Six-Unit Mixed-Use Commercial
For Sale
Contact for pricing
Pending
422 N Milpas Street, Santa Barbara, CA 93103
Mixed-use building with anchored ground-floor suite, 13 parking spaces, and C-2 zoning for flexible tenant use.
Property Size4,300 SF
Days on Market62
Property Features for 422 N Milpas Street
General Information
Standard status
Pending
Size
4,300 SF
Total Parking Spaces
13
Property subtype
Retail, Office, Mixed Use
Building Details
Year Built
1956
Listing Agency:
eXp Commercial
(818) 433-0548
Listed By:
Karl Markarian · License #CA 01932970
Source:
Crexi
Added: Jun 4
Changed: Jul 10
Last Checked: Aug 4 at 10:33AM
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 eXp Commercial
Investment Insights
Based on property information with market context.
This is a 6-unit mixed-use commercial property totaling 4,300 square feet, including an anchored 1,620-square-foot ground-floor suite. The offering also includes two income-producing tenancies in Units 6 and 7, plus one owner-occupied suite (Unit 2, 410 square feet) that is scheduled to vacate at close of escrow. Three suites are currently vacant—Units 1, 4, and 5—available for immediate lease-up. Unit 1 is the building’s anchor space, and the seller has developed plans for that suite, with details and transferability available to qualified buyers during due diligence.
The property sits on a 10,890-square-foot lot in the Eastside corridor of Santa Barbara, and features 13 dedicated surface parking spaces. The site is zoned C-2, supporting a range of commercial uses. The corridor is actively adding residential density, which can help support everyday neighborhood demand.
For tenants and buyers, the mix of in-place income, near-term vacancy from Unit 2, and multiple immediately available suites creates a straightforward leasing pathway. The anchor suite’s developed plans may be particularly relevant for an operator looking to bring a defined concept to the property, while the C-2 zoning and dedicated parking support practical day-to-day customer access.
The property sits on a 10,890-square-foot lot in the Eastside corridor of Santa Barbara, and features 13 dedicated surface parking spaces. The site is zoned C-2, supporting a range of commercial uses. The corridor is actively adding residential density, which can help support everyday neighborhood demand.
For tenants and buyers, the mix of in-place income, near-term vacancy from Unit 2, and multiple immediately available suites creates a straightforward leasing pathway. The anchor suite’s developed plans may be particularly relevant for an operator looking to bring a defined concept to the property, while the C-2 zoning and dedicated parking support practical day-to-day customer access.
Key Highlights
- 4,300 SF, 6‑unit mixed‑use property built in 1956 on a 10,890 SF lot in Santa Barbara’s Eastside corridor
- Ground‑floor anchor suite totals 1,620 SF and includes seller‑developed plans available for qualified buyers during due diligence
- 13 dedicated surface parking spaces plus C‑2 zoning
Financial Insights For Office B
Simulate Cap Rate and NOI
NOI Build-Up
- 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.
| Component | $ | $/SF |
|---|---|---|
| Gross rent | $113.5k | $26.40 |
| − Vacancy | −$11.2k | −$2.61 |
| EGI | $102.3k | $23.79 |
| − OpEx | −$25.6k | −$5.95 |
| NOI | $76.7k | $17.84 |
4,300 SF · lease $26.40/SF/yr · vacancy 9.90% · expense 25.00%
Alternative Uses
Best Use
Office B
$1.10M
$958.9K – $1.28M
NOI $76,711 @ 7.0% cap · market cap 4.26%
Second Best
Retail
$954.6K
$835.3K – $1.11M
NOI $66,822 @ 7.0% cap · market cap 3.71%
Theoretical Best
Multifamily LT 5
$1.35M
$1.18M – $1.57M
NOI $94,471 @ 7.0% cap · market cap 5.25%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
1,873
Businesses Nearby
Balanced
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 Office in West region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Storefront property - Mixed-use building with anchored ground-floor suite, 13 parking spaces, and C-2 zoning for flexible tenant use.
Where is this storefront property located?
The property is located at 422 N Milpas Street 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: 4,300 SF, 6‑unit mixed‑use property built in 1956 on a 10,890 SF lot in Santa Barbara’s Eastside corridor; Ground‑floor anchor suite totals 1,620 SF and includes seller‑developed plans available for qualified buyers during due diligence; 13 dedicated surface parking spaces plus C‑2 zoning
