Flexible Commercial
For Sale
$4,350,000
525 Anacapa St, Santa Barbara, CA 93101
Versatile building in downtown Santa Barbara, offering flexibility for owner-users, tenants, and adaptive re-use considerations.
Property Size10,723 SF
Price / SF$405.67
Days on Market340
Property Features for 525 Anacapa St
General Information
Standard status
Active
Size
10,723 SF
Listing Agency:
Radius Group Commercial R.E.
(805) 965-5500
Listed By:
Paul Gamberdella · License #01450943
Source:
Exprealty
Added: Sep 19, 2025
Changed: Aug 23
Last Checked: Jul 31 at 5:18PM
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 Radius Group Commercial R.E.
Investment Insights
Based on property information with market context.
525 Anacapa Street is a substantial flex-style commercial building offering a flexible platform for a wide range of uses. The property totals 10,723 SF and is presented as adaptable for different operating models, including an owner-user setup or a reconfiguration approach for future tenants. Its scale and layout also support consideration as an adaptive or conversion project.
Located in Downtown Santa Barbara, the property is described as being just steps from State Street and positioned within a highly walkable area. The listing also notes strong visibility in the core, supporting accessibility to the surrounding dining, shopping, and cultural amenities.
For owner-users, the building can function as a headquarters or flagship location along a central downtown corridor. For investors or operators, the asset is framed as suitable for value-add planning such as modernization, re-leasing, or creative reconfiguration. The combination of downtown positioning, visibility, and overall size makes it a practical option for parties seeking a flexible building that can be tailored to their intended use or conversion strategy.
Located in Downtown Santa Barbara, the property is described as being just steps from State Street and positioned within a highly walkable area. The listing also notes strong visibility in the core, supporting accessibility to the surrounding dining, shopping, and cultural amenities.
For owner-users, the building can function as a headquarters or flagship location along a central downtown corridor. For investors or operators, the asset is framed as suitable for value-add planning such as modernization, re-leasing, or creative reconfiguration. The combination of downtown positioning, visibility, and overall size makes it a practical option for parties seeking a flexible building that can be tailored to their intended use or conversion strategy.
Key Highlights
- Approximately 10,723 SF building for flexible use in Downtown Santa Barbara
- Year built: 1974
- Located in the heart of Downtown Santa Barbara, just steps from State Street
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
$191,296
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
4.40%
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%
$3,825,920
$3.8M
Cap Rate 7%
$2,732,800
$2.7M
Cap Rate 9%
$2,125,511
$2.1M
Market Conditions
NOI Build-Up for 10,723 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
$283.1K $26.40/SF
− Vacancy
−$28.0K −$2.61/SF
EGI
$255.1K $23.79/SF
− OpEx
−$63.8K −$5.95/SF
NOI
$191.3K $17.84/SF
Area
Santa Barbara County, CA
Vacancy
9.90%
Lease Rate
$26.40 /SF/Yr
Expense Ratio
25.00%
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%
$3,825,920
Cap Rate 7%
$2,732,800
Cap Rate 9%
$2,125,511
Alternative Uses
Best Use
Office B
$2.73M
$2.39M – $3.19M
NOI $191,296 @ 7.0% cap · market cap 4.40%
Second Best
Flex RnD
$1.96M
$1.72M – $2.29M
NOI $137,495 @ 7.0% cap · market cap 3.16%
Theoretical Best
Multifamily LT 5
$3.37M
$2.94M – $3.93M
NOI $235,586 @ 7.0% cap · market cap 5.42%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
6,040
Businesses Nearby
Well-served
Demand for This Use
Explore this area
Business Placement
Demographics for 93101, CA
30,513
Population
13,664
Households
2.2
Avg Household Size
36
Median Age
41%
College-Educated
83%
High-School Grad
3.2 sq mi
ZIP Area
9,535
Density / Sq Mi
$79,868
Median Household Income
$42,614
Median Earnings
$2,109
Median Rent
$1,122,200
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?
Flex space - Versatile building in downtown Santa Barbara, offering flexibility for owner-users, tenants, and adaptive re-use considerations.
Where is this flex space located?
The property is located at 525 Anacapa St Santa Barbara, CA.
What is the asking price?
The asking price for this property is $4,350,000.
What are key features of this property?
This property features: Approximately 10,723 SF building for flexible use in Downtown Santa Barbara; Year built: 1974; Located in the heart of Downtown Santa Barbara, just steps from State Street
