7a-1414 S Miller Street, Santa Maria, CA 93454

1414 S Miller Street is a 34,595 SF multi-tenant office and service retail property designed around a courtyard, with frontage along three sides. The project totals 28 suites, including one restaurant, 24 office suites, and three suites laid out for 20 separate executive suites. The tenant mix is positioned to support office, medical, and service-oriented uses, supported by on-site infrastructure and parking capacity with 103 spaces. Recent ownership investment has exceeded $1M in improvements, including new windows, HVAC upgrades, walkway and landscaping improvements, parking lot work, and various electrical, plumbing, and interior upgrades.

The property is located between Stowell Road and Barcellus Avenue in central Santa Maria, positioned just behind Broadway Plaza and Stowell Shopping Centers. It sits one block off South Broadway and two blocks from Highway 101, with strong corridor accessibility referenced at more than 14,000 CPD. The site is set on approximately 2.5 acres, offering a practical layout for retail and office operations within an established commercial and residential infill neighborhood.

Currently 83% occupied, the asset presents an in-place income profile with an indicated cap rate of 5.49%. The current plan outlines a path toward approximately a 7% cap rate through stabilization of three existing vacancies, inclusive of stabilization costs, with additional upside referenced through pending renewals at market rents and an estimated 8%+ cap rate. The site’s parcel size, parking field, and overall layout also provide longer-term flexibility, including potential condo conversion or repositioning to senior housing or market-rate apartments, subject to City approvals.