Technical
Financial
Distress signals
Property profile

331 N Milpas St Santa Barbara, CA 93103

FOR LEASE
Investment properties
Property ID
US10-3018737
7,512 SF 0.28 ac lot Built 1962
Entity Owned 4-yr Hold Absentee Owner ~ Est. High Equity
Saved · see the list in your Dashboard

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

Current use

Occupant on record · Public records
  • Roofing Company General Contractor
  • Gym & Fitness Center Alternative Medicine Practice
  • Gym & Fitness Center Alternative Medicine Practice
  • Dental Office

Location

331 N Milpas St Santa Barbara, CA 93103
Santa Barbara metro Census 801 SANTA MARIA-SANTA BARBARA, CA METROPOLITAN STATISTICAL AREA
Google Maps

Value estimations

Realmo proprietary · 4 methods
AI Approach AI
$4.45M
CAP Approach CAP
by Request
Comparable Approach Comparable
$3.32M
Blend (final) Blend
$4.54M

Owner & transaction history

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

Top alternative use upside
Retail stores $3.5M +8.2%

Comparables

6 recent transactions · within 1.5 mi
Comparable in this city
6 recent transactions
Recent comparable sales
Sale price & price/SF · Sale date & distance · Adjustments & confidence
Try Rey
Ask anything about this address in plain English.
“Is 15.6% cap rate sustainable?” · “Best tenant mix for BU1?” · “What’s the redev upside?”
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