Office Condo with Open
For Sale
$399,000
106-1525 State St, Santa Barbara, CA 93101
The leased suite combines a private office with an open work area and offers both interior and exterior access.
Property Size1,122 SF
Price / SF$355.61
Days on Market9
Property Features for 106-1525 State St
General Information
Standard status
Active
Size
1,122 SF
Site & Location
Neighborhood
Lower State
Additional Details
Tenant in Place
Yes
Property Use
Office
Building Details
Tenancy
Single
Owner Occupied
No
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 6:21PM
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.
Suite 106 is a 1,122-square-foot office condominium in an office project on State Street in Santa Barbara. Its layout pairs a large private office with open workspace, and the suite can be entered from both inside the building and outdoors.
The space is leased on a rolling 90-day term. The property is located at 1525 State Street.
The space is leased on a rolling 90-day term. The property is located at 1525 State Street.
Key Highlights
- 1,122‑square‑foot office condominium suite
- Large private office plus open workspace
- Interior and exterior access
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$20,016
Cap Rate
5.02%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$400,320
$400.3K
Cap Rate 7%
$285,943
$285.9K
Cap Rate 9%
$222,400
$222.4K
Market Conditions
NOI Build-Up for 1,122 SF
Gross rent
$29.6K $26.40/SF
− Vacancy
−$2.9K −$2.61/SF
EGI
$26.7K $23.79/SF
− OpEx
−$6.7K −$5.95/SF
NOI
$20.0K $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%
$400,320
Cap Rate 7%
$285,943
Cap Rate 9%
$222,400
Alternative Uses
Best Use
Office B
$285.9K
$250.2K – $333.6K
NOI $20,016 @ 7.0% cap · market cap 5.02%
Second Best
—
—
no second resolved use
Theoretical Best
Multifamily LT 5
$352.1K
$308.1K – $410.8K
NOI $24,650 @ 7.0% cap · market cap 6.18%
Zoning and permitted uses should be independently verified with authorities.
How Realmo checks its estimates
Property Analytics
Current Use
Lease Details
Single-tenant
Tenancy
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 leased suite combines a private office with an open work area and offers both interior and exterior access.
Where is this office unit located?
The property is located at 106-1525 State St Santa Barbara, CA.
What is the asking price?
The asking price for this property is $399,000.
What are key features of this property?
This property features: 1,122‑square‑foot office condominium suite; Large private office plus open workspace; Interior and exterior access
