Renovated Office Condo
For Sale
$915,000
104-1525 State St, Santa Barbara, CA 93101
The vacant suite can be delivered at closing for immediate occupancy.
Property Size2,286 SF
Price / SF$400.26
Days on Market9
Property Features for 104-1525 State St
General Information
Standard status
Active
Size
2,286 SF
Total Parking Spaces
4
Site & Location
Neighborhood
Lower State
Additional Details
Condition
Newly Renovated
Asking Price
$915,000
Office Units
2
Property Use
Office
Listing Agency:
Radius Group Commercial R.E.
(805) 965-5500
Listed By:
Gene Deering · License #1450943
(805) 879-9623
Source:
Exprealty
Added: Oct 29
Changed: Nov 3
Last Checked: Nov 4 at 5:47PM
Displayed information is deemed reliable but is not guaranteed and should be independently verified. All listing content including descriptions, pricing, images are the copyrighted material of Radius Group Commercial R.E.
Ask AI about this property
Review the available facts, identify missing information and prepare questions for the agent.
Investment Insights
Based on property information with market context.
Two neighboring office condominium units are being conveyed together as a renovated, vacant suite totaling 2,286 square feet. The space includes four dedicated parking spaces and is available for delivery at closing.
The property is on State Street in Santa Barbara’s professional district.
The property is on State Street in Santa Barbara’s professional district.
Key Highlights
- Two adjacent office condominium units sold together
- 2,286 square feet
- Recently renovated and vacant
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$40,782
Cap Rate
4.46%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$815,640
$815.6K
Cap Rate 7%
$582,600
$582.6K
Cap Rate 9%
$453,133
$453.1K
Market Conditions
NOI Build-Up for 2,286 SF
Gross rent
$60.4K $26.40/SF
− Vacancy
−$6.0K −$2.61/SF
EGI
$54.4K $23.79/SF
− OpEx
−$13.6K −$5.95/SF
NOI
$40.8K $17.84/SF
Area
Santa Barbara County, CA
Vacancy
9.90%
Lease Rate
$26.40 /SF/Yr
Expense Ratio
25.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap Rate 5%
$815,640
Cap Rate 7%
$582,600
Cap Rate 9%
$453,133
Alternative Uses
Best Use
Office B
$582.6K
$509.8K – $679.7K
NOI $40,782 @ 7.0% cap · market cap 4.46%
Second Best
—
—
no second resolved use
Theoretical Best
Multifamily LT 5
$717.5K
$627.8K – $837.1K
NOI $50,224 @ 7.0% cap · market cap 5.49%
Zoning and permitted uses should be independently verified with authorities.
How Realmo checks its estimates
Property Analytics
Current Use
Lease Details
2
Office units
Location Intelligence
Trade Area within ½ mile
4,275
Businesses Nearby
Explore this area
Business Placement
Demographics for 93101, CA
30,513
Population
13,664
Households
2.2
Avg Household Size
36
Median Age
41%
College-Educated
83%
High-School Grad
3.2 sq mi
ZIP Area
9,535
Density / Sq Mi
$79,868
Median Household Income
$42,614
Median Earnings
$2,109
Median Rent
$1,122,200
Median Home Value
Market
Vacancy Rate% for Office in West region
Frequently Asked Questions
What type of property is this?
Office unit - The vacant suite can be delivered at closing for immediate occupancy.
Where is this office unit located?
The property is located at 104-1525 State St Santa Barbara, CA.
What is the asking price?
The asking price for this property is $915,000.
What are key features of this property?
This property features: Two adjacent office condominium units sold together; 2,286 square feet; Recently renovated and vacant
