Two-Story Office
For Sale
Contact for pricing
218 W Carmen Lane, Santa Maria, CA 93458
Elevator-served professional suites include parking and a landscaped courtyard with fountain.
Property Size25,000 SF
Price / SF$198
Days on Market163
Property Features for 218 W Carmen Lane
General Information
Standard status
Active
Size
25,000 SF
Class
B
Total Parking Spaces
144
Elevators
Yes
Property subtype
Office
Zoning
PD C-2
Occupancy
100%
Amenities
courtyard with fountain and lush landscaping
Building Details
Year Built
1982
Year Renovated
2006
Buildings
2
Stories
2
Tenancy
Multi
Listing Agency:
Santa Maria -Pacifica Commercial Realty
Listed By:
Josh Schmidt · License ##02037434
Source:
Crexi
Added: Mar 23
Changed: Aug 30
Last Checked: Aug 31 at 7:00PM
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 Santa Maria -Pacifica Commercial Realty
Investment Insights
Based on property information with market context.
This 25000-square-foot office project in Santa Maria contains multiple suite layouts and sizes within a two-story building. An elevator serves the property, which also includes parking and a landscaped courtyard featuring a fountain. The improvements date to 1982, and the building is currently 100% leased.
Located on W. Carmen Lane in central Santa Maria, the property carries PD C-2 zoning. Its office configuration, varied suite arrangement, elevator, parking, and outdoor courtyard are established features of the project.
Located on W. Carmen Lane in central Santa Maria, the property carries PD C-2 zoning. Its office configuration, varied suite arrangement, elevator, parking, and outdoor courtyard are established features of the project.
Key Highlights
- 25000‑square‑foot office project in Santa Maria
- Two‑story building with elevator service
- Various office suite floor plans and sizes
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
$425,700
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
8.60%
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%
$8,514,000
$8.5M
Cap Rate 7%
$6,081,429
$6.1M
Cap Rate 9%
$4,730,000
$4.7M
Market Conditions
NOI Build-Up for 25,000 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
$660.0K $26.40/SF
− Vacancy
−$92.4K −$3.70/SF
EGI
$567.6K $22.70/SF
− OpEx
−$141.9K −$5.68/SF
NOI
$425.7K $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%
$8,514,000
Cap Rate 7%
$6,081,429
Cap Rate 9%
$4,730,000
Alternative Uses
Best Use
Office B
$6.08M
$5.32M – $7.10M
NOI $425,700 @ 7.0% cap · market cap 8.60%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$8.45M
$7.39M – $9.86M
NOI $591,360 @ 7.0% cap · market cap 11.95%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
1,297
Businesses Nearby
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
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Frequently Asked Questions
What type of property is this?
Office building - Elevator-served professional suites include parking and a landscaped courtyard with fountain.
Where is this office building located?
The property is located at 218 W Carmen Lane Santa Maria, CA.
What is the asking price?
The asking price for this property is $4,950,000.
What are key features of this property?
This property features: 25000‑square‑foot office project in Santa Maria; Two‑story building with elevator service; Various office suite floor plans and sizes
