers following execution of a confidentiality agreement.

Basic Details
Residential Income
For Sale
PI26156378
$9,800,000
Neighborhood
1928
0.18 Acre
Active
Single Family Residence
Features
: None
: Forced Air
: Wood
: Living Room
: Rain Gutters
: Tile, Vinyl
: Bedroom on Main Level, Ceiling Fan(s), Recessed Lighting, Tile Counters
: Inside, Laundry Room, Stacked
: Public Sewer
: Electricity Connected, Natural Gas Connected, Sewer Connected, Water Connected, Cable Available, Phone Available
$0
Address Map
CA
Santa Barbara
Santa Barbara
Santa Barbara: Other (80)
93101
Mission
321 & 319
W120° 16' 53.9''
N34° 25' 36.3''
From US-101, exit Mission Street. Head west on Mission Street. Continue past De La Vina Street and Bath Street. Property is on the left with alley access before Bath Street.
VC81 - Santa Barbara
W
Additional Information
$0
$0
$0
$0
$0
: Safe Emergency Egress from Home, Parking, Accessible Approach with Ramp, Grab Bars
5620
: Suburban
Standard
1
2.0
: One
: Back Yard, Front Yard, Rectangular Lot, Level, Street Level
2
2026-07-17
1
1
: Public
Broker/Agent Information
Invest SLO
John Persse
Listing Information
Abel Contreras
pi02062620
Pi3420
Invest SLO
pi02113078
Pi3420
Cash, Conventional, 1031 Exchange
Active
2026-07-18T13:23:06Z
CRMLS
: Standard
2026-07-17T16:29:48Z
Agent info
Ray Millman
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