1913, 1919 & 1921 STATE ST. SANTA BARBARA, CA 93101 205 E. CARRILLO ST. SUITE 100 | SANTA BARBARA CA 93101 | 805.965.5500 | RADIUSGROUP.COM 7.14.20 Bob Tuler 805.879.9605 [email protected]CA Lic. 00643325 Gene Deering 805.879.9623 [email protected]CA Lic. 01450943 Three premier downtown office buildings totaling ± 24,764 SF on ±.92 acres FOR SALE $9,950,000 Justin Diem 805.879.9634 [email protected]CA Lic. 02058176 Paul Gamberdella 805.879.9622 [email protected]CA Lic. 01267748
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FOR SALE 1913, 1919 & 1921 $9,950,000 STATE ST. · 2020. 7. 15. · 1913, 1919 & 1921 STATE ST. SANTA BARBARA, CA 93101 7.14.20 205 E. CARRILLO ST. SUITE 100 | SANTA BARBARA CA 93101
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1913, 1919 & 1921
STATE ST.SANTA BARBARA, CA 93101
2 0 5 E . C A R R I L L O S T . S U I T E 1 0 0 | S A N T A B A R B A R A C A 9 3 1 0 1 | 8 0 5 . 9 6 5 . 5 5 0 0 | R A D I U S G R O U P . C O M7.1 4 . 2 0
± 2 4 , 7 6 4 S F O F F I C E B U I L D I N G S O N . 9 2 A C R E S F O R S A L E1 9 1 3 , 1 9 1 9 & 1 9 2 1 S t a t e S t . | S a n t a B a r b a r a , C A 9 3 1 0 1
2 0 5 E . C A R R I L L O S T . S U I T E 1 0 0 | S A N T A B A R B A R A C A 9 3 1 0 1 | 8 0 5 . 9 6 5 . 5 5 0 0 | R A D I U S G R O U P . C O M7.1 4 . 2 0
The information provided here has been obtained from the owner of the property or from other sources deemed reliable. We have no reason to doubt its accuracy, but we do not guarantee it.
This premier downtown State Street property provides approximately 150 linear feet of frontage with three individual buildings. Located near the high traffic volume intersection at State Street and Mission Street averaging approximately 14,000 cars per day. There is access on State and Mission Streets as well as easy access to and from Highway 101. Many of the suites have been updated with modern finishes and private restrooms. Extensive renovations include new HVAC, windows, roof and common-area improvements. The current tenancy provides value for an investor, or flexibility for an owner-user looking to occupy a portion of the building.
1919 State St. (Rear)
1913 State St. 1921 State St.
Offering Specifics
Building Sizes ±19,964 SF (1919 State St.)±3,191 SF (1921 State St.)±1,609 SF (1913 State St.)
± 2 4 , 7 6 4 S F O F F I C E B U I L D I N G S O N . 9 2 A C R E S F O R S A L E1 9 1 3 , 1 9 1 9 & 1 9 2 1 S t a t e S t . | S a n t a B a r b a r a , C A 9 3 1 0 1
2 0 5 E . C A R R I L L O S T . S U I T E 1 0 0 | S A N T A B A R B A R A C A 9 3 1 0 1 | 8 0 5 . 9 6 5 . 5 5 0 0 | R A D I U S G R O U P . C O M7.1 4 . 2 0
Total Building SF: 24,764 SF Monthly Base Rent: $51,356
Tenant Reimbursable (NNN's): $21,035
Gross Monthly Rent (Base Rent + NNN's): $72,391
Annual Scheduled Income: $868,690
Vacancy Factor: 5%
*All utilities (electricity, gas, water, sewer, refuse) are master metered and billed back to the tenant. The estimated utility costs are $0.25/SF per month and are separate from the estimated NNN’s noted in this analysis.
