34,595 SqFt
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 $179
MLS Listing ID 26001164
Year Built 1962
Lot Size 2.530 Acres
Acres 2.53
Property Sub-Type Office
Source North Santa Barbara County Regional MLS
Property Description
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 90% occupied, the asset provides immediate cash flow with an in-place Cap Rate of 6.95% and a clear path to a 7.59% 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.
Location
State CA
County Santa Barbara
Interior
Heating Forced Air
Cooling Central Air
Heat Source Forced Air
Exterior
Private Pool No
Building
Lot Description Corner, Level
Story 1
Foundation Raised, Slab, None
Sewer Public Sewer
Water Public
Others
Senior Community No
Tax ID 128-067-002
Acceptable Financing Cash
Listing Terms Cash
NEARBY SCHOOL & BUSINESS
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