Discover this hidden-in-plain-sight Santa Barbara treasure - a historic piece of architecture owned by the same family for over 80 years, for sale for the 1st time since 1944! The home appears seemingly lost in time at the edge of the Upper East as it rises to the Lower Riviera, now available for the next owner to revive the home to a new splendor. Built around 1912 in a Vernacular Craftsman style, the rustic board-and-batten wood exterior is immediately distinctive on the 1st story, with a Greene & Greene-style shingling and design motif on the 2nd story. A church-like window graces the front of the home and upon entering you are greeted by a wood-paneled 2-story cathedral style grand living room. A large traditional dining room and upstairs bedrooms continue the rich paneled interior décor, which can be preserved and incorporated, or re-imagined differently in a buyer's renovation. The nearly 3,000 square-foot home has been approved to be eligible for Mills Act status, to potentially significantly reduce the property taxes and help offset some of the upgrade expenses. A pleasant surprise is the ocean views from the expansive 2nd story terrace, as well as a generous-sized backyard with mature trees. The premier location is only 6-7 blocks to downtown's Theater/Arts District with its acclaimed performing arts venues and numerous fine dining restaurants, and within 2-3 blocks to notable City parks. For the buyer who yearns for an historic home with its own special identity, 512 East Arrellaga offers an intriguing opportunity to bring the magic back to life!