Your AI Navigator in Commercial Real Estate
Sign Up Successful!
You now have access to more from Realmo!
Property Lookup
    Property Lookup
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    AI Search
    Back to Search
    Property profile & analytics

    1208 State St Santa Barbara, CA 93101-2608

    • Turn key restaurants
    • 0.07 lot acres
    OFF-MARKET
    Last Sale
    Aug 25, 2021
    $395,000
    Value Estimations
    $360,000
    Show details
    Cap Rate Potential
    Location Intelligence
    Property ID
    US09-1747106
    The Realmo ID is a unique identifier assigned to every property, incorporating country codes and precise geo-coordinates for 300x300-foot land blocks. It enables standardized data collection and seamless integration of disparate sources such as ownership, tax, title data and physical specifications. By aggregating current and historical records, the Realmo ID powers advanced analytics and delivers deep, verifiable insights for real estate professionals.

    Current Use by Public Records

    • Sama Sama Kitchen / Southeast Asian Restaurant

    Property Details for 1208 State St

    Lot size
    0.07 lot acres
    Property type
    Turn key restaurants
    APN
    039-183-018
    APU
    39183018

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

      Method
      Estimation
      Statistic approach
      $360,000
      ML approach
      $385,000

    Get a detailed, property-specific valuation — fast and free

    Location Insight

    • Map
    • Local Demand
    City
    Santa Barbara
    County
    Santa Barbara
    State
    California
    Longitude
    -119.705
    Latitude
    34.4238
    CBSA code
    42200
    CBSA name
    SANTA MARIA-SANTA BARBARA, CA METROPOLITAN STATISTICAL AREA

    Property Tax & Assessments

    Tax date
    Tax Amount
    Assessed Land Value
    Assessed Improvement Value
    Total Assessed Value
    Applied Tax Rate
    Land Market Value
    Improvement Market Value
    Total Market Value
    2024
    $7,975
    $207,567
    $429,408
    $636,975
    -
    $0.00
    $0.00
    $0.00

    Comparable in this City

    • Value Estimation
      $500,000
      0.15 Acres

      13 Cabrillo Blvd

      RESTAURANT • 0.15 Acres
      13 Cabrillo Blvd, Santa Barbara, CA 93101
      View Details
    • Value Estimation by Request
      0.01 Acres

      Santa Barbara, CA 93101

      RESTAURANT • 0.01 Acres
      Santa Barbara, CA 93101
      View Details
    • Value Estimation
      $870,000
      0.51 Acres

      214 State St

      RESTAURANT • 0.51 Acres
      214 State St, Santa Barbara, CA 93101-3834
      View Details
    • Value Estimation
      $315,000
      0.18 Acres

      626 Micheltorena St

      RESTAURANT • 0.18 Acres
      626 Micheltorena St, Santa Barbara, CA 93101-4131
      View Details
    • Value Estimation
      $365,000
      0.32 Acres

      702 Anacapa St

      RESTAURANT • 0.32 Acres
      702 Anacapa St, Santa Barbara, CA 93101-2231
      View Details
    • Value Estimation
      $280,000
      0.03 Acres

      1431 San Andres St

      RESTAURANT • 0.03 Acres
      1431 San Andres St, Santa Barbara, CA 93101-4206
      View Details

    Similar Nearby for Sale

    • Contact for pricing

      Funk Zone Retail Opportunity

      Renovated retail space in Santa Barbara's vibrant Funk Zone.
      220 Anacapa St, Santa Barbara, CA 93101
      View Details
    • $5,900,000
      4,067 SF

      Restaurant and Residence in Santa Barbara

      Restaurant, residence, and development potential in prime location.
      322 W Cabrillo Blvd, Santa Barbara, CA 93101
      View Details
    • Contact for pricing

      Charming Storefront Near State Street

      Storefront near State Street with high visibility and natural light.
      19 E Canon Perdido St, Santa Barbara, CA 93101
      View Details
    • $5,375,000
      8,680 SF

      Retail Building with NNN Lease

      Two-story retail building occupied by Tilly's with 14-year history.
      917 State St, Santa Barbara, CA 93101
      View Details
    • Contact for pricing

      Retail Space in Santa Barbara

      Retail space in Santa Barbara's Funk Zone near amenities.
      110 Anacapa St, Santa Barbara, CA 93101
      View Details
    • Contact for pricing

      Chapala Street Retail/Office Space

      Versatile retail or office space with an industrial vibe.
      433 Chapala St, Santa Barbara, CA 93101
      View Details

    Similar Nearby for Lease

    • $51 SF/Yr
      2,416 SF

      Downtown Santa Barbara Restaurant

      Turn-key restaurant, prime location.
      738 State St, Santa Barbara, CA 93101
      View Details
    • Contact for pricing
      183 SF

      Santa Barbara Restaurant Space

      Prime Downtown Santa Barbara Retail/Restaurant
      38 Victoria St, Santa Barbara, CA 93101
      View Details
    • $25 SF/Yr
      4,960 SF

      Santa Barbara Retail Space Available

      Prime State Street Retail, 1402 SF
      931 State St, Santa Barbara, CA 93101
      View Details
    • $2 SF/Yr
      3,311 SF

      Restaurant/Retail Space For Rent

      In-line restaurant or retail space available for lease.
      1230 State St, Santa Barbara, CA 93101
      View Details
    • $54 SF/Yr
      59,781 SF

      Downtown Santa Barbara Retail Space

      Prime State Street Retail/Restaurant Opportunity
      803-819 De La Guerra St, Santa Barbara, CA 93101
      View Details
    • $3,495,000
      2,824 SF

      Restaurant with Covered Patio

      Restaurant space with attached covered patio available for lease.
      509 State St, Santa Barbara, CA 93101
      View Details
    Request Owner's contact information
    Message sent successfully
    Error
    If you are the owner or broker of this property and would like to edit or remove this listing please send a message to web site administrator.
    1208 State St
    Santa Barbara, CA 93101-2608
    Message sent successfully
    Error
    Email to Your Friends
    Link copied to clipboard
    Separate multiple addresses with a comma
    Message sent successfully
    Error

    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
    Thanks! Your message was sent.
    Error! Your message wasn't sent.
    Please enter your name
    Please enter email
    Please enter the email in the correct format
    Please enter phone
    Please enter the number in the correct format
    Please enter message
    Thank You

    You are Unsubscribed From Notifications

    Google sign-in failed. Please try again or use another login method.
    Create New Password
    • At least 8 characters
    • Contains both letters and numbers
    • Contains uppercase and lowercase letters
    • At most 32 characters
    • Password required
    • Password reset link has expired. Please request a new one.