Map of Property

15 W. Islay

15 W. Islay, Santa Barbara, CA 93101

  • For Sale $2,295,000
  • Property Type Multi-Family
  • Property Size 3,453 SF
  • Units 5
  • Lot Size 0.17 Acre
  • NOI / YR $77,345.00
  • Zoning R-MH
  • Date Updated Sep 3, 2025

Opportunity to Own a Prime Santa Barbara Multi-family Asset with Major Upgrades & Future Value-Add Potential. 15 W. Islay Street presents a rare investment opportunity in the heart of Santa Barbara. The property consists of a charming 1920s duplex with (2) 1BD/1BA units, alongside a 1963 triplex offering (1) 2BD/1BA and (2) 1BD/1BA units, with the upstairs tenants enjoying a shared balcony. Ideally located between Downtown Santa Barbara and the Upper State Street corridor, residents benefit from convenient freeway access and proximity to shopping, dining, and entertainment. The property has undergone substantial recent improvements, providing investors with a well-maintained asset in a prime rental market. Additional value can be created both through rental upside within the existing units and through the potential to add new units via the City’s ADU program. Current ownership has submitted plans for a carport conversion into a junior ADU, with the opportunity to build up to two more detached ADUs at the rear of the lot.

Units 5 Unit Mix Duplex (1) 1 BD/1 BA + Extra Room; (1) 1BD/1BA Triplex (1) 2BD/1BA; (2) 1BD/1BA Price Per Unit $459,000 Cap Rate Current: 3.37% AB1482: 3.81% Market: 4.43% GRM Current: 16.26 AB1482: 15.09 Market: 13.71  

4 Off-Street Spaces; 1 Carport (Junior ADU Conversion Plans Submitted) 

Year Built Duplex: 1920 | Triplex: 1963

±1,583 SF DUPLEX • (1) 1BD/1BA + EXTRA ROOM; (1) 1BD/1BA

±1,870 SF TRIPLEX • (1) 2BD/1BA; (2) 1BD/1BA

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Radius Commercial Real Estate

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Location

Getting Around

  • Walk Score ®

    88/100 Very Walkable

  • Transit Score ®

    47/100 Some Transit

  • Bike Score ®

    83/100 Very Bikeable
Powered by Walk Score ®
  • City Santa Barbara, CA
  • Neighborhood Upper East Santa Barbara
  • Zip Code 93101
  • Market Central Coast

Points of Interest

  • Santa Barbara

    1.55 miles

  • Zoo Train

    2.74 miles

  • SBA Economy Lot 3

    6.93 miles

  • SBA Economy Lot 2

    6.97 miles

  • SBA Economy Lot 1

    7.00 miles

  • SBA Terminal

    7.08 miles

  • Goleta

    7.53 miles

  • ChargePoint

    0.55 miles

  • eVgo

    0.56 miles

  • Santa Barbara Gas

    0.88 miles

  • Chevron

    1.57 miles

  • Arco

    1.70 miles

  • Fuel Depot

    2.05 miles

  • True Zero

    2.30 miles

  • Conserv Fuel

    2.30 miles

  • Village Service Station

    4.51 miles

  • Valero

    6.29 miles

  • 1819

    0.09 miles

  • City Lot #6 (Granada Garage)

    0.57 miles

  • City Lot #5

    0.58 miles

  • City Lot #4

    0.66 miles

  • City Lot #7 (Library Garage)

    0.67 miles

  • City Lot #3

    0.75 miles

  • City Lot #8

    0.75 miles

  • Ralphs

    0.78 miles

  • Belmond El Encanto Tesla Chargers

    0.79 miles

  • City Lot #2

    0.87 miles

  • Orange Tree Inn

    0.12 miles

  • Presidio Motel

    0.17 miles

  • Cheshire Cat Inn

    0.17 miles

  • Courtyard Santa Barbara Downtown

    0.21 miles

  • Simpson House Inn

    0.22 miles

  • Secret Garden Inn & Cottages

    0.34 miles

  • The Upham Hotel & Country House

    0.45 miles

  • BEST WESTERN PLUS Encina Lodge & Suites

    0.53 miles

  • El Encanto, A Belmond Hotel, Santa Barbara

    0.77 miles

  • Canary, a Kimpton Hotel

    0.83 miles

  • IHOP

    0.12 miles

  • Garret's Old Fashioned Breakfast-Lunch Restaurant

    0.19 miles

  • Carlitos Café y Cantina

    0.44 miles

  • Opal Restaurant & Bar

    0.45 miles

  • Petros

    0.47 miles

  • Jane

    0.48 miles

  • Little Bird

    0.49 miles

  • 3 Monkeys

    0.49 miles

  • Teru

    0.49 miles

  • Fala Bar

    0.49 miles

  • Santa Barbara College of Oriental Medicine

    0.13 miles

  • Notre Dame School

    0.29 miles

  • Fielding Graduate University

    0.35 miles

  • Notre Dame Academy of Santa Barbara

    0.46 miles

  • Alice F Schott Continuing Education Center

    0.47 miles

  • Roosevelt Elementary School

    0.48 miles

  • Waldorf School of Santa Barbara

    0.61 miles

  • Saint Anthonys Seminary

    0.69 miles

  • Rockshop Academy

    0.72 miles

  • Santa Barbara College

    0.73 miles

  • Montessori Childrens Home

    0.29 miles

Frequently Asked Questions

How much does 15 W. Islay cost?

The space currently listed for sale at 15 W. Islay asks for $2,295,000.

What is the total square footage of 15 W. Islay?

15 W. Islay totals 3,453 square feet.

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