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    Property profile & analytics

    331 N Milpas St, Unit 2a & 2b Santa Barbara, CA 93103

    • Investment properties
    • 7,512 SF
    • 0.28 lot acres
    For Sale
    View listing
    $1.75
    Last Sale
    Feb 28, 2022
    $3,300,000
    Value Estimations
    Cap Rate Potential
    Location Intelligence
    Property ID
    US10-3018737
    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

    • 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

    Property Details for 331 N Milpas St

    Year built
    1962
    Lot size
    0.28 lot acres
    Property size
    7,512 SF
    Property type
    Investment properties
    Property subtype
    Retail residential properties
    APN
    031-363-029
    APU
    31363029

    Description

    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.

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

      Method
      Estimation
      ML approach
      $4,450,000

    • Comparable approach

      Method
      Estimation
      Statistic Estimate
      $3,318,000
      Market price range: $1.15M - $5.11M

    • Alternative Use

      Use
      Estimation
      COMMERCIAL (GENERAL)
      $3,240,000
      Current use
      RETAIL STORES
      $3,510,000
      Change: +8% Conversion: Easy
      INDUSTRIAL (GENERAL)
      $2,960,000
      Change: -9% Conversion: Moderate

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

    Location Insight

    • Map
    • Local Demand
    City
    Santa Barbara
    County
    Santa Barbara
    State
    California
    Longitude
    -119.684
    Latitude
    34.4249
    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
    $32,635
    $1,700,000
    $1,380,000
    $3,080,000
    -
    $0.00
    $0.00
    $0.00

    Comparable in this City

    • Value Estimation by Request
      0.42 Acres

      335 Salinas St

      STORE/OFFICE (MIXED USE) • 0.42 Acres
      335 Salinas St, Santa Barbara, CA 93103-2962
      View Details
    • Value Estimation by Request
      0.30 Acres

      833 Milpas St

      STORE/OFFICE (MIXED USE) • 0.30 Acres
      833 Milpas St, Santa Barbara, CA 93103-3030
      View Details
    • Value Estimation by Request
      0.12 Acres

      506 Haley St

      STORE/OFFICE (MIXED USE) • 0.12 Acres
      506 Haley St, Santa Barbara, CA 93103-3108
      View Details
    • Value Estimation by Request
      0.17 Acres

      128 Salinas St

      STORE/OFFICE (MIXED USE) • 0.17 Acres
      128 Salinas St, Santa Barbara, CA 93103-2866
      View Details
    • Value Estimation by Request
      0.16 Acres

      801 Montecito St

      STORE/OFFICE (MIXED USE) • 0.16 Acres
      801 Montecito St, Santa Barbara, CA 93103-3220
      View Details
    • Value Estimation by Request
      0.12 Acres

      806 Haley St

      STORE/OFFICE (MIXED USE) • 0.12 Acres
      806 Haley St, Santa Barbara, CA 93103-3113
      View Details

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    Similar Nearby for Lease

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      Leased Warehouse in Santa Barbara

      100% leased warehouse and industrial property in Santa Barbara.
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      Leased Retail Property in Santa Barbara

      Fully leased retail property in Santa Barbara, California.
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      Retail Property 100% Leased

      Retail property in Santa Barbara, currently 100% leased.
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      11,683 SF

      Warehouse with Office For Rent

      Multi-tenant warehouse with office space available for rent.
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      Santa Barbara Office Space For Rent

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    • $3 SF/Yr
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      Remodeled Suites on North Milpas

      Renovated suites suitable for office or retail use.
      422 N Milpas St, Santa Barbara, CA 93103
      View Details
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    Santa Barbara, CA 93103
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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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