Zoned M-1 Multi-Purpose Industrial
For Sale
$2,795,000
Pending
601 E Montecito St, Santa Barbara, CA 93103
Zoned M-1 and designated a historic landmark, this multi-purpose industrial building is offered for sale through bankruptcy court approval.
Property Size21,010 SF
Days on Market552
Property Features for 601 E Montecito St
General Information
Standard status
Pending
Size
21,010 SF
Property subtype
Commercial
Zoning
M-1
Listing Agency:
Radius Group Commercial R.E.
Listed By:
Gene Deering · License #01450943
(805) 965-5500
Source:
Santaynezvalleyhomesforsale
Added: Apr 17, 2025
Changed: Oct 1
Last Checked: Oct 19 at 7:03AM
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.
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Investment Insights
Based on property information with market context.
This offering presents an approximately 21,010 SF multi-purpose building zoned M-1. The property was designated a Historic Landmark in 2020, adding a layer of historic status to the ownership and redevelopment considerations. The sale is subject to Bankruptcy Court approval and may be subject to overbid, so prospective buyers should review the process and timing with the listing agent.
The property is located at 601 East Montecito Street in Santa Barbara, CA 93103. The listing materials note a major price reduction, and call attention to the disclosures available upon request through the listing agent.
For buyers evaluating M-1 zoned industrial use within a historic landmark designation, this structure offers a defined path to due diligence around permitted activities and any applicable historic requirements. The multi-purpose configuration can be a practical fit for organizations seeking an industrial-style building rather than a conventional office-only asset, with the understanding that the bankruptcy-court approval process and disclosure package will be important to advancing the transaction.
The property is located at 601 East Montecito Street in Santa Barbara, CA 93103. The listing materials note a major price reduction, and call attention to the disclosures available upon request through the listing agent.
For buyers evaluating M-1 zoned industrial use within a historic landmark designation, this structure offers a defined path to due diligence around permitted activities and any applicable historic requirements. The multi-purpose configuration can be a practical fit for organizations seeking an industrial-style building rather than a conventional office-only asset, with the understanding that the bankruptcy-court approval process and disclosure package will be important to advancing the transaction.
Key Highlights
- Approx. 21,010 SF multi‑purpose building
- Zoned M‑1
- Designated a Historic Landmark in 2020
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$128,665
Cap Rate
4.60%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$2,573,300
$2.6M
Cap Rate 7%
$1,838,071
$1.8M
Cap Rate 9%
$1,429,611
$1.4M
Market Conditions
NOI Build-Up for 21,010 SF
Gross rent
$214.3K $10.20/SF
− Vacancy
−$30.5K −$1.45/SF
EGI
$183.8K $8.75/SF
− OpEx
−$55.1K −$2.62/SF
NOI
$128.7K $6.12/SF
Area
Santa Barbara County, CA
Vacancy
14.23%
Lease Rate
$10.20 /SF/Yr
Expense Ratio
30.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap Rate 5%
$2,573,300
Cap Rate 7%
$1,838,071
Cap Rate 9%
$1,429,611
Alternative Uses
Best Use
Flex RnD
$3.85M
$3.37M – $4.49M
NOI $269,399 @ 7.0% cap · market cap 9.64%
Second Best
Industrial
$1.84M
$1.61M – $2.14M
NOI $128,665 @ 7.0% cap · market cap 4.60%
Theoretical Best
Multifamily LT 5
$6.59M
$5.77M – $7.69M
NOI $461,592 @ 7.0% cap · market cap 16.51%
Zoning and permitted uses should be independently verified with authorities.
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Current Use
Location Intelligence
Trade Area within ½ mile
4,105
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
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Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Industrial in West region
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Frequently Asked Questions
What type of property is this?
Flex space - Zoned M-1 and designated a historic landmark, this multi-purpose industrial building is offered for sale through bankruptcy court approval.
Where is this flex space located?
The property is located at 601 E Montecito St Santa Barbara, CA.
What is the asking price?
The asking price for this property is $2,795,000.
What are key features of this property?
This property features: Approx. 21,010 SF multi‑purpose building; Zoned M‑1; Designated a Historic Landmark in 2020
