819 Reddick St Santa Barbara, CA 93103

This exceptional two-story, 9,673-square-foot freestanding office building presents a compelling investment opportunity in Santa Barbara, CA. Boasting a strong Net Operating Income (NOI) of $401,609 (as of September 1, 2024), and an attractive 8.92% cap rate, this property offers significant potential. The asking price is $4,500,000 ($465 per square foot). Situated on a substantial 15,245-square-foot lot (APN: 031-303-024 & 031-303-006), the building features a wood-frame construction with a major remodel/addition completed in 1990. Roof age varies from 1998 to 2015. The property includes 17 reserved parking spaces, plus street parking. Interior features encompass approximately 9-foot ceilings, five unisex restrooms (three downstairs, two upstairs), and a sprinkler system. The HVAC system comprises two newer Aaon package units for lab space, three newer Samsung split units, and four older York package units. Loading is facilitated by a double-door at ground level. Zoning is M-1 (819 Reddick) and C-G (822 E Haley). The building previously held three inactive cannabis permits (manufacture, distribution, and delivery). Currently, the entire building is subleased through December 31, 2026. The second floor offers a mix of perimeter offices and open bullpen areas, while the first floor includes a well-equipped wet lab area and additional office/storage space. The property benefits from ample natural light, security cameras, multiple entrances with electronic access, and a convenient location near Milpas Street amenities.