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    Santa Barbara Multi-Tenant Investment Opportunity Title is generated by Realmo AI

    3609 State Street, Santa Barbara, CA 93105

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    For Sale
    $6,750,000

    Commercial Sale - Santa Barbara, CA

    Property size:
    10,650 SF
    Price / SF:
    $633/SF
    Added:
    Feb 3, 2026
    Days on Market:
    103
    Last Refresh:
    May 17 at 9:06 pm

    Property Features for 3609 State Street

    General Information

    Property type
    Commercial Sale
    Property subtype
    Other
    Standard status
    Active
    APN
    051051006
    Size
    10,650 SF

    Building Details

    Architectural style
    Other

    We can help!

    Listing Contact
    Anthony Boyajian

    Listing agent Anthony Boyajian License #01877967

    Listing office Keller Williams Realty-Studio City 12711 Ventura Blvd., Studio City, CA

    Listing date Feb 3, 2026

    MLS# SR26025220 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

    • Located in the desirable San Roque neighborhood, known for its high‑income customer base and upscale homes.
    • Features a diverse and complementary mix of businesses, including restaurants, home improvement, and personal services.
    • Benefits from high traffic volume and proximity to prestigious grocery stores (Whole Foods, Gelson’s, Bristol Farms).
    • Strong tenant stability, with many tenants operating at the location for over 13 years.
    • Includes a mix of national brands (Baskin Robbins, T‑Mobile, Ace Cash Express) and established local businesses.
    • Offers an investment opportunity focused on stability and long‑term wealth generation.

    Overview

    This multi-tenant investment opportunity is located in Santa Barbara's San Roque neighborhood. The location benefits from a high-income customer base, steady high-volume traffic, and proximity to upscale grocery stores such as Whole Foods, Gelson’s, and Bristol Farms. The center features a mix of businesses, including home improvement, restaurants, personal high-tech devices, financial services, and self-improvement/wellness/beauty services. The tenant mix includes national brands like Baskin Robbins and T-Mobile, along with local businesses such as Sleep Shoppe, TriCounty Blinds, and Salt Salon. Many tenants have been long-term residents of Ontare Plaza, with some operating at the location for over 13 years, Baskin Robbins for over 30 years, and Rudy’s Mexican Restaurant for almost 40 years. The property is suitable for investors who value stability, location, and generational wealth. The property size is 10650 square feet.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    SALT Color x ... Hair Salon Santa Barbara County ... Furniture & Home Goods Big City Futons Home Decor Store Red Studio - Hair ... Hair Salon Chiccleats (Bike/Boat/Book/etc) Store

    Suggested Use

    Law Firm Restaurant Real Estate Agency Spa & Massage Center Dental Office Hair Salon Nail Salon Food Market Grocery & Convenience Store Daycare Center

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

    Similar Places Nearby

    • Mission Creek Plaza Shopping Center — Santa Barbara, CA 93105
    • Ontare Plaza — 3607 State St, Santa Barbara, CA 93105
    • Sunglass Hut at Macy's — 3805 State St, Santa Barbara, CA 93105
    • Loreto Plaza — 3329 State St, Santa Barbara, CA 93105
    • Súper Para Comprar Comida — 051-040-053, Santa Barbara, CA 93105

    Location Insight

    • Map
    • Local Demand
    City
    Santa Barbara
    County
    Santa Barbara
    State
    California
    Longitude
    -119.740856
    Latitude
    34.440098

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    FAQs

    What type of property is this?
    Shopping center - Multi-tenant investment opportunity in Santa Barbara's San Roque neighborhood.
    Where is this shopping center located?
    The property is located at 3609 State Street Santa Barbara, CA.
    What is the asking price?
    The asking price for this property is $6,750,000.
    What are key features of this property?
    This property features: Located in the desirable San Roque neighborhood, known for its high‑income customer base and upscale homes.; Features a diverse and complementary mix of businesses, including restaurants, home improvement, and personal services.; Benefits from high traffic volume and proximity to prestigious grocery stores (Whole Foods, Gelson’s, Bristol Farms).
    (818) 324-7639
    We can help!
    Listing Contact
    Anthony Boyajian
    Real Estate License ID: 01877967
    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.

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