Six-Unit Mixed-Use Commercial
For Sale
$1,650,000
422 N Milpas St, 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
Price / SF$383.72
Days on Market95
Property Features for 422 N Milpas St
General Information
Standard status
Active
Size
4,300 SF
Total Parking Spaces
13
Property subtype
Retail
Building Details
Building Size
4,300 SF
Year Built
1956
Listing Agency:
eXp Commercial
Listed By:
Karl Markarian · License #CalDRE #01932970
(818) 433-0548
Source:
7s
Added: Jun 17
Changed: Sep 5
Last Checked: Sep 18 at 6:06AM
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
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
$66,822
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
4.05%
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%
$1,336,440
$1.3M
Cap Rate 7%
$954,600
$954.6K
Cap Rate 9%
$742,467
$742.5K
Market Conditions
NOI Build-Up for 4,300 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
$103.2K $24.00/SF
− Vacancy
−$7.7K −$1.80/SF
EGI
$95.5K $22.20/SF
− OpEx
−$28.6K −$6.66/SF
NOI
$66.8K $15.54/SF
Area
Santa Barbara County, CA
Vacancy
7.50%
Lease Rate
$24.00 /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%
$1,336,440
Cap Rate 7%
$954,600
Cap Rate 9%
$742,467
Alternative Uses
Best Use
Retail
$954.6K
$835.3K – $1.11M
NOI $66,822 @ 7.0% cap · market cap 4.05%
Second Best
—
—
no second resolved use
Theoretical Best
Multifamily LT 5
$1.35M
$1.18M – $1.57M
NOI $94,471 @ 7.0% cap · market cap 5.73%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Open Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
1,873
Businesses Nearby
155k
Monthly Visits Nearby
Balanced
Demand for This Use
Explore this area
Business Placement
Foot Traffic Nearby
Dining 45%
Shops & Services 27%
Groceries 23%
Home Improvements & Furnishings 4%
Trader Joe's
Groceries
36,265 visits/mo
0.2 miles
McDonald's
Dining
23,631 visits/mo
0.4 miles
Jack in the Box
Dining
15,698 visits/mo
0.1 miles
PetSmart
Shops & Services
14,161 visits/mo
0.2 miles
Taco Bell
Dining
12,607 visits/mo
0.4 miles
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
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
View Realmo Analytics
Market
Vacancy Rate% for Retail in West region
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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 St Santa Barbara, CA.
What is the asking price?
The asking price for this property is $1,650,000.
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
