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    Property profile & analytics

    6868 Cortona Dr Goleta, CA 93117

    • Manufacturing properties
    • 64,190 SF
    • 2.97 lot acres
    For Lease
    View listing
    Last Sale
    Nov 14, 2022
    $5,250,000
    Value Estimations
    $6,930,000
    Cap Rate Potential
    5.4%
    Manufacturing properties
    Location Intelligence
    Property ID
    US09-2942541
    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

    • Manufacturing properties

    Property Details for 6868 Cortona Dr

    Lot size
    2.97 lot acres
    Property size
    64,190 SF
    Property type
    Manufacturing properties
    APN
    073-140-032
    APU
    73140032

    Description

    This exceptional 12,669-square-foot single-tenant office suite is situated in a prestigious Goleta technology campus, at 6868 Cortona Drive, sharing the building with prominent companies like Google and Openlight. Located in Santa Barbara County (APN 073-140-032), this traditional office space boasts a prime location with convenient access to Hollister Avenue. The suite is zoned B-P and features a well-furnished first-floor layout. The interior includes spacious offices, a fully equipped kitchenette, a dedicated private employee lounge, and a unique amenity: an exclusive outdoor patio. This property offers unparalleled convenience, with close proximity to a variety of amenities including the Camino Real Marketplace, M Special restaurant, and the Hilton Garden Inn. The address is 6868 Cortona Dr, Goleta, CA 93117. This is a rare opportunity to secure a substantial, well-appointed office space in a thriving technological hub. The property's location and amenities make it an ideal choice for a company seeking a high-profile and functional workspace.

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

      Method
      Estimation
      Statistic approach
      $7,225,000
      ML approach
      $7,695,000

    • CAP approach

      CAP Return
      Estimation
      6%
      $6,550,000
      6.5%
      $6,050,000
      7%
      $5,615,000

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

    Location Insight

    • Map
    • Local Demand
    City
    Goleta
    County
    Santa Barbara
    State
    California
    Longitude
    -119.869
    Latitude
    34.4317
    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
    $117,272
    $4,714,720
    $6,093,134
    $10,807,854
    -
    $0.00
    $0.00
    $0.00

    Comparable in this City

    • Value Estimation
      $570,000
      6.90 Acres

      6300 Hollister Ave

      MANUFACTURING (LIGHT) • 6.90 Acres
      6300 Hollister Ave, Goleta, CA 93117-3115
      View Details
    • Value Estimation
      $400,000
      0.23 Acres

      749 Kellogg Ave

      MANUFACTURING (LIGHT) • 0.23 Acres
      749 Kellogg Ave, Goleta, CA 93117-3806
      View Details
    • Value Estimation
      $940,000
      29,440 SF

      5743 Thornwood Dr

      MANUFACTURING (LIGHT) • 29,440 SF
      5743 Thornwood Dr, Goleta, CA 93117-3801
      View Details
    • Value Estimation
      $1,085,000
      129,096 SF

      7406 Hollister Ave

      MANUFACTURING (LIGHT) • 129,096 SF
      7406 Hollister Ave, Goleta, CA 93117-2583
      View Details
    • Value Estimation
      $1,125,000
      70,925 SF

      147 Castilian Dr

      MANUFACTURING (LIGHT) • 70,925 SF
      147 Castilian Dr, Goleta, CA 93117-3082
      View Details
    • Value Estimation
      $1,070,000
      41,430 SF

      6489 Calle Real A Ste A

      MANUFACTURING (LIGHT) • 41,430 SF
      6489 Calle Real A Ste A, Goleta, CA 93117-1538
      View Details

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      Goleta Commercial Storage Facility

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    • $4,500,000

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    Similar Nearby for Lease

    • $21 SF/Yr
      75,659 SF

      Goleta Tech Corridor Office/Warehouse

      Prime Goleta space, multiple units available.
      6500 Hollister Ave, Goleta, CA 93117
      View Details
    • $22 SF/Yr
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      Goleta Office/R&D Space

      Prime Goleta location, flexible suites.
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      View Details
    • $1.05 SF/Yr
      5,000 SF

      Goleta Warehouse Space Available

      5,000 SF warehouse space for sublease in Goleta.
      80 Coromar Dr, Goleta, CA 93117
      View Details
    • $13 SF/Yr
      179,667 SF

      Goleta Industrial Space for Lease

      Prime Goleta Flex Space: R&D, Office, Warehouse
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      View Details
    • $1.15 SF/Yr
      175,211 SF

      Goleta Office Campus: Prime Space

      Modern office/flex space in Goleta, CA.
      7418 Hollister Ave, Goleta, CA 93117
      View Details
    • $1.95 SF/Yr
      3,526 SF

      Goleta Warehouse Space Available

      Industrial/warehouse unit in Cabrillo Business Park, Goleta's Tech Corridor.
      289 Coromar Dr, Goleta, CA 93117
      View Details
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    Goleta, CA 93117
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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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