Remodeled Triplex With On-Site
New
For Sale
$1,800,000
222 S Salinas St, Santa Barbara, CA 93103
Residential income property with updated interiors, shared laundry, individual utility metering, and on-site vehicle parking.
Property Size3,085 SF
Days on Market3
Property Features for 222 S Salinas St
General Information
Standard status
Active
Size
3,085 SF
Property subtype
Multifamily
Occupancy
100%
Site & Location
Highway Access
Yes
Utilities to Site
Yes
Units
Unit Mix
2 x 3BR, 1 x 2BR/2BA
Multifamily Units
3
Amenities
common laundry room
Building Details
Building Size
3,085 SF
Units
3
Listing Agency:
(818) 212-2770
Listed By:
Earle Hyman · License #License(s): CA: 00803521
(818) 212-2770
Source:
Marcusmillichap
Added: Aug 28
Changed: Aug 29
Last Checked: Aug 30 at 1:09PM
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 Earle Hyman
Investment Insights
Based on property information with market context.
This triplex contains two three-bedroom residences and one two-bedroom, two-bath residence. Unit A received a full interior remodel with a new kitchen and appliances in August 2018, followed by a front-yard patio installation in May 2022. Concrete improvements were completed at Unit B’s front entry in March 2024. The property also has a shared laundry room, a five-car carport, and additional open parking on the premises. Gas and electricity are separately metered for each residence.
A sump pump, additional concrete work, and a new drainage line were installed along the west side of the property in March 2026. The property is approximately one mile east of the 101 Freeway, south of the Coast Village shopping area and Montecito Country Club, and approximately one and a half miles from the beach.
A sump pump, additional concrete work, and a new drainage line were installed along the west side of the property in March 2026. The property is approximately one mile east of the 101 Freeway, south of the Coast Village shopping area and Montecito Country Club, and approximately one and a half miles from the beach.
Key Highlights
- Three‑unit configuration with two three‑bedroom residences and one two‑bedroom, two‑bath residence
- Unit A remodeled with a new kitchen and appliances in August 2018
- Unit A front‑yard patio added in May 2022
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
$67,778
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
3.77%
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%
$1,355,560
$1.4M
Cap Rate 7%
$968,257
$968.3K
Cap Rate 9%
$753,089
$753.1K
Market Conditions
NOI Build-Up for 3,085 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
$100.0K $32.40/SF
− Vacancy
−$3.1K −$1.01/SF
EGI
$96.8K $31.39/SF
− OpEx
−$29.0K −$9.42/SF
NOI
$67.8K $21.97/SF
Area
Santa Barbara County, CA
Vacancy
3.13%
Lease Rate
$32.40 /SF/Yr
Expense Ratio
30.00%
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%
$1,355,560
Cap Rate 7%
$968,257
Cap Rate 9%
$753,089
Alternative Uses
Best Use
Multifamily LT 5
$968.3K
$847.2K – $1.13M
NOI $67,778 @ 7.0% cap · market cap 3.77%
Second Best
Apartment 5plus
$871.9K
$763.0K – $1.02M
NOI $61,036 @ 7.0% cap · market cap 3.39%
Theoretical Best
—
—
same as Best Use
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
3
Residential units
Yes
Highway access
Yes
Utilities to site
Location Intelligence
Trade Area within ½ mile
794
Businesses Nearby
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
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Frequently Asked Questions
What type of property is this?
Triplex - Residential income property with updated interiors, shared laundry, individual utility metering, and on-site vehicle parking.
Where is this triplex located?
The property is located at 222 S Salinas St Santa Barbara, CA.
What is the asking price?
The asking price for this property is $1,800,000.
What are key features of this property?
This property features: Three‑unit configuration with two three‑bedroom residences and one two‑bedroom, two‑bath residence; Unit A remodeled with a new kitchen and appliances in August 2018; Unit A front‑yard patio added in May 2022
