1031 State St
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1031 State St
6,764 SF 14% Leased Office Building Santa Barbara, CA 93101 $4,865,000 ($719/SF) 5% Cap Rate
Executive Summary
This renovated historic building in the heart of downtown Santa Barbara provides an amazing opportunity for either owner-user or an investor. The two-level office portion features a mix of open space and private offices, kitchenette, conference room and second-floor balcony with lots of natural light and views overlooking State Street. The iconic restaurant space was renovated in 2022 and features an authentic pizza oven, expansive opening windows and doors to provide an indoor/outdoor dining experience, and a beautiful patio along State St. The restaurant is leased to the world renowned L’ Antica Pizzeria Da Michele through mid-2032. Steps to local attractions like the Granada Theatre and Santa Barbara County Courthouse; a short drive to the beach, Funk Zone, Cottage Hospital and the harbor.
Price: $4,865,000
Cap Rate: 5% (pro forma)
Size: Restaurant 2,508 SF
Office 4,256 SF
Total 6,764 SF
Leases: L’Antica Pizzeria leased through May ‘2032 Office available 2/1/24; call listing agent for rent roll
Land Size: 5,663 SF
APN: 039-281-012
Floors: Two
Fire Sprinklers: Yes, throughout
Parking: Public lots behind the property with first 75 minutes free
Kitchen: Yes, office kitchenette and fully-equipped commercial kitchen in restaurant
Restrooms: Four
Showings: Call Listing Agents
Price: $4,865,000
Cap Rate: 5% (pro forma)
Size: Restaurant 2,508 SF
Office 4,256 SF
Total 6,764 SF
Leases: L’Antica Pizzeria leased through May ‘2032 Office available 2/1/24; call listing agent for rent roll
Land Size: 5,663 SF
APN: 039-281-012
Floors: Two
Fire Sprinklers: Yes, throughout
Parking: Public lots behind the property with first 75 minutes free
Kitchen: Yes, office kitchenette and fully-equipped commercial kitchen in restaurant
Restrooms: Four
Showings: Call Listing Agents
Property Facts
Sale Type
Investment or Owner User
Property Type
Office
Property Subtype
Building Size
6,764 SF
Building Class
B
Year Built
1939
Price
$4,865,000
Price Per SF
$719
Cap Rate
5%
NOI
$243,250
Percent Leased
14%
Tenancy
Multiple
Building Height
2 Stories
Typical Floor Size
1,829 SF
Building FAR
1.19
Lot Size
0.13 AC
Zoning
C-2
Amenities
- Natural Light
- Air Conditioning
Space Availability
- Space
- Size
- Space Use
- Condition
- Available
- 1st Fl-Ste A
- 2,298 SF
- Office
- -
- Now
- 1st Fl-Ste B
- 1,360 SF
- Office/Retail
- -
- Now
| Space | Size | Space Use | Condition | Available |
| 1st Fl-Ste A | 2,298 SF | Office | - | Now |
| 1st Fl-Ste B | 1,360 SF | Office/Retail | - | Now |
1st Fl-Ste A
| Size |
| 2,298 SF |
| Space Use |
| Office |
| Condition |
| - |
| Available |
| Now |
1st Fl-Ste B
| Size |
| 1,360 SF |
| Space Use |
| Office/Retail |
| Condition |
| - |
| Available |
| Now |
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Walk Score ®
Walker's Paradise (99)
Bike Score ®
Biker's Paradise (95)
PROPERTY TAXES
| Parcel Number | 039-281-012 | Improvements Assessment | $853,245 |
| Land Assessment | $656,343 | Total Assessment | $1,509,588 |
PROPERTY TAXES
Parcel Number
039-281-012
Land Assessment
$656,343
Improvements Assessment
$853,245
Total Assessment
$1,509,588
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1031 State St
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