Zoned M-1 Multi-Purpose Industrial
601 East Montecito Street Santa Barbara, CA 93103
601 East Montecito Street, Santa Barbara, CA, 93103
Contact for pricing
For Sale
Contact for pricing
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
Price / SF$133.03
Days on Market53
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
Listing agency
Radius Commercial Real Estate & Investments
Listed by
Gene Deering · License #CA 01450943
Source
Crexi
Added: May 30 Updated: Jul 10 at 1:53PM Checked: Jul 21 at 9:07AM
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
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
Local Financial Insights For Industrial
Simulate Cap Rate and NOI
NOI Build-Up
- 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.
| Component | $ | $/SF |
|---|---|---|
| Gross rent | $214.3k | $10.20 |
| − Vacancy | −$30.5k | −$1.45 |
| EGI | $183.8k | $8.75 |
| − OpEx | −$55.1k | −$2.62 |
| NOI | $128.7k | $6.12 |
21,010 SF · lease $10.20/SF/yr · vacancy 14.23% · expense 30.00%
Alternative Uses
Best Use
Office B
$5.35M
$4.69M – $6.25M
NOI $374,814 @ 7.0% cap · market cap 13.41%
Second Best
Flex RnD
$3.85M
$3.37M – $4.49M
NOI $269,399 @ 7.0% cap · market cap 9.64%
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 local authorities.
Property Analytics
Property Profile
Location Intelligence
Current Use by Public Records
Black Panther World ...
Training Center
La Casa de ...
Social Service Agency
Resilience Glass
General Contractor
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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
