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    Retail Space in Town Center Title is generated by Realmo AI

    345 Town Center West, Santa Maria, CA 93454

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    Commercial Lease - Santa Maria, CA

    Property size:
    11,950 SF
    Added:
    Sep 3, 2025
    Days on Market:
    260
    Last Refresh:
    May 20 at 3:06 am

    Property Features for 345 Town Center West

    General Information

    Property type
    Commercial Lease
    Property subtype
    Other
    Standard status
    Active
    APN
    123280013
    Size
    11,950 SF

    Building Details

    Architectural style
    Other

    We can help!

    Listing Contact
    Jason Hart
    Jason Hart

    Listing agent Jason Hart License #01334694

    Listing office Hart Commercial Real Estate 524 East Branch Street, Grover Beach, CA

    Listing date Sep 3, 2025

    MLS# PI25198230 Listing URL

    Copyright © 2026 California Regional Multiple Listing Service, Inc. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.

    HighLights

    • Expansive, open‑concept floor plan suitable for a variety of uses.
    • Located in the Town Center West Shopping Center, across from the Town Center Mall.
    • Benefit from the future Heritage Walk Lofts project, adding 104 loft‑style apartments nearby.
    • Second‑generation retail space, formerly occupied by Rite Aid.
    • Aims to bring a significant new residential population directly into the down‑town core.
    • 85,900‑square‑foot former Fallas being converted into the Heritage Walk Lofts.

    Overview

    This is a second-generation retail space available for lease at the Town Center West Shopping Center, situated across from the Town Center Mall. The property, previously occupied by Rite Aid, features an expansive, open-concept floor plan. The location is in Santa Maria, California, with a postal code of 93454, in Santa Barbara County. The property encompasses 11,950 square feet. The space is expected to benefit from the upcoming Heritage Walk Lofts project, which plans to convert the 85,900-square-foot former Fallas building into 104 loft-style apartments, potentially bringing a significant new residential population into the downtown core. Suitable uses for the property include retail such as large-format apparel, home goods, discount stores, and sporting goods. It is also suited for medical purposes, such as urgent care, outpatient clinics, physical therapy, or large dental practices, as well as grocery uses, such as neighborhood or specialty grocers. Other potential uses include fitness, such as a health club or specialized gym concept; entertainment, such as family entertainment centers or experiential concepts; and institutional uses, such as government services or educational facilities.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    CDReload - Online Bitcoin ... Crypto Atm Rite Aid Pharmacy Brian J. Cocks, ... Pharmacy Donna R. Gibbs-Gaffko, ... Pharmacy Coinhub Bitcoin ATM ... Atm

    Suggested Use

    Real Estate Agency Law Firm Restaurant Spa & Massage Center Dental Office Hair Salon Nail Salon Building Supply Gym & Fitness Center Pharmacy

    Zoning and permitted uses should be independently verified with local authorities.

    Location Insight

    • Map
    • Local Demand
    City
    Santa Maria
    County
    Santa Barbara
    State
    California
    Longitude
    -120.43853
    Latitude
    34.95121

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    FAQs

    What type of property is this?
    Retail space - Second-generation retail space in a busy shopping center.
    Where is this retail space located?
    The property is located at 345 Town Center West Santa Maria, CA.
    What are key features of this property?
    This property features: Expansive, open‑concept floor plan suitable for a variety of uses.; Located in the Town Center West Shopping Center, across from the Town Center Mall.; Benefit from the future Heritage Walk Lofts project, adding 104 loft‑style apartments nearby.
    (805) 481-9010
    We can help!
    Listing Contact
    Jason Hart
    Jason Hart
    Real Estate License ID: 01334694
    Learn More
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    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

    More about this property
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