Senior Housing Facility with
For Sale
$6,250,000
1621 Grand Ave, Santa Barbara, CA 93103
Senior care facility with first-floor common areas, a private two-car garage, and an outdoor area for future planning.
Property Size14,240 SF
Price / SF$438.90
Days on Market440
Property Features for 1621 Grand Ave
General Information
Standard status
Active
Size
14,240 SF
Property subtype
Commercial
Additional Details
Road Access
Yes
Amenities
laundry room
beauty shop
Listing Agency:
Radius Group Commercial R.E.
(805) 965-5500
Listed By:
Robert Tuler · License #01450943
Source:
Santaynezvalleyhomesforsale
Added: Jun 17, 2025
Changed: Aug 29
Last Checked: Aug 25 at 7:37AM
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 14,240-square-foot senior housing facility was transformed for senior care use in 1992. The building includes a penthouse apartment with views, a private two-car garage, first-floor common areas, a laundry room, and a beauty shop. The property is zoned R-M.
Access is provided from both Arrellaga Street and Grand Avenue. Facility parking is located on an adjacent parcel through an easement from Arrellaga Street, while the penthouse garage has separate access from Grand Avenue. A sizable outdoor area sits in front of the building and is currently underutilized, providing an additional site feature for future planning.
Access is provided from both Arrellaga Street and Grand Avenue. Facility parking is located on an adjacent parcel through an easement from Arrellaga Street, while the penthouse garage has separate access from Grand Avenue. A sizable outdoor area sits in front of the building and is currently underutilized, providing an additional site feature for future planning.
Key Highlights
- 14,240‑square‑foot senior housing facility transformed for senior care use in 1992
- Penthouse apartment with views and a private two‑car garage
- First floor includes large common areas, laundry room, and beauty shop
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
$281,736
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
4.51%
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%
$5,634,720
$5.6M
Cap Rate 7%
$4,024,800
$4.0M
Cap Rate 9%
$3,130,400
$3.1M
Market Conditions
NOI Build-Up for 14,240 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
$529.7K $37.20/SF
− Vacancy
−$17.5K −$1.23/SF
EGI
$512.2K $35.97/SF
− OpEx
−$230.5K −$16.19/SF
NOI
$281.7K $19.78/SF
Area
Santa Barbara County, CA
Vacancy
3.30%
Lease Rate
$37.20 /SF/Yr
Expense Ratio
45.00%
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%
$5,634,720
Cap Rate 7%
$4,024,800
Cap Rate 9%
$3,130,400
Alternative Uses
Best Use
Apartment 5plus
$4.02M
$3.52M – $4.70M
NOI $281,736 @ 7.0% cap · market cap 4.51%
Second Best
—
—
no second resolved use
Theoretical Best
Multifamily LT 5
$4.47M
$3.91M – $5.21M
NOI $312,854 @ 7.0% cap · market cap 5.01%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
1,617
Businesses Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Demographics for 93103, CA
20,029
Population
8,069
Households
2.5
Avg Household Size
39
Median Age
46%
College-Educated
87%
High-School Grad
5.5 sq mi
ZIP Area
3,642
Density / Sq Mi
$118,118
Median Household Income
$46,441
Median Earnings
$2,407
Median Rent
$1,555,600
Median Home Value
Market
Vacancy Rate% for Multifamily in West region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Similar Off Market Nearby
- Senior Helpers — 1900 State St B, Santa Barbara, CA 93101
Frequently Asked Questions
What type of property is this?
Senior housing / Retirement Home - Senior care facility with first-floor common areas, a private two-car garage, and an outdoor area for future planning.
Where is this senior housing / retirement home located?
The property is located at 1621 Grand Ave Santa Barbara, CA.
What is the asking price?
The asking price for this property is $6,250,000.
What are key features of this property?
This property features: 14,240‑square‑foot senior housing facility transformed for senior care use in 1992; Penthouse apartment with views and a private two‑car garage; First floor includes large common areas, laundry room, and beauty shop
