Santa Maria Retail Investment
508 W Main St, Santa Maria, CA 93458
For Sale
Contact for pricing
Pending
100% occupied retail property with value-add potential in Santa Maria.
Property Size9,122 SF
Lot Size0.33 Acres
Days on Market204
Property Features for 508 W Main St
General Information
Standard status
Size
Lot size
Property subtype
Zoning
Occupancy
Lease Type
Investment Type
Site & Location
Neighborhood
Building Details
Units
Tenancy
Listing Agency:
Lee & Associates - San Luis Obispo - Central California
Listed By:
Alex Olsen · License CA #01126609
(805) 218-5766
Source:
Crexi
Added: Apr 21
Changed: Aug 15
Last Checked: Aug 14 at 6:08AM
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 Lee & Associates - San Luis Obispo - Central California
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Review the available facts, identify missing information and prepare questions for the agent.
Investment Insights
Based on property information with market context.
Located on West Main Street in Santa Maria, the property at 508-518 W Main Street is a 100% occupied, multi-tenant retail investment. The property contains approximately 9,122 square feet of space. Situated on Highway 166, the site benefits from a traffic volume of 24,050 cars per day. The property is one block west of the Santa Maria Town Center. The property is zoned C-2 and includes on-site parking. The site consists of six units across three buildings on a lot of approximately 14,374 square feet. All six units are currently leased, generating an annual gross income of $172,362. The tenant mix includes a full-service restaurant, financial services, health and beauty services, and specialty retail. Five of the six leases expire on August 31, 2026. Santa Maria is the largest city in Santa Barbara County, with a population of approximately 110,000, and serves as the commercial hub of the Central Coast's tri-county region. The demographics within a 3-mile radius include 103,269 residents and an average household income of $96,863.
Key Highlights
- 100% occupied multi‑tenant retail investment property generating $172,362 in annual gross income.
- Significant value‑add opportunity through rent adjustments and conversion to NNN leases.
- High‑traffic location on Highway 166 (W Main Street) with 24,050 cars per day**.
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$126,201
Cap Rate
7.01%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$2,524,020
$2.5M
Cap Rate 7%
$1,802,871
$1.8M
Cap Rate 9%
$1,402,233
$1.4M
Market Conditions
NOI Build-Up for 9,122 SF
Gross rent
$197.0K $21.60/SF
− Vacancy
−$16.7K −$1.84/SF
EGI
$180.3K $19.76/SF
− OpEx
−$54.1K −$5.93/SF
NOI
$126.2K $13.83/SF
Area
Santa Maria, CA
Vacancy
8.50%
Lease Rate
$21.60 /SF/Yr
Expense Ratio
30.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap Rate 5%
$2,524,020
Cap Rate 7%
$1,802,871
Cap Rate 9%
$1,402,233
Alternative Uses
Best Use
Retail
$1.80M
$1.58M – $2.10M
NOI $126,201 @ 7.0% cap · market cap 7.01%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$3.08M
$2.70M – $3.60M
NOI $215,775 @ 7.0% cap · market cap 11.99%
Zoning and permitted uses should be independently verified with authorities.
How Realmo checks its estimates
Property Analytics
Who owns this building?
See the owner, sales and loan history
Open Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
1,871
Businesses Nearby
197k
Monthly Visits Nearby
Explore this area
Business Placement
Foot Traffic Nearby
Apparel 35%
Leisure 24%
Shops & Services 21%
Dining 20%
Macy's
Apparel
58,579 visits/mo
0.4 miles
Edwards Santa Maria 14 & RPX
Leisure
46,417 visits/mo
0.4 miles
McDonald's
Dining
33,352 visits/mo
0.5 miles
Bank of America
Shops & Services
24,016 visits/mo
0.4 miles
Big 5 Sporting Goods
Apparel
11,145 visits/mo
0.2 miles
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
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
Frequently Asked Questions
What type of property is this?
Strip mall - 100% occupied retail property with value-add potential in Santa Maria.
Where is this strip mall located?
The property is located at 508 W Main St Santa Maria, 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: 100% occupied multi‑tenant retail investment property generating $172,362 in annual gross income.; Significant value‑add opportunity through rent adjustments and conversion to NNN leases.; High‑traffic location on Highway 166 (W Main Street) with 24,050 cars per day**.
