Multi-Tenant Office
For Sale
$6,695,000
1414 S Miller St Unit 7a, Santa Maria, CA 93454
Central Santa Maria property with diverse office, medical, restaurant, and executive-suite configurations.
Property Size34,595 SF
Lot Size2.50 Acres
Price / SF$193.53
Days on Market131
Property Features for 1414 S Miller St Unit 7a
General Information
Standard status
Active
Size
34,595 SF
Total Parking Spaces
103
Lot size
2.50 Acres
Property subtype
Commercial
Occupancy
83%
Additional Details
Cap Rate
5.49%
Highway Access
Yes
Office Units
27
Building Details
Year Built
1962
Buildings
1
Building Size
34,595 SF
Tenancy
Multi
Listing Agency:
Hayes Commercial Group, Inc.
(805) 898-4388
Listed By:
Christos Celmayster · License #01342996
Source:
Santaynezvalleyhomesforsale
Added: Apr 21
Changed: Aug 28
Last Checked: Aug 29 at 10:28AM
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 Hayes Commercial Group, Inc.
Investment Insights
Based on property information with market context.
Built in 1962, this 34,595-square-foot office property occupies approximately 2.5 acres and includes 28 suites arranged around a courtyard. The current configuration comprises one restaurant, 24 office suites, and three suites designed for 20 separate executive suites. The property is 83% occupied and includes 103 on-site parking spaces.
Recent improvements totaling more than $1M include window replacement, HVAC upgrades, walkway and landscaping work, parking lot repairs, and electrical, plumbing, and interior upgrades. The property sits between Stowell Road and Barcellus Avenue, behind Broadway Plaza and Stowell Shopping Centers, one block from South Broadway and two blocks from Highway 101. The corridor carries more than 14,000 CPD. Current financial metrics include an in-place Cap Rate of 5.49%, with three vacancies and pending renewals noted in the property information.
Recent improvements totaling more than $1M include window replacement, HVAC upgrades, walkway and landscaping work, parking lot repairs, and electrical, plumbing, and interior upgrades. The property sits between Stowell Road and Barcellus Avenue, behind Broadway Plaza and Stowell Shopping Centers, one block from South Broadway and two blocks from Highway 101. The corridor carries more than 14,000 CPD. Current financial metrics include an in-place Cap Rate of 5.49%, with three vacancies and pending renewals noted in the property information.
Key Highlights
- 34,595 SF office and service retail property on approximately 2.5 acres
- 28 suites: one restaurant, 24 office suites, and three suites configured for 20 executive suites
- 103 on‑site parking spaces within the courtyard‑oriented property layout
Financial Insights
Estimated NOI and Cap Rate
NOI = area × lease_rate × (100 − vacancy) / 100 × (1 − expense_ratio). Net Operating Income — what the owner takes home each year before mortgage payments and income tax. Effective rent (asking rent minus vacancy losses) minus operating costs (taxes, insurance, maintenance, management).
NOI / Yr
$589,084
Cap rate = NOI / list price × 100. Capitalization rate — annual return on a fully cash purchase, before financing. NOI divided by price. Higher means more income per dollar invested, but usually also more risk or older condition. 5–8% is typical for stabilized commercial property; double digits often signal distressed deals.
Cap Rate
8.80%
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$11,781,680
$11.8M
Cap Rate 7%
$8,415,486
$8.4M
Cap Rate 9%
$6,545,378
$6.5M
Market Conditions
NOI Build-Up for 34,595 SF
Vacancy — income lost from leasable area expected to sit empty during the year, subtracted from gross rent.
EGI (Effective Gross Income) — gross rent minus vacancy losses, the realistic income before paying operating costs.
OpEx (Operating Expenses) — recurring costs to operate the property (property tax, insurance, utilities, maintenance, management); excludes financing and capital improvements.
NOI (Net Operating Income) — income a property generates after operating costs but before financing and taxes.
Gross rent
$913.3K $26.40/SF
− Vacancy
−$127.9K −$3.70/SF
EGI
$785.4K $22.70/SF
− OpEx
−$196.4K −$5.68/SF
NOI
$589.1K $17.03/SF
Area
Santa Maria, CA
Vacancy
14.00%
Lease Rate
$26.40 /SF/Yr
Expense Ratio
25.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$11,781,680
Cap Rate 7%
$8,415,486
Cap Rate 9%
$6,545,378
Alternative Uses
Best Use
Office B
$8.42M
$7.36M – $9.82M
NOI $589,084 @ 7.0% cap · market cap 8.80%
Second Best
Healthcare Medical
$8.01M
$7.01M – $9.34M
NOI $560,439 @ 7.0% cap · market cap 8.37%
Theoretical Best
Office A
$11.69M
$10.23M – $13.64M
NOI $818,324 @ 7.0% cap · market cap 12.22%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
27
Office units
83%
Occupancy
Multi-tenant
Tenancy
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
1,272
Businesses Nearby
Explore this area
Business Placement
Demographics for 93454, CA
40,994
Population
12,413
Households
3.3
Avg Household Size
33
Median Age
18%
College-Educated
74%
High-School Grad
418.3 sq mi
ZIP Area
98
Density / Sq Mi
$84,178
Median Household Income
$34,883
Median Earnings
$1,750
Median Rent
$477,600
Median Home Value
Market
Vacancy Rate% for Office in West region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Office building - Central Santa Maria property with diverse office, medical, restaurant, and executive-suite configurations.
Where is this office building located?
The property is located at 1414 S Miller St Unit 7a Santa Maria, CA.
What is the asking price?
The asking price for this property is $6,695,000.
What are key features of this property?
This property features: 34,595 SF office and service retail property on approximately 2.5 acres; 28 suites: one restaurant, 24 office suites, and three suites configured for 20 executive suites; 103 on‑site parking spaces within the courtyard‑oriented property layout
