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    Property profile & analytics

    240 Hwy 246 Buellton, CA 93427-9645

    • Investment properties
    • 25,556 SF
    • 1.87 lot acres
    OFF-MARKET
    Last Sale
    Nov 29, 2021
    $2,400,000
    Value Estimations
    $2,225,000
    Show details
    Cap Rate Potential
    8.3%
    Investment properties
    Location Intelligence
    Property ID
    US09-0236996
    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

    • Farmers Insurance - Cheryl Mehm / Auto Insurance Agency / Home Insurance Agency
    • Neary Chiropractic / Chiropractor / Holistic Medicine Practitioner
    • Mehm Insurance Agency / Insurance Agency
    • Hunnyfly Studios Buellton / Yoga Studio
    • Santa Barbara Healthcare / Medical Supply Store

    Property Details for 240 Hwy 246

    Lot size
    1.87 lot acres
    Property size
    25,556 SF
    Property type
    Investment properties
    Property subtype
    Retail residential properties
    APN
    137-200-081
    APU
    137200081

    Description

    This 938-square-foot office suite is located in the thriving River Oak Plaza in Buellton, California. Situated on a prominent corner lot at 240 E Hwy 246, this single-tenant space boasts exceptional visibility and accessibility. The open floor plan is bright and airy, featuring numerous windows that provide ample natural light. This makes it an ideal location for a variety of businesses seeking a pleasant and attractive workspace. The property is conveniently located just one block from Highway 101, providing easy access to Santa Barbara, Santa Maria, the Santa Ynez Valley, and Lompoc. River Oak Plaza is a well-established commercial center, home to a diverse mix of businesses including Neary Chiropractic, Olive Grove Charter School, Farmers Insurance, and Zaca Coffee. Its strategic location on a busy thoroughfare, coupled with its proximity to major retailers like Albertsons and CVS, ensures high foot traffic and excellent brand exposure. This suite is perfect for businesses seeking a high-visibility location in a growing community. The property is classified as both Creative and Traditional Office space and is located in Santa Barbara County, zip code 93427.

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

      Method
      Estimation
      Statistic approach
      $2,185,000
      ML approach
      $2,265,000

    • Comparable approach

      Method
      Estimation
      AI Estimate
      $2,811,000
      Market price range: $1.37M - $10.2M

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

    Location Insight

    • Map
    • Local Demand
    City
    Buellton
    County
    Santa Barbara
    State
    California
    Longitude
    -120.187
    Latitude
    34.6098
    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
    $47,540
    $1,409,371
    $2,971,787
    $4,381,158
    -
    $0.00
    $0.00
    $0.00

    Comparable in this City

    • Value Estimation
      $375,000
      3.10 Acres

      404 Hwy 246

      STORE/OFFICE (MIXED USE) • 3.10 Acres
      404 Hwy 246, Buellton, CA 93427-9603
      View Details
    • Value Estimation
      $4,060,000
      0.44 Acres

      175 Mcmurray Rd

      STORE/OFFICE (MIXED USE) • 0.44 Acres
      175 Mcmurray Rd, Buellton, CA 93427-9576
      View Details
    • Value Estimation by Request
      62.61 Acres

      8669 Santa Rosa Rd

      Residential income homes • 62.61 Acres
      8669 Santa Rosa Rd, Buellton, CA 93427
      View Details
    • Value Estimation by Request
      0.09 Acres

      Buellton, CA 93427

      VACANT COMMERCIAL LAND • 0.09 Acres
      Buellton, CA 93427
      View Details
    • Value Estimation by Request
      2.33 Acres

      Buellton, CA 93427

      VACANT COMMERCIAL LAND • 2.33 Acres
      Buellton, CA 93427
      View Details
    • Value Estimation
      $380,000
      1.06 Acres

      283 Pamela Way Ste, Unit 101

      MANUFACTURING (LIGHT) • 1.06 Acres
      283 Pamela Way Ste, Buellton, CA 93427-9595
      View Details

    Similar Nearby for Sale

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      25 Acres Versatile Land Parcels

      25 acres of versatile land ideal for recreational use.
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      Prime Land Parcel in Buellton

      1.72-acre parcel with highway visibility in Buellton, California.
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      Santa Ynez Valley Ranch Retreat

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    Similar Nearby for Lease

    • $2,650,000
      9,136 SF

      Winery/Brewery Commercial Space Available

      Commercial space with apartment, suitable for winery or brewery.
      545 Avenue Of The Flags, Buellton, CA 93427
      View Details
    • $39 SF/Yr
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      Buellton Restaurant Space - Hwy 246

      Prime Retail Location, 1900 sq ft Available
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      View Details
    • $1.90 SF/Yr
      1,120 SF

      Buellton Industrial Suite For Lease

      Industrial suite available for lease in Buellton, California.
      37 Industrial Way, Buellton, CA 93427
      View Details
    • $19 SF/Yr
      9,136 SF

      Buellton Warehouse: Prime Location

      9,136 sq ft Warehouse, Owner-User Opportunity
      545 Ave, Buellton, CA 93427
      View Details
    • Contact for pricing
      1,925 SF

      Retail Space For Lease

      Retail space available for lease in Buellton, California.
      211-221 Highway 246 E, Buellton, CA 93427
      View Details
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    240 Hwy 246
    Buellton, CA 93427-9645
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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
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