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$ 6,695,000
Est. payment | /mo
34,595 SqFt
$ 6,695,000
Est. payment | /mo
34,595 SqFt
Key Details
Property Type Commercial
Sub Type Office
Listing Status Active
Purchase Type For Sale
Square Footage 34,595 sqft
Price per Sqft $193
MLS Listing ID 26-1483
Lot Size 2.510 Acres
Acres 2.51
Lot Dimensions 109336.0
Property Sub-Type Office
Source Santa Barbara Multiple Listing Service
Property Description
Located between Stowell Road and Barcellus Avenue, 1414 S Miller Street is a 34,595 SF multi-tenant office and service retail property positioned within central Santa Maria. Situated on approximately 2.5 acres, the property offers a rare combination of scale, flexibility, and upside in an established commercial and residential infill neighborhood. With a total of 28 suites
consisting of one restaurant, 24 office suites, and 3 suites laid out for 20 separate executive suites, the project accommodates
a broad range of office, medical, and service oriented tenants. Tenants benefit from frontage along three sides of the project's
courtyard design and use of 103 on-site parking spaces. Located
just behind Broadway Plaza and Stowell Shopping Centers, one
block off South Broadway and two blocks from Highway 101,
the property offers strong accessibility with more than 14,000
CPD along the corridor.
Current ownership has invested more than $1M towards improvements including new windows, HVAC upgrades, walkway and landscaping improvements, parking lot work, and various electrical, plumbing, and interior upgrades. Currently 83% occupied, the asset provides immediate cash flow with an in-place Cap Rate of 5.49% and a clear path to a ~7% Cap Rate through stabilization of the three current vacancies (inclusive of stabilization costs) with additional upside to an estimated 8%+ Cap Rate through pending renewals at market rents. The site's parcel size, parking field, and layout also offer longer-term optionality, including potential condo conversion or repositioning to senior housing or market-rate apartments, subject to City approvals. This is an attractive opportunity for investors seeking:
" In-place income with value-add potential through lease-up
and mark-to-market rent growth
" A diversified rent roll with office, medical, and service
business tenancies
" Long-term appreciation supported by continued corridor
reinvestment
" Future flexibility through potential condo or residential
repositioning, subject to approvals
With strong underlying real estate, a central location, and clear
paths to higher rents through lease management, 1414 S Miller
Street offers a scalable asset with both current income and
meaningful upside on California's Central Coast.
Investment Details
Asking Price $6,695,000
Price PSF Building $194
Price PSF Land $61
Cap Rate 5.49% (current)
6.96% (est. stabilized current)
8.21% (est. market)
Current Occupancy 83%
Current Vacancy* 17%
Financials To be provided upon receipt
of executed Confidentiality
Agreement
Note: Vacancy totals 5,543 SF in three suites: restaurant and two
office suites. Call Listing Agent for more details. Seller has interest
in the restaurant business which occupies Suites E & F (restaurant
suite) which does not pay rent.
consisting of one restaurant, 24 office suites, and 3 suites laid out for 20 separate executive suites, the project accommodates
a broad range of office, medical, and service oriented tenants. Tenants benefit from frontage along three sides of the project's
courtyard design and use of 103 on-site parking spaces. Located
just behind Broadway Plaza and Stowell Shopping Centers, one
block off South Broadway and two blocks from Highway 101,
the property offers strong accessibility with more than 14,000
CPD along the corridor.
Current ownership has invested more than $1M towards improvements including new windows, HVAC upgrades, walkway and landscaping improvements, parking lot work, and various electrical, plumbing, and interior upgrades. Currently 83% occupied, the asset provides immediate cash flow with an in-place Cap Rate of 5.49% and a clear path to a ~7% Cap Rate through stabilization of the three current vacancies (inclusive of stabilization costs) with additional upside to an estimated 8%+ Cap Rate through pending renewals at market rents. The site's parcel size, parking field, and layout also offer longer-term optionality, including potential condo conversion or repositioning to senior housing or market-rate apartments, subject to City approvals. This is an attractive opportunity for investors seeking:
" In-place income with value-add potential through lease-up
and mark-to-market rent growth
" A diversified rent roll with office, medical, and service
business tenancies
" Long-term appreciation supported by continued corridor
reinvestment
" Future flexibility through potential condo or residential
repositioning, subject to approvals
With strong underlying real estate, a central location, and clear
paths to higher rents through lease management, 1414 S Miller
Street offers a scalable asset with both current income and
meaningful upside on California's Central Coast.
Investment Details
Asking Price $6,695,000
Price PSF Building $194
Price PSF Land $61
Cap Rate 5.49% (current)
6.96% (est. stabilized current)
8.21% (est. market)
Current Occupancy 83%
Current Vacancy* 17%
Financials To be provided upon receipt
of executed Confidentiality
Agreement
Note: Vacancy totals 5,543 SF in three suites: restaurant and two
office suites. Call Listing Agent for more details. Seller has interest
in the restaurant business which occupies Suites E & F (restaurant
suite) which does not pay rent.
Location
State CA
County Santa Barbara
Others
Tax ID 128-067-002
Acceptable Financing Cash
Listing Terms Cash
Listed by Hayes Commercial Group
Schools and Properties Nearby
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