High-Bay Flex/Industrial
For Sale
Contact for pricing
6384 Via Real, Carpinteria, CA 93013
Remodeled flex/industrial building with freeway access and scenic views.
Property Size24,030 SF
Price / SF$249.69
Days on Market1446
Property Features for 6384 Via Real
General Information
Standard status
Active
Size
24,030 SF
Property subtype
Office
Listing Agency:
Hayes Commercial Group
(805) 898-4392
Listed By:
Dylan Ward · License #CA 01472452
Source:
Crexi
Added: Sep 8, 2022
Changed: Aug 23
Last Checked: Aug 22 at 6:54PM
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 Hayes Commercial Group
Investment Insights
Based on property information with market context.
This high-bay flex/industrial building offers a rare opportunity for either an owner-user or investor. The property features easy freeway access and scenic views overlooking the Carpinteria bluffs. The landlord recently completed an extensive remodel of the exterior and shell of the property, with approximately $1.5 million invested. Renovations include new exterior paint, landscaping, roll-up doors, hardscape, new parking, new HVAC units, and skylights. The property, totaling 24,030 square feet, features dedicated parking, heavy power, one grade-level loading door, and one truck well loading door. It also includes high ceilings and potential to construct creative office, life science, R&D, or industrial space.
Key Highlights
- Extensive recent remodel (approximately $1.5 million) including new exterior paint, landscaping, roll‑up doors, hardscape, new parking, new HVAC units, and skylights.
- Easy freeway access and scenic views overlooking the Carpinteria bluffs.
- High‑bay flex/industrial building suitable for owner‑user or investor.
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
$308,123
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
5.14%
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%
$6,162,460
$6.2M
Cap Rate 7%
$4,401,757
$4.4M
Cap Rate 9%
$3,423,589
$3.4M
Market Conditions
NOI Build-Up for 24,030 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
$490.2K $20.40/SF
− Vacancy
−$16.2K −$0.67/SF
EGI
$474.0K $19.73/SF
− OpEx
−$165.9K −$6.90/SF
NOI
$308.1K $12.82/SF
Area
Santa Barbara County, CA
Vacancy
3.30%
Lease Rate
$20.40 /SF/Yr
Expense Ratio
35.00%
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%
$6,162,460
Cap Rate 7%
$4,401,757
Cap Rate 9%
$3,423,589
Alternative Uses
Best Use
Flex RnD
$4.40M
$3.85M – $5.14M
NOI $308,123 @ 7.0% cap · market cap 5.14%
Second Best
Industrial
$2.10M
$1.84M – $2.45M
NOI $147,159 @ 7.0% cap · market cap 2.45%
Theoretical Best
Multifamily LT 5
$7.54M
$6.60M – $8.80M
NOI $527,942 @ 7.0% cap · market cap 8.80%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
170
Businesses Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Demographics for 93013, CA
16,299
Population
7,640
Households
2.1
Avg Household Size
45
Median Age
46%
College-Educated
87%
High-School Grad
41.4 sq mi
ZIP Area
394
Density / Sq Mi
$115,633
Median Household Income
$49,017
Median Earnings
$2,331
Median Rent
$1,074,600
Median Home Value
Market
Vacancy Rate% for Industrial in West region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Flex space - Remodeled flex/industrial building with freeway access and scenic views.
Where is this flex space located?
The property is located at 6384 Via Real Carpinteria, CA.
What is the asking price?
The asking price for this property is $6,000,000.
What are key features of this property?
This property features: Extensive recent remodel (approximately $1.5 million) including new exterior paint, landscaping, roll‑up doors, hardscape, new parking, new HVAC units, and skylights.; Easy freeway access and scenic views overlooking the Carpinteria bluffs.; High‑bay flex/industrial building suitable for owner‑user or investor.
