Santa Barbara Retail Space
For Sale
Contact for pricing
Pending
3433-3463 State St, Santa Barbara, CA 93105
Retail space for sale in Santa Barbara, California.
Property Size42,777 SF
Days on Market541
Property Features for 3433-3463 State St
General Information
Standard status
Pending
Size
42,777 SF
Property subtype
Retail
Zoning
C-P/S-D-2
Occupancy
100%
Lease Type
NNN
Investment Type
Value Add
Net Operating Income
$1,245,679
Building Details
Year Built
1962
Year Renovated
2023
Buildings
2
Units
22
Tenancy
Multi
Listing Agency:
CBRE - Orange County
(949) 725-8625
Listed By:
Jay Gomez · License #CA 01364065
Source:
Crexi
Added: Mar 7, 2025
Changed: Aug 14
Last Checked: Aug 28 at 11:30PM
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 CBRE - Orange County
Investment Insights
Based on property information with market context.
This retail space, located at 3433-3463 State St in Santa Barbara, California, encompasses a total area of 42777 square feet. The property is being offered for sale.
Key Highlights
- Access to Offering Memorandum via provided link.
- Opportunity to connect with the listing company on LinkedIn.
- Property built in 1962.
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
$664,755
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
2.94%
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%
$13,295,100
$13.3M
Cap Rate 7%
$9,496,500
$9.5M
Cap Rate 9%
$7,386,167
$7.4M
Market Conditions
NOI Build-Up for 42,777 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
$1.03M $24.00/SF
− Vacancy
−$77.0K −$1.80/SF
EGI
$949.6K $22.20/SF
− OpEx
−$284.9K −$6.66/SF
NOI
$664.8K $15.54/SF
Area
Santa Barbara County, CA
Vacancy
7.50%
Lease Rate
$24.00 /SF/Yr
Expense Ratio
30.00%
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%
$13,295,100
Cap Rate 7%
$9,496,500
Cap Rate 9%
$7,386,167
Alternative Uses
Best Use
Retail
$9.50M
$8.31M – $11.08M
NOI $664,755 @ 7.0% cap · market cap 2.94%
Second Best
—
—
no second resolved use
Theoretical Best
Multifamily LT 5
$13.43M
$11.75M – $15.66M
NOI $939,816 @ 7.0% cap · market cap 4.15%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
1,384
Businesses Nearby
227k
Monthly Visits Nearby
Explore this area
Business Placement
Foot Traffic Nearby
Dining 41%
Groceries 32%
Shops & Services 25%
Home Improvements & Furnishings 1%
Chick-fil-A
Dining
45,919 visits/mo
0.4 miles
Trader Joe's
Groceries
32,658 visits/mo
0.5 miles
Gelson's Market
Groceries
26,694 visits/mo
0.2 miles
Shell
Shops & Services
17,185 visits/mo
0.3 miles
Jack in the Box
Dining
14,199 visits/mo
0.4 miles
Demographics for 93105, CA
26,003
Population
11,401
Households
2.3
Avg Household Size
49
Median Age
60%
College-Educated
94%
High-School Grad
139.8 sq mi
ZIP Area
186
Density / Sq Mi
$129,549
Median Household Income
$64,371
Median Earnings
$2,572
Median Rent
$1,496,500
Median Home Value
Market
Vacancy Rate% for Retail in West region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Retail space - Retail space for sale in Santa Barbara, California.
Where is this retail space located?
The property is located at 3433-3463 State St Santa Barbara, CA.
What is the asking price?
The asking price for this property is $22,649,000.
What are key features of this property?
This property features: Access to Offering Memorandum via provided link.; Opportunity to connect with the listing company on LinkedIn.; Property built in 1962.
