1414 South Miller Street
Multi Tenant Office/Retail Center | Central Santa Maria | 34,595 SF
Marketing description
Located between Stowell Road and Barcellus Avenue, 1414 S Miller Street is a 34,595 SF multi-tenant office and service retail property positioned within central Santa Maria. Situated on approximately 2.5 acres, the property offers a rare combination of scale, flexibility, and upside in an established commercial and residential infill neighborhood. With a total of 28 suites consisting of one restaurant, 24 office suites, and 3 suites laid out for 20 separate executive suites, the project accommodates a broad range of office, medical, and service-oriented tenants. Tenants benefit from frontage along three sides of the project’s courtyard design and use of 103 on-site parking spaces. Located just behind Broadway Plaza and Stowell Shopping Centers, one block off South Broadway and two blocks from Highway 101, the property offers strong accessibility with more than 14,000 CPD along the corridor. 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.
Investment highlights
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 83% occupied, the asset provides immediate cash flow with an in-place Cap Rate of 5.49% and a clear path to a ~7% 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
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