School District Appraisal Pegs Armory at $12.3 Million

The 4.7-acre Santa Barbara Armory property (pictured) and its historic facility has a market value of $12,350,000, according to an appraisal paid for by Santa Barbara Unified School District. Conducted by McMillan Moore, the appraisal assumes that, as reported, the California Military Department will remediate lead contamination from the facility’s indoor shooting range. The state is expected to complete its own appraisal this month. By state law, the district has first dibs but must be in escrow by 7/1 or the property goes to the open market. Last fall, voter-approved bonds earmarked $20 million toward purchase and renovation.