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Financial
Distress signals
Property profile

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

FOR LEASE
Investment properties
Property ID
US10-3018737
7,512 SF 0.28 ac lot Built 1962
Last sale Feb 2022 · $3,300,000
Entity Owned Owner of record is a legal entity (LLC / corporation). 4-yr Hold Held for 4 years. Absentee Owner Owner mailing address differs from the property address. ~ Est. High Equity Modeled equity is high. Estimate, not a fact.
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331 N Milpas St,Unit 2a & 2b, Santa Barbara, CA 93103 For Lease
$4,540,000
331 N Milpas St,Unit 2a & 2b, Santa Barbara, CA 93103
View Listing

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…

Ownership intelligence

Who controls the opportunity?

Owner of record from public deeds, plus portfolio, hold profile and investor signals where the data supports them. In the full report.

Owner contacts

Can we reach the decision maker?

Skip-traced phones and e-mails of the owner. Included with the full report.

Debts

What is owed, to whom, and when it comes due

Recorded lenders, amounts and estimated maturities of the owner's loan book — in the full report.

Property tax · 2024

What does the county charge?
$33k
Tax billed · 2024
Assessed value$3.08M
Assessed land$1.70M
Assessed improvement$1.38M
Effective rate1.06%

Value estimate

· Oct 2026
$4.54M
$4.09M – $4.99M
AI approach$4.45M
Submarket $/SF estimate$3.32M
NOI build-up
Gross scheduled income$34k
Vacancy & credit loss−$3k
Operating expenses−$8k
NOI · 2,263,900.00% cap applied$23k

Realmo valuation models over county records.

Recently sold

What actually traded nearby?
$432/SF
County average, outlier-cleaned · 25 recorded sales of this use type
Observed band · Q1–Q3$153 – $680

Cap rate analysis

How does the asset earn?
2,263,900.00%
$23k estimated NOI · market benchmarks for this use type

Price anchors at 6 / 6.5 / 7% — in the full report.

Zoning insight

No data for this section
What can be built here?

No zoning code is on file for this parcel. Coverage grows with every catalog release.

JurisdictionSANTA BARBARA

Location intelligence

Which uses thrive at this corner?
Best fit: Shoe Repair
Demand heat for this use is drawn on the map · LocInt grid
Demand index
Shoe Repair8.7
Butcher8.6
Pet Grooming Service8.4

Location

331 N Milpas St, Unit 2a & 2b Santa Barbara, CA 93103
County assessor Recorded deeds · 9 transfers Qualifying comp sales · not on file Zoning catalog · not on file

Every figure names its source: public record, benchmark, or modeled. Coverage varies by property — thin data is stated as missing, never invented.

Comparables

3 recorded sales · 6 properties nearby
Recent sales nearby
3 recorded sales in this ZIP, last 8 years
Address Sale price Sold Size
619 Gutierrez, Santa Barbara, CA 93103-3238 $2,700,000 Apr 2022 No data
610 Milpas, Santa Barbara, CA 93103-3027 $1,080,000 Apr 2021 No data
224 Milpas, Santa Barbara, CA 93103-3661 $5,000,000 Sep 2020 No data
Sale prices and dates as our records hold them, one row per building. A deed can cover more of a building than the size shown, so read the price against the size rather than dividing one by the other.
Comparable nearby
6 properties of the same type nearby
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“Is 15.6% cap rate sustainable?” · “Best tenant mix for BU1?” · “What’s the redev upside?”
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