Single-Tenant NNN-Leased Property in Downtown Santa Barbara
Retail | 6.00% CAP | 8,680 SF
Marketing description
Impeccably maintained NNN-Leased trophy property occupied by Tilly’s in Santa Barbara’s downtown core. Tilly’s, the preeminent casual clothing retailer focused on the growing teen and young adult market, has occupied the property for over 15 years and has approximately 5 years remaining in its current term. The building has 55 feet of frontage, high ceilings, newer roof and HVAC, and is located near Apple, Marshall’s, Sephora, Amazon, Vuori, Vans, Urban Outfitters and many other significant retailers and restaurants.
Seller financing not available.
Investment highlights
Price: $5,450,000 ($628 psf)
Cap Rate: 6%
NOI: $326,963
Building Size: 8,680 SF
Parcel Size: Approx. 9,125 SF
APN: 039-321-39
Year Built: 1999
Occupancy: 100% leased to Tilly’s with 15-year history at property
Lease Type: Absolute NNN
Frontage: Approx. 55’
Foot Traffic: Approx. 12,000 pedestrians daily
Ceilings: 9’ - 27’
Roof: Replaced in 2018
HVAC: Throughout; replaced in 2018
Parking: Five public lots within one block
* NOI includes tenant’s CAPEX reimbursement
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