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    820 State St Santa Barbara, CA 93101

    Sponsored
    For Lease
    $23 SF/Yr

    Prime State Street fitness/office space.

    Lot size:
    31,407 SF

    Description

    Added:
    Dec 11, 2024
    Days on Market:
    427
    This exceptional commercial property, located at 820 State St, Santa Barbara, CA 93101 (APN 037-052-024), offers a unique opportunity for a fitness-oriented business or a hybrid office/fitness tenant. The property, situated in the heart of downtown Santa Barbara near E Canon Perdido St, boasts a flexible layout spanning 12,094 to 31,407 square feet across three levels. The basement level features a nearly 15,000 square foot fully built-out gym, complete with locker rooms, a swimming pool, and a sauna. This turnkey space is ideal for immediate occupancy. The first floor presents a combination of potential workout space and private offices, offering versatility for various business needs. The second floor comprises an open area and a wood-floor yoga studio, which could be leased separately as an office space, providing additional income potential or flexibility for a single tenant. The building is elevator-served, providing convenient access to all three floors. Its prime location offers easy access to multiple city parking lots and the numerous amenities found in the vibrant State Street core. This single-tenant space presents a rare opportunity to establish a thriving business in a highly desirable location. The property is classified as Retail and Office, with a Traditional Office subtype.

    Property Features for 820 State St

    General Information

    Property type
    Office Properties & Spaces
    Lease Type
    Gross Lease
    RSF (Rentable sq. ft)
    31,407 SF

    Spaces For Lease

    at 820 State St, Santa Barbara, CA 93101 Contact us
    Unit

    $23 /Mo

    Size
    31,407 SF
    Contact us

    We can help!

    Listing Contact
    Francois Dejohn
    Francois Dejohn

    Learn more

    Property Insight Report

    HighLights

    • 14,871 SF basement with fully built‑out gym, locker rooms, pool, and sauna.
    • 4,442 SF first floor with flexible workout and office space.
    • 12,094 SF second floor with open area and yoga studio, potentially leasable separately.
    • Total 31,207 SF, with second floor potentially separately leased.
    • $1.95/SF NNN (.73)
    • Available March 1, 2025.
    Property Profile Location Intelligence

    Current Use by Public Records

    LogicMonitor (Bike/Boat/Book/etc) Store Kocmur Law Firm ... Law Firm Janean Acevedo Daniels ... Law Firm Clark Lana J Law Firm Stifel Financial Advisor

    Suggested Use

    Real Estate Agency Restaurant Law Firm Spa & Massage Center Dental Office Hair Salon Nail Salon Building Supply Pharmacy Auto Repair Shop

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

    Location Insight

    • Map
    • Local Demand
    City
    Santa Barbara
    County
    Santa Barbara
    State
    California
    Longitude
    -119.6998032
    Latitude
    34.4203917

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    FAQs

    What type of property is this?
    Office Property / Space - Prime State Street fitness/office space.
    Where is this office property / space located?
    The property is located at 820 State St Santa Barbara, CA.
    What is the lease rate?
    The lease rate is $23 SF/Yr.
    What are key features of this property?
    This property features: 14,871 SF basement with fully built-out gym, locker rooms, pool, and sauna.; 4,442 SF first floor with flexible workout and office space.; 12,094 SF second floor with open area and yoga studio, potentially leasable separately.
    (805) 898-4365
    Request Owner's contact information
    820 State St Santa Barbara, CA 93101
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    Santa Barbara, CA 93101
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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
    820 State St Santa Barbara, CA 93101
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    We can help!
    Listing Contact
    Francois Dejohn
    Francois Dejohn
    Real Estate License ID: CA01144570
    (805) 898-4365
    Learn more
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