Versatile Flex/Industrial Building on Large
For Sale
$4,185,000
2105 S Blosser, Santa Maria, CA 93458
20,544± sq. ft. flex/industrial building on 3.83 acres.
Property Size20,544 SF
Lot Size3.83 Acres
Price / SF$203.71
Days on Market108
Property Features for 2105 S Blosser
General Information
Standard status
Active
Size
20,544 SF
Lot size
3.83 Acres
Property subtype
Commercial
Building Details
Building Size
20,544 SF
Listing Agency:
(805) 937-2492
Listed By:
Larry Lahr · License #00935487
(805) 937-2492
Source:
Elliman
Added: Apr 24
Changed: Aug 8
Last Checked: Jul 15 at 9:35PM
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 Larry Lahr
Investment Insights
Based on property information with market context.
This property offers a 20,544± sq. ft. flex/industrial building on a 3.83 acre site. The property is located in Santa Maria, positioned on a four-lane arterial, offering visibility and access. The site includes three APNs and features CM zoning for the existing building and R-3 zoning for future residential development. Constructed in 1984, the two-story concrete tilt-up building includes 6,336± sq. ft. of office space and 14,208± sq. ft. of warehouse space, plus an additional 1,080± sq. ft. mezzanine. The warehouse has a 28-foot clear height and two grade-level roll-up doors. An elevator, interior, and exterior stairwells provide access throughout the building. Approximately 2.13 acres of vacant R-3 zoned land offers development potential. The bike score is 36, indicating it is somewhat bikeable, and the walk score is 21, indicating it is car-dependent.
Key Highlights
- Versatile 20,544± sq. ft. flex/industrial building on 3.83 acres.
- CM and R‑3 zoning allows for flex/industrial use and future residential development.
- Approximately 2.13 acres of vacant R‑3 zoned land provides significant development potential.
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
$349,823
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
8.36%
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%
$6,996,460
$7.0M
Cap Rate 7%
$4,997,471
$5.0M
Cap Rate 9%
$3,886,922
$3.9M
Market Conditions
NOI Build-Up for 20,544 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
$542.4K $26.40/SF
− Vacancy
−$75.9K −$3.70/SF
EGI
$466.4K $22.70/SF
− OpEx
−$116.6K −$5.68/SF
NOI
$349.8K $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%
$6,996,460
Cap Rate 7%
$4,997,471
Cap Rate 9%
$3,886,922
Alternative Uses
Best Use
Office B
$5.00M
$4.37M – $5.83M
NOI $349,823 @ 7.0% cap · market cap 8.36%
Second Best
Warehouse
$3.11M
$2.72M – $3.63M
NOI $217,826 @ 7.0% cap · market cap 5.20%
Theoretical Best
Office A
$6.94M
$6.07M – $8.10M
NOI $485,956 @ 7.0% cap · market cap 11.61%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
495
Businesses Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Demographics for 93458, CA
59,927
Population
14,433
Households
4.2
Avg Household Size
28
Median Age
9%
College-Educated
50%
High-School Grad
28.4 sq mi
ZIP Area
2,110
Density / Sq Mi
$73,518
Median Household Income
$30,278
Median Earnings
$1,825
Median Rent
$460,300
Median Home Value
Market
Vacancy Rate% for Office in West region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Flex space - 20,544± sq. ft. flex/industrial building on 3.83 acres.
Where is this flex space located?
The property is located at 2105 S Blosser Santa Maria, CA.
What is the asking price?
The asking price for this property is $4,185,000.
What are key features of this property?
This property features: Versatile 20,544± sq. ft. flex/industrial building on 3.83 acres.; CM and R‑3 zoning allows for flex/industrial use and future residential development.; Approximately 2.13 acres of vacant R‑3 zoned land provides significant development potential.
