331 Milpas StSanta Barbara, CA 93103

Property Details for 331 Milpas St

Year built

1962

Lot size

0.28 AC

Property size (Sq ft)

7,512 SF

Property type

Investment properties

Property subtype

Retail residential properties

APN

031-363-029

APU

31363029

Description

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.

• CAP approach

  CAP return

  Valuation

  6%

  $2,779,000

  6.5%

  $2,565,231

  7%

  $2,382,000

• Comparable approach

  Method

  Valuation

  Relative Method

  $2,214,147

  Geo Method

  $2,214,147

• Alternative Use

  Use

  Valuation

  Residential

  $2,565,231

  Hospitality

  $2,349,738

  Educational

  $1,954,954

  Medical

  $2,022,188

  Retail

  $3,041,040

Location Insight

City

Santa Barbara

County

Santa Barbara

State

California

Latitude

34.4249

Longitude

-119.684

CBSA code

42200

CBSA name

SANTA MARIA-SANTA BARBARA, CA METROPOLITAN STATISTICAL AREA

Property Tax & Assessments

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