DAUM Commercial Real Estate Services is pleased to present a rare opportunity to acquire a leased fee estate on approximately two acres of well-located land with a ground lease to a motel in Santa Barbara, CA. The property is at a traffic entrance off State Street, a main traffic artery. Motel buildings are constructed on the parcel. The ground-lease term is 60 years dating back to 1961 and expires in May 2021. At lease expiration the buildings revert to the land owner – a copy of the lease will be provided to Buyer to confirm the reversion language.

The complex is 68 rooms and contains a freestanding restaurant and a gift shop/motel office. The motel complex is located minutes away from beaches, upscale boutiques, restaurants and new construction on desirable State Street. This location and property cannot be duplicated.
The asking price has been reduced to $21 million. Please contact listing agent with questions or for more information.