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3328 State Street
Santa Barbara, CA 93105

Price: $1,400,000 Zoning: C2
Bldg SF: 3,021 SF Price/SF: $463
Land SF: 6,969 SF Occupancy: Vacant
Year Built: 1950 Property Type: Retail
Click to View Offering MemorandumClick to Print Offering Memorandum

Exclusively Listed by:
Brandon Michaels
(818) 212-2794
bmichaels@marcusmillichap.com
License # 01434685


Matthew Luchs
(818) 212-2727
matthew.luchs@marcusmillichap.com
License # 01948233


Austin Sreden
(818) 212-2805
austin.sreden@marcusmillichap.com
License # 02023489

Price: $1,400,000
Bldg SF: 3,021 SF
Land SF: 6,969 SF
Year Built: 1950
ProForma CAP Rate: 5.18%
Price/SF: $463
Occupancy: Vacant
Property Type: Retail
Click to View Offering MemorandumClick to Print Offering Memorandum

Exclusively Listed by:
Brandon Michaels
(818) 212-2794
bmichaels@marcusmillichap.com
License # 01434685


Matthew Luchs
(818) 212-2727
matthew.luchs@marcusmillichap.com
License # 01948233


Austin Sreden
(818) 212-2805
austin.sreden@marcusmillichap.com
License # 02023489

Investment Highlights

Prime Santa Barbara Retail Building Priced Significantly Below Sales Comparables

 

  • Prime State Street location directly across from Gelson’s anchored shopping Center
  • Low Price per SF

  • Priced 31% below all recent sales comparables
  • State Street is a world renowned retail thoroughfare home to high end retailers, restaurants, national brands, and luxury hotels

 

Ideal Opportunity for an Owner-User Buyer or Value-Add Investor

 

  • The subject property is vacant, allowing an owner-user the ability to operate out of a retail building located walking distance to ample retail amenities, as well as 3 miles from Downtown Santa Barbara, a tourist hub filled with cultural and historical attractions
  • Unique value-add investment offering an investor the opportunity to stabilize the property, which is located in a submarket featuring strong projected rent growth over the next several years

 

Ideally located Proximate to a number of Retail Amenities and Restaurants

 

  • Proximate retail amenities include: Gelson’s Market, Grocery Outlet, Whole Foods Market, Ross Dress for Less, Target, and Petco
  • Nearby restaurants include: Chipotle Mexican Grill, McDonald’s, Chick-fil-A, Denny’s, and 7-Eleven
  • Just 3 miles from the property is Downtown Santa Barbara, which features a mix of historical and retail amenities such as Santa Barbara Public Market, Santa Barbara Courthouse, Granada Theater, Marshalls, CVS, McConnell’s Fine Ice Creams, Urban Outfitters, and Starbucks

 

Strong Immediate Demographics

 

  • Over 17,800 people are located within one mile of the property, 87,400 within three miles of the property, and 131,400 within five miles of the property
  • There are approximately 7,800 households located within one mile of 3328 State Street, 35,400 within three miles of the property, and 50,933 within five miles of the property
  • Average household income within one mile of the property surpasses $126,600, $116,400 within three miles of the property, and $123,300 within five miles of the property
  • Total specified consumer spending in 2020 was over $249 million within one mile of the property, over $1.080 billion within three miles of the property, and over $1.627 billion within five miles of the property