532 State St
Retail | 2,750 SqFt
Marketing description
Fantastic downtown Santa Barbara quintessential Spanish Style commercial building for sale located in the heart of the 500 block of State St. Perfectly located across from Hotel Santa Barbara and close to the trendy Drift Hotel. This split level, highly versatile building is in beautifully upgraded condition with recessed lighting, new split HVAC units, stylish bathrooms, rear courtyard/patio, 12 foot ceilings on 1st oor and 8' ceilings on 2nd oor, and features a beautiful staircase with original iron work! The 1st oor is suitable for a variety of commercial uses, & the upstairs has the versatility of a myriad of uses, and is currently used as a lovely residential unit with skylight, upgraded full bathroom, and a wonderful balcony overlooking State St! A true gem!
Investment highlights
Dynamic Downtown Santa Barbara Core Location: The subject property is positioned in one of the best blocks on State St, across from the newly remodeled Hotel Santa Barbara, and a couple of doors away from the trendy Drift Hotel. Many food and beverage concepts in the immediate vicinity along with significant foot traffic. Ghiradelli Chocolate/Ice Cream in negotiations to take approximately 2,700 SF at 509 State St.
Excellent Market Fundamentals: Overall City of Santa Barbara Retail Vacancy Rate is sub 4%.
Attractive Demographic Trends: Strong migratory demographic trends to the Central California Coast, in particular coastal communities like Santa Barbarfa, will continue to attract millennials for quality of life and strong employment opportunities, as well as baby boomers for a "utopian" retirement. Given its relative close proximity to Los Angeles, Santa Barbara shall also continue to flourish as a mecca for tourism due to its small town charm, proximity to beach, mountains, and wine country.
Fantastic Charm, & Character: Truly unique in character with its Spanish Style exterior; the subject property exudes the charm that only the era of the 1920's could provide. From the magnificent wide plank stairway leading to the 2nd floor, to the high voluminous ceilings, along with an exceptional balcony with State St views, this is truly a magical property like none other and one that is virtually impossible to replicate.
Highly Versatile Building: Excellent Opportunity for a possible "Live/Work" experience, with the perfect upstairs "studio" with skylight and upgraded full bathroom. The first floor lends itself to a variety of commercial uses!
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