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    The Largest CRE Database in the US with Over 1 Million Listings
    Property profile & analytics

    3851 State St Santa Barbara, CA 93105-3178

    • Super regional malls
    • 1.44 lot acres
    OFF-MARKET
    Value Estimations
    $635,000
    Show details
    Cap Rate Potential
    Location Intelligence
    Property ID
    US09-5511027
    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

    • Chipotle Mexican Grill / Mexican Restaurant / Caterer

    Property Details for 3851 State St

    Lot size
    1.44 lot acres
    Property type
    Super regional malls
    APN
    051-010-026
    APU
    51010026

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

      Method
      Estimation
      ML approach
      $635,000

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

    Location Insight

    • Map
    • Local Demand
    City
    Santa Barbara
    County
    Santa Barbara
    State
    California
    Longitude
    -119.749
    Latitude
    34.4391
    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
    $71,996
    $6,300,000
    $400,000
    $6,700,000
    -
    $0.00
    $0.00
    $0.00

    Comparable in this City

    • Value Estimation
      $515,000
      0.64 Acres

      3855 State St

      REGIONAL SHOPPING CENTER, MALL • 0.64 Acres
      3855 State St, Santa Barbara, CA 93105-3152
      View Details
    • Value Estimation
      $31,040,000
      5.29 Acres

      110 Hope Ave

      REGIONAL SHOPPING CENTER, MALL • 5.29 Acres
      110 Hope Ave, Santa Barbara, CA 93105-3139
      View Details
    • Value Estimation
      $525,000
      1.92 Acres

      3851 State St

      REGIONAL SHOPPING CENTER, MALL • 1.92 Acres
      3851 State St, Santa Barbara, CA 93105-3178
      View Details
    • Value Estimation
      $31,040,000
      8.79 Acres

      3805 State St

      REGIONAL SHOPPING CENTER, MALL • 8.79 Acres
      3805 State St, Santa Barbara, CA 93105-3111
      View Details
    • Value Estimation
      $865,000
      9.45 Acres

      3845 State St

      REGIONAL SHOPPING CENTER, MALL • 9.45 Acres
      3845 State St, Santa Barbara, CA 93105-3111
      View Details
    • Value Estimation
      $895,000
      4.85 Acres

      130 Hope Ave

      REGIONAL SHOPPING CENTER, MALL • 4.85 Acres
      130 Hope Ave, Santa Barbara, CA 93105-3151
      View Details

    Similar Nearby for Sale

    • Contact for pricing
      42,777 SF

      Santa Barbara Retail Portfolio

      Prime Santa Barbara retail, high NOI, value-add.
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      Established Restaurant Location For Lease

      High-visibility restaurant space with patio on signalized corner.
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      Freestanding Auto Service Building

      Freestanding building featuring reception area and open-bay auto service.
      3948 State St, Santa Barbara, CA 93105
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    • $5,595,000
      16,918 SF

      Two Office Buildings For Sale

      Two office buildings with seller lease-back option for one year.
      2020-2024 De La Vina St, Santa Barbara, CA 93105
      View Details
    • $3,495,000

      Two-Story Medical Office Building

      Two-story medical office with apartments near Cottage Hospital.
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    • $3,950,000
      3,714 SF

      Santa Barbara Medical Office Building

      Prime Medical Office w/ Apartments
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    Similar Nearby for Lease

    • Contact for pricing
      1,990 SF

      Renovated Retail Center Near Highway

      Regional shopping center with immediate highway access and high income population.
      3943 State St, Santa Barbara, CA 93105
      View Details
    • Contact for pricing

      Fully Leased Retail Center

      Shopping center in Santa Barbara, CA, currently 100% leased.
      3601-3631 State St, Santa Barbara, CA 93105
      View Details
    • Contact for pricing

      La Cumbre Plaza Retail Space

      100% leased shopping center in Santa Barbara.
      3890 La Cumbre Plaza Ln, 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
    • $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
    • Contact for pricing

      Retail Property in Santa Barbara

      Fully leased retail property in Santa Barbara, California.
      2261-2283 Las Positas Rd, Santa Barbara, CA 93105
      View Details
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    3851 State St
    Santa Barbara, CA 93105-3178
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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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