Mixed-Use Building with Gated
New
For Sale
$4,100,000
1222-1224 State Street, Santa Barbara, CA 93101
Ground-floor retail and upper-level office suites are arranged in a flexible, skylit layout.
Property Size8,524 SF
Days on Market3
Property Features for 1222-1224 State Street
General Information
Standard status
Active
Size
8,524 SF
Property subtype
Retail
Amenities
private gated parking
attractive front or rear building entries
flexible floorplans
high ceilings
numerous skylights
HVAC throughout
5 sets of restrooms
numerous kitchenettes
classic attractive detailing
Building Details
Building Size
8,524 SF
Year Built
1950
Buildings
1
Construction
reinforced concrete
Tenancy
Multi
Listing Agency:
Radius Group Commercial R.E.
Listed By:
Brad Frohling · License #01323736
(805) 965-5500
Source:
Erichaskellgroup
Added: Oct 13
Changed: Oct 15
Last Checked: Oct 15 at 2:18AM
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.
Investment Insights
Based on property information with market context.
This mixed-use property combines ground-floor retail with second-floor office suites. The reinforced-concrete building has been maintained and features flexible floorplans, high ceilings, and numerous skylights. Windows on three sides bring natural light into the space, while HVAC serves the building. Five sets of restrooms and multiple kitchenettes support the existing configuration. A conceptual plan addresses converting the upper floor to residential units.
Private gated parking is available through access easements. The property has front and rear entries and almost 50 feet of frontage. It is in Santa Barbara’s theatre district, steps from the Granada parking garage and Granada Theatre.
Private gated parking is available through access easements. The property has front and rear entries and almost 50 feet of frontage. It is in Santa Barbara’s theatre district, steps from the Granada parking garage and Granada Theatre.
Key Highlights
- Ground‑floor retail with second‑floor office suites
- Reinforced‑concrete construction; building has been maintained
- Almost 50 feet of frontage and windows on three sides
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$132,463
Cap Rate
3.23%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$2,649,260
$2.6M
Cap Rate 7%
$1,892,329
$1.9M
Cap Rate 9%
$1,471,811
$1.5M
Market Conditions
NOI Build-Up for 8,524 SF
Gross rent
$204.6K $24.00/SF
− Vacancy
−$15.3K −$1.80/SF
EGI
$189.2K $22.20/SF
− OpEx
−$56.8K −$6.66/SF
NOI
$132.5K $15.54/SF
Area
Santa Barbara County, CA
Vacancy
7.50%
Lease Rate
$24.00 /SF/Yr
Expense Ratio
30.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap Rate 5%
$2,649,260
Cap Rate 7%
$1,892,329
Cap Rate 9%
$1,471,811
Alternative Uses
Best Use
Retail
$1.89M
$1.66M – $2.21M
NOI $132,463 @ 7.0% cap · market cap 3.23%
Second Best
Mixed Use
$861.7K
$754.0K – $1.01M
NOI $60,316 @ 7.0% cap · market cap 1.47%
Theoretical Best
Multifamily LT 5
$2.68M
$2.34M – $3.12M
NOI $187,273 @ 7.0% cap · market cap 4.57%
Zoning and permitted uses should be independently verified with authorities.
How Realmo checks its estimates
Property Analytics
Current Use
Lease Details
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
6,732
Businesses Nearby
233k
Monthly Visits Nearby
Explore this area
Business Placement
Foot Traffic Nearby
Apparel 26%
Groceries 20%
Shops & Services 16%
Leisure 16%
Ralphs
Groceries
46,819 visits/mo
0.3 miles
Marshalls
Apparel
37,135 visits/mo
0.3 miles
Metropolitan Fiesta 5 Theatre
Leisure
27,969 visits/mo
0.3 miles
Rusty's Pizza Parlor
Dining
12,585 visits/mo
0.4 miles
Wells Fargo
Shops & Services
12,320 visits/mo
0.2 miles
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 Retail in West region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Mixed-use property - Ground-floor retail and upper-level office suites are arranged in a flexible, skylit layout.
Where is this mixed-use property located?
The property is located at 1222-1224 State Street Santa Barbara, CA.
What is the asking price?
The asking price for this property is $4,100,000.
What are key features of this property?
This property features: Ground‑floor retail with second‑floor office suites; Reinforced‑concrete construction; building has been maintained; Almost 50 feet of frontage and windows on three sides