Annual Gross Income: $825,255
Expenses With New Taxes:
Property Taxes $109,450
Insurance $14,200
Security $12,000
Parking Attendant & Repairs $48,400
Elevator $3,000
Fire Protection/Life Safety $2,640
Janitorial $15,260
Landscape $9,480
Property Management at 3% $24,973
Repairs & Maintenance $13,020
Annual Commercial Expenses ($0.85/SF) $252,423
Net Operating Income: $572,832
Estimated Lease up Costs (On Vacant Spaces) 6,277 SF
Tenant Improvements ($30/SF) $188,310
Lease Up Time (6 Months) $95,733
Leasing Brokerage (6% on 5 Year Deals) $38,245
Total Lease Up Costs $322,288
Cap Rate on Fully Stabilized Sale Price Sale Price
± 2 4 , 7 6 4 S F O F F I C E B U I L D I N G S O N . 9 2 A C R E S F O R S A L E1 9 1 3 , 1 9 1 9 & 1 9 2 1 S t a t e S t . | S a n t a B a r b a r a , C A 9 3 1 0 1
2 0 5 E . C A R R I L L O S T . S U I T E 1 0 0 | S A N T A B A R B A R A C A 9 3 1 0 1 | 8 0 5 . 9 6 5 . 5 5 0 0 | R A D I U S G R O U P . C O M7.1 4 . 2 0
± 2 4 , 7 6 4 S F O F F I C E B U I L D I N G S O N . 9 2 A C R E S F O R S A L E1 9 1 3 , 1 9 1 9 & 1 9 2 1 S t a t e S t . | S a n t a B a r b a r a , C A 9 3 1 0 1
2 0 5 E . C A R R I L L O S T . S U I T E 1 0 0 | S A N T A B A R B A R A C A 9 3 1 0 1 | 8 0 5 . 9 6 5 . 5 5 0 0 | R A D I U S G R O U P . C O M7.1 4 . 2 0
± 2 4 , 7 6 4 S F O F F I C E B U I L D I N G S O N . 9 2 A C R E S F O R S A L E1 9 1 3 , 1 9 1 9 & 1 9 2 1 S t a t e S t . | S a n t a B a r b a r a , C A 9 3 1 0 1
2 0 5 E . C A R R I L L O S T . S U I T E 1 0 0 | S A N T A B A R B A R A C A 9 3 1 0 1 | 8 0 5 . 9 6 5 . 5 5 0 0 | R A D I U S G R O U P . C O M7.1 4 . 2 0
± 2 4 , 7 6 4 S F O F F I C E B U I L D I N G S O N . 9 2 A C R E S F O R S A L E1 9 1 3 , 1 9 1 9 & 1 9 2 1 S t a t e S t . | S a n t a B a r b a r a , C A 9 3 1 0 1
2 0 5 E . C A R R I L L O S T . S U I T E 1 0 0 | S A N T A B A R B A R A C A 9 3 1 0 1 | 8 0 5 . 9 6 5 . 5 5 0 0 | R A D I U S G R O U P . C O M7.1 4 . 2 0
± 2 4 , 7 6 4 S F O F F I C E B U I L D I N G S O N . 9 2 A C R E S F O R S A L E1 9 1 3 , 1 9 1 9 & 1 9 2 1 S t a t e S t . | S a n t a B a r b a r a , C A 9 3 1 0 1
2 0 5 E . C A R R I L L O S T . S U I T E 1 0 0 | S A N T A B A R B A R A C A 9 3 1 0 1 | 8 0 5 . 9 6 5 . 5 5 0 0 | R A D I U S G R O U P . C O M7.1 4 . 2 0
± 2 4 , 7 6 4 S F O F F I C E B U I L D I N G S O N . 9 2 A C R E S F O R S A L E1 9 1 3 , 1 9 1 9 & 1 9 2 1 S t a t e S t . | S a n t a B a r b a r a , C A 9 3 1 0 1
2 0 5 E . C A R R I L L O S T . S U I T E 1 0 0 | S A N T A B A R B A R A C A 9 3 1 0 1 | 8 0 5 . 9 6 5 . 5 5 0 0 | R A D I U S G R O U P . C O M7.1 4 . 2 0