Versatile Santa Maria Commercial
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3510 Black Rd., Santa Maria, CA 93455
6.37 acre site with 40,000 SF in improvements.
Property Size40,000 SF
Lot Size6.37 Acres
Price / SF$172.50
Days on Market189
Property Features for 3510 Black Rd.
General Information
Standard status
Active
Size
40,000 SF
Class
C
Lot size
6.37 Acres
Property subtype
Industrial, Land
Zoning
SB County C2 and C
Building Details
Year Built
1970
Tenancy
Single
Listing Agency:
Santa Maria -Pacifica Commercial Realty
Listed By:
Mike Kelly · License #CA 01800988
Source:
Crexi
Added: Feb 4
Changed: Aug 8
Last Checked: Aug 11 at 7:36PM
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.
The property is a commercial real estate site encompassing approximately 6.37 acres. It features multiple building improvements totaling approximately 40,000 square feet. These improvements include an office building of approximately 12,000 square feet, a former grocery store of approximately 12,000 square feet currently utilized as leased warehouse storage, and a warehouse addition of approximately 12,500 square feet. The site also includes surplus land.
Key Highlights
- Large +/- 6.37 acre site offers ample space and potential.
- Substantial +/- 40,000 sf of building improvements.
- Includes a +/- 12,000 sf office building.
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
$424,116
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
6.15%
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%
$8,482,320
$8.5M
Cap Rate 7%
$6,058,800
$6.1M
Cap Rate 9%
$4,712,400
$4.7M
Market Conditions
NOI Build-Up for 40,000 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
$528.0K $13.20/SF
− Vacancy
−$29.0K −$0.73/SF
EGI
$499.0K $12.47/SF
− OpEx
−$74.8K −$1.87/SF
NOI
$424.1K $10.60/SF
Area
Santa Maria, CA
Vacancy
5.50%
Lease Rate
$13.20 /SF/Yr
Expense Ratio
15.00%
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%
$8,482,320
Cap Rate 7%
$6,058,800
Cap Rate 9%
$4,712,400
Alternative Uses
Best Use
Office B
$9.73M
$8.51M – $11.35M
NOI $681,120 @ 7.0% cap · market cap 9.87%
Second Best
Warehouse
$6.06M
$5.30M – $7.07M
NOI $424,116 @ 7.0% cap · market cap 6.15%
Theoretical Best
Office A
$13.52M
$11.83M – $15.77M
NOI $946,176 @ 7.0% cap · market cap 13.71%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
26
Businesses Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Demographics for 93455, CA
45,282
Population
16,087
Households
2.8
Avg Household Size
40
Median Age
32%
College-Educated
89%
High-School Grad
118.3 sq mi
ZIP Area
383
Density / Sq Mi
$108,501
Median Household Income
$53,120
Median Earnings
$2,267
Median Rent
$572,700
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?
Warehouse - 6.37 acre site with 40,000 SF in improvements.
Where is this warehouse located?
The property is located at 3510 Black Rd. Santa Maria, CA.
What is the asking price?
The asking price for this property is $6,900,000.
What are key features of this property?
This property features: Large +/- 6.37 acre site offers ample space and potential.; Substantial +/- 40,000 sf of building improvements.; Includes a +/- 12,000 sf office building.
