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    Zoned M-1 Multi-Purpose Industrial Building Title is generated by Realmo AI

    601 East Montecito Street, Santa Barbara, CA 93103

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    Zoned M-1 and designated a historic landmark, this multi-purpose industrial building is offered for sale through bankruptcy court approval.

    Type:Office, Industrial, Special Purpose
    Property size:
    21,010 SF
    Price / SF:
    $133/SF
    Added:
    May 30, 2026
    Days on Market:
    8
    Last Refresh:
    Jun 6 at 5:38 am

    Property Features for 601 East Montecito Street

    General Information

    Standard status
    Active
    Size
    21,010 SF
    Property subtype
    Office, Industrial, Special Purpose

    Building Details

    Year Built
    1917

    We can help!

    Listing Contact
    Gene Deering

    Listing agent Gene Deering License #CA 01450943

    Listing office Radius Commercial Real Estate & Investments Santa Barbara

    Listing date May 30, 2026

    Source Crexi

    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 Commercial Real Estate & Investments Santa Barbara

    HighLights

    • Approx. 21,010 SF multi‑purpose building
    • Zoned M‑1
    • Designated a Historic Landmark in 2020
    • Sale subject to bankruptcy court approval and may be subject to overbid

    Overview

    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.
    Location Intelligence

    Current Use by Public Records

    Black Panther World ... Training Center La Casa de ... Social Service Agency Resilience Glass General Contractor

    Suggested Use

    Real Estate Agency Restaurant Law Firm Dental Office Spa & Massage Center Hair Salon Nail Salon Building Supply Pharmacy Gym & Fitness Center

    Zoning and permitted uses should be independently verified with local authorities.

    Similar Places Nearby

    • Semi Private Chef — 205 W Montecito St, Santa Barbara, CA 93101
    • Events Unlimited — 205 Santa Barbara St #B, Santa Barbara, CA 93101
    • Shalhoob's Santa Barbara Style Catering — 209 Gray Ave, Santa Barbara, CA 93101
    • Welcome Coffee Cart — 818 De La Vina St, Santa Barbara, CA 93101
    • Shalhoob's Funk Zone Patio — 220 Gray Ave, Santa Barbara, CA 93101

    Location Insight

    • Map
    • Local Demand
    City
    Santa Barbara
    County
    Santa Barbara
    State
    California
    Longitude
    -119.6863022
    Latitude
    34.4216991

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    FAQs

    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 East Montecito Street 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
    We can help!
    Contact for Pricing
    Please call us for current price
    and status of this listing
    Gene Deering
    Real Estate License ID: CA 01450943
    Learn More
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    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

    More about this property
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    601 East Montecito Street, Santa Barbara, CA 93103
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