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Property profile & analytics
OFF-MARKET Estimated value $3,200,000
Investment properties

331 Milpas St Santa Barbara, CA 93103-3294

7,512 SF 0.28 ac lot Built 1962
Entity Owned 4-yr Hold Absentee Owner ~ Est. High Equity
Property ID
US10-3018737
Property summary
AI-generated overview

This exceptional newly renovated office space, located on the second floor of a free-standing building in the heart of the Milpas Corridor, offers two available suites ranging from 606 to 1,817 contiguous square feet. Ideally situated across from CVS and a block from Trader Joe's, this location provides excellent visibility and accessibility. The suites are perfect for traditional office use or second-floor retail tenants such as yoga studios, pilates studios, or dance studios. Each suite boasts an abundance of natural light with stunning Riviera views. Recent renovations include all new finishes and fixtures, enhancing the modern and professional atmosphere. Tenants will enjoy a shared common kitchenette/lounge area, providing a convenient space for collaboration and relaxation. Ample on-site parking is available, with an approximate ratio of 2 spaces per 1,000 square feet. The building features two shared restrooms on the second floor. The property is zoned GC and includes HVAC. Lease terms range from 2 to 5 years, with a special introductory rate of $0.99 per square foot NNN (.60) for the first six months of leases three years or longer, increasing to $1.75 per square foot NNN (.60) thereafter. A 3% commission is offered to cooperating brokers. Contact us today to schedule a viewing.

Property profile
Verified
Property type Investment properties
Use group STORE/OFFICE (MIXED USE)
Year built 1962
Total area 7,512 SF
Lot 0.28 ac (12,196 SF)
APN 031-363-029
UPID US10-3018737
Cap rate & NOI
Priority signal for investors
Implied cap rate, NOI & suggested price
Cap rate vs submarket · NOI estimate · 3 price anchors
Implied cap rate, NOI & suggested price
Cap vs submarket · NOI estimate · 3 price anchors
Current use
Occupant on record · Public records
  • August Roofing & Solar Roofing Company General Contractor
  • Lucid Psychedelic Therapeutics & Ketamine Therapy Gym & Fitness Center Alternative Medicine Practice
  • Santa Barbara Ketamine Therapy / Lucid Therapeutics Gym & Fitness Center Alternative Medicine Practice
  • Zak Dental - Santa Barbara Dental Office
Value estimations
Realmo proprietary · 4 methods
AI Approach AI
$4.45M
CAP Approach CAP
by Request
Comparable Approach Comparable
$3.32M
Blend (final) Blend
$3.20M
Owner & transaction history
16585 Via Floresta LLC · 4 yrs held
16585 Via Floresta LLC
since 2022
Last sale
$3.3M
7 recorded transactions
2022
$3.3M
2017
Price N/A
2005
$2.6M
2003
$1.9M
2001
Price N/A
1969
Price N/A
1969
Price N/A
Zoning & alternative use
Permitted uses
Permitted uses
Allowed · conditional · prohibited
Top alternative use upside
Retail stores $3.5M +8.2%
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