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

    2517 Modoc Rd Santa Barbara, CA 93105-4101

    • Apartment buildings
    • 0.24 lot acres
    OFF-MARKET
    Value Estimations
    $345,000
    Show details
    Cap Rate Potential
    Location Intelligence
    Property ID
    US09-2251354
    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

    • The Palms Apartments / Apartment Building
    • Water Saver Gardens by David / Gardener

    Property Details for 2517 Modoc Rd

    Year built
    1968
    Lot size
    0.24 lot acres
    Property type
    Apartment buildings
    APN
    049-170-014
    APU
    49170014

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

      Method
      Estimation
      ML approach
      $345,000

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

    Location Insight

    • Map
    • Local Demand
    City
    Santa Barbara
    County
    Santa Barbara
    State
    California
    Longitude
    -119.733
    Latitude
    34.4252
    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
    $8,948
    $391,772
    $448,514
    $840,286
    -
    $0.00
    $0.00
    $0.00

    Comparable in this City

    • Value Estimation
      $480,000
      0.73 Acres

      3453 Richland Dr

      APARTMENT HOUSE (5+ UNITS) • 0.73 Acres
      3453 Richland Dr, Santa Barbara, CA 93105-5209
      View Details
    • Value Estimation
      $450,000
      0.41 Acres

      3335 Richland Dr

      APARTMENT HOUSE (5+ UNITS) • 0.41 Acres
      3335 Richland Dr, Santa Barbara, CA 93105-3259
      View Details
    • Value Estimation
      $440,000
      1.00 Acre

      3790 San Remo Dr

      APARTMENT HOUSE (5+ UNITS) • 1.00 Acre
      3790 San Remo Dr, Santa Barbara, CA 93105-2471
      View Details
    • Value Estimation
      $450,000
      2.06 Acres

      3755 San Remo Dr

      APARTMENT HOUSE (5+ UNITS) • 2.06 Acres
      3755 San Remo Dr, Santa Barbara, CA 93105-2412
      View Details
    • Value Estimation
      $440,000
      0.21 Acres

      2416 De La Vina St

      APARTMENT HOUSE (5+ UNITS) • 0.21 Acres
      2416 De La Vina St, Santa Barbara, CA 93105-3844
      View Details
    • Value Estimation
      $510,000
      0.66 Acres

      2400 De La Vina St

      APARTMENT HOUSE (5+ UNITS) • 0.66 Acres
      2400 De La Vina St, Santa Barbara, CA 93105-3868
      View Details

    Similar Nearby for Sale

    • $3,495,000

      Two-Story Medical Office Building

      Two-story medical office with apartments near Cottage Hospital.
      517 W Junipero St, Santa Barbara, CA 93105
      View Details
    • $1,545,000

      Downtown Santa Barbara Triplex Opportunity

      Triplex in prime downtown location, excellent value-add opportunity.
      2535 De La Vina St, Santa Barbara, CA 93105
      View Details
    • $1,895,000

      Santa Barbara Triplex Near Downtown

      Charming triplex with income potential in downtown Santa Barbara.
      320 W Sola St, Santa Barbara, CA 93105
      View Details
    • Contact for pricing
      42,777 SF

      Santa Barbara Retail Portfolio

      Prime Santa Barbara retail, high NOI, value-add.
      3433-3463 State St, Santa Barbara, CA 93105
      View Details
    • $3,950,000
      3,714 SF

      Santa Barbara Medical Office Building

      Prime Medical Office w/ Apartments
      517 Junipero St, Santa Barbara, CA 93105
      View Details
    • New
      $389,000
      0.85 Acres

      Santa Barbara Land Opportunity

      Land in Santa Barbara, create your dream retreat!
      290-292 Rosario Park Rd, Santa Barbara, CA 93105
      View Details

    Similar Nearby for Lease

    • $33 SF/Yr
      6,579 SF

      Prime Santa Barbara Office Suites

      Class A Office Space, 932-6,579 SF
      3820 State St, Santa Barbara, CA 93105
      View Details
    • $37 SF/Yr
      1,530 SF

      De La Vina Restaurant Space

      Santa Barbara restaurant, prime location.
      2000 De La Vina St, Santa Barbara, CA 93105
      View Details
    • Contact for pricing

      Fully Leased Office Building

      Office building in Santa Barbara, CA, currently 100% leased.
      360 Hitchcock Way, Santa Barbara, CA 93105
      View Details
    • $4 SF/Yr
      2,040 SF

      Retail Pad Building For Rent

      Freestanding retail building with high visibility, anchored by Whole Foods.
      3771 State St, Santa Barbara, CA 93105
      View Details
    • $13,200 /Mo
      190 SF

      Prime Santa Barbara Office Suites

      Historic building, multiple suites available.
      2000 State St, Santa Barbara, CA 93105
      View Details
    • $2 SF/Yr
      2,143 SF

      Santa Barbara Office Suite

      Second floor office space available for rent in Santa Barbara.
      41 Hitchcock Way, Santa Barbara, CA 93105
      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.
    2517 Modoc Rd
    Santa Barbara, CA 93105-4101
    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.