Add Listing
    For Sale
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    AI Search
    Back to Search
    The Largest CRE Database in the US with Over 1 Million Listings

    509 State St Santa Barbara, CA

    View on Map
    Claim this Listing
    Loading data...
    Loading data...
    Loading data...
    For Sale
    Contact for pricing

    Restaurant space with attached covered patio available for lease.

    Type:RETAIL
    Property size:
    2,824 SF
    Lot size:
    0.12 Acres
    Price / SF:
    $1,237/SF
    Added:
    Sep 28, 2021
    Days on Market:
    1673
    Last Refresh:
    Apr 5 at 11:00 pm

    Property Features for 509 State St

    General Information

    Standard status
    Active
    Size
    2,824 SF
    Lot size
    0.12 Acres
    Property subtype
    RETAIL

    We can help!

    Listing Contact
    Mitch Stark

    Listing agent Mitch Stark

    Listing office BHHS - California Properties | Santa Barbara

    Listing date Sep 28, 2021

    Source Moodyscre

    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 BHHS - California Properties | Santa Barbara

    Overview

    Restaurant with Covered Patio

    This property offers approximately 2,824 square feet of restaurant space, complemented by an attached covered patio of approximately 454 square feet. The property is located in Santa Barbara, CA.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    Pascucci Restaurant

    Suggested Use

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

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

    Similar Places Nearby

    • Semi Private Chef — 205 W Montecito St, Santa Barbara, CA 93101
    • Events Unlimited — 205 Santa Barbara St #B, Santa Barbara, CA 93101
    • Central Coast Catering — 205 W Canon Perdido St, Santa Barbara, CA 93101
    • Shalhoob's Santa Barbara Style Catering — 209 Gray Ave, Santa Barbara, CA 93101
    • The Kitchen Door — 112 W Cabrillo Blvd, Santa Barbara, CA 93101

    Location Insight

    • Map
    • Local Demand
    City
    Santa Barbara
    County
    Santa Barbara
    State
    California
    Longitude
    -119.696
    Latitude
    34.4168

    Nearby Similar for Sale

    • $6,750,000
      10,650 SF

      Santa Barbara Multi-Tenant Investment Opportunity

      Multi-tenant investment opportunity in Santa Barbara's San Roque neighborhood.
      3609 State Street, Santa Barbara, CA 93105
      View Details
    • $1,750,000
      1,060 SF

      Storefront with Cottage and Parking

      Commercial property with storefront, cottage, parking in Santa Barbara.
      211 W Victoria Street, SANTA BARBARA, CA 93101
      View Details
    • $4
      910 SF

      Remodeled Restaurant Space on Pardall

      Remodeled 910 SF restaurant space ready for your concept.
      6580 Pardall Road unit: B, SANTA BARBARA, CA 93117
      View Details
    • $2,650,000

      Remodeled Duplex in Santa Barbara

      Turnkey duplex near landmarks, remodeled with modern amenities.
      518 E Islay Street, SANTA BARBARA, CA 93101
      View Details
    • $1,895,000

      Santa Barbara Duplex For Sale

      West side duplex in a great location, close to everything.
      916 W Micheltorena Street, SANTA BARBARA, CA 93101
      View Details
    • $2,150,000

      Santa Barbara Triplex Investment Opportunity

      Rare triplex in downtown Santa Barbara, ideal for income generation.
      1428-1424 De La Vina Street, SANTA BARBARA, CA 93101
      View Details
    • $1,750,000

      Storefront with Cottage in Santa Barbara

      Storefront and cottage with parking in desirable Santa Barbara location.
      211 W Victoria Street, SANTA BARBARA, CA 93101
      View Details
    • $2,775,000

      Updated Santa Barbara Multifamily Home

      Flexible multifamily property with income potential in Santa Barbara, CA.
      2937 Glen Albyn Drive, SANTA BARBARA, CA 93105
      View Details
    • $6,585
      1,530 SF

      Established Restaurant Location For Lease

      High-visibility restaurant space with patio on signalized corner.
      2000 De La Vina Street, SANTA BARBARA, CA 93105
      View Details
    • $3,950,000

      Santa Barbara Multifamily Near SBCC

      Sixteen-bedroom multifamily property one block from Santa Barbara City College.
      415 Rancheria Street, SANTA BARBARA, CA 93101
      View Details
    • $3
      910 SF

      Isla Vista Restaurant Space

      Remodeled restaurant space in Isla Vista, ready for your concept.
      6580 Pardall Rd B, Santa Barbara, CA 93117
      View Details
    • $2,875,000
      1,567 SF

      Santa Barbara Triplex with Garages

      Triplex in Santa Barbara with craftsman home and rental income.
      1917 Bath Street, SANTA BARBARA, CA 93101
      View Details

    FAQs

    What type of property is this?
    Restaurant - Restaurant space with attached covered patio available for lease.
    Where is this restaurant located?
    The property is located at 509 State St Santa Barbara, CA.
    What is the asking price?
    The asking price for this property is $3,495,000.
    What are key features of this property?
    This property features: 2,824 SF restaurant space; 454 SF attached covered patio; Restaurant property
    (805) 689-2429 Call to check price and availability
    We can help!
    Contact for Pricing
    Please call us for current price
    and status of this listing
    Mitch Stark
    Learn More
    Request Owner's contact information
    Message sent successfully
    Error
    If you are the owner or broker of this property and would like to edit or remove this listing please send a message to web site administrator.
    Message sent successfully
    Error
    Email to Your Friends
    Link copied to clipboard
    Separate multiple addresses with a comma
    Message sent successfully
    Error

    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
    Thanks! Your message was sent.
    Error! Your message wasn't sent.
    Please enter your name
    Please enter email
    Please enter the email in the correct format
    Please enter phone
    Please enter the number in the correct format
    Please enter message
    Thank You

    You are Unsubscribed From Notifications

    Google sign-in failed. Please try again or use another login method.
    Sign Up Successful!
    You now have access to more from Realmo!