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
    The Largest CRE Database in the US with Over 1 Million Listings
    Property profile & analytics

    21 Micheltorena St Santa Barbara, CA 93101-2509

    • Motels
    • 0.05 lot acres
    OFF-MARKET
    Last Sale
    Feb 21, 2024
    $1,625,000
    Value Estimations
    $1,625,000
    Show details
    Cap Rate Potential
    Location Intelligence
    Property ID
    US09-1860819
    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

    • Motels

    Property Details for 21 Micheltorena St

    Lot size
    0.05 lot acres
    Property type
    Motels
    APN
    039-071-005
    APU
    39071005

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

      Method
      Estimation
      Statistic approach
      $1,625,000
      ML approach
      $1,625,000

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

    Location Insight

    • Map
    • Local Demand
    City
    Santa Barbara
    County
    Santa Barbara
    State
    California
    Longitude
    -119.709
    Latitude
    34.4254
    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
    $14,005
    $613,534
    $705,005
    $1,318,539
    -
    $0.00
    $0.00
    $0.00

    Comparable in this City

    • Value Estimation
      $450,000
      0.15 Acres

      27 Parker Way

      MOTEL • 0.15 Acres
      27 Parker Way, Santa Barbara, CA 93101-3438
      View Details
    • Value Estimation
      $365,000
      1,117 SF

      431 Bath St, Unit A

      MOTEL • 1,117 SF
      431 Bath St, Santa Barbara, CA 93101-8041
      View Details
    • Value Estimation
      $710,000
      0.29 Acres

      211 De La Guerra St

      MOTEL • 0.29 Acres
      211 De La Guerra St, Santa Barbara, CA 93101-3732
      View Details
    • Value Estimation
      $330,000
      0.34 Acres

      415 De La Guerra St

      MOTEL • 0.34 Acres
      415 De La Guerra St, Santa Barbara, CA 93101-1503
      View Details
    • Value Estimation
      $335,000
      0.45 Acres

      128 Canon Perdido St

      MOTEL • 0.45 Acres
      128 Canon Perdido St, Santa Barbara, CA 93101-2293
      View Details
    • Value Estimation
      $460,000
      0.34 Acres

      401 Haley St

      MOTEL • 0.34 Acres
      401 Haley St, Santa Barbara, CA 93101-1714
      View Details

    Similar Nearby for Sale

    • $5,995,000
      2,389 SF

      Remodeled Mixed-Use Santa Barbara Property

      Mixed-use property with residential and short-term rental potential.
      6 E Valerio St, Santa Barbara, CA 93101
      View Details
    • Contact for pricing
      325 SF

      Downtown Santa Barbara Office Space

      Office space in the heart of downtown Santa Barbara.
      1309 Anacapa St, Santa Barbara, CA 93101
      View Details
    • $5,995,000
      2,389 SF

      Remodeled Mixed-Use Santa Barbara Property

      Mixed-use property with residential and short-term rental income potential.
      6 E Valerio St, 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
    • $1,495,000

      Two-Story Duplex with Lush Backyard

      Two-story duplex with in-unit laundry, garage, and fruit trees.
      912 San Andres 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

    Similar Nearby for Lease

    • $28 SF/Yr
      8,806 SF

      Prime Santa Barbara Office Suites

      Three Suites, 1722-3708 sq ft
      111 Micheltorena St, Santa Barbara, CA 93101
      View Details
    • $15 SF/Yr
      1,777 SF

      Landmark Julia Morgan Offices

      Santa Barbara office space, flexible terms.
      924 Anacapa 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
    • $22 SF/Yr
      3,728 SF

      Downtown Santa Barbara Office Suite

      Prime Figueroa Street Office Space, 3728 sq ft
      15 Figueroa St, Santa Barbara, CA 93101
      View Details
    • $27 SF/Yr
      3,572 SF

      Prime Downtown Santa Barbara Office

      Historic building, divisible suites, State Street views.
      3 De La Guerra St, Santa Barbara, CA 93101
      View Details
    • $2 SF/Yr
      6,910 SF

      Santa Barbara Office Space Available

      6,910 SF office space for lease in Santa Barbara.
      33 E Carrillo 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.
    21 Micheltorena St
    Santa Barbara, CA 93101-2509
    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.