422 N. Milpas Street
Prime Mix Use Retail/Office Building | Santa Barbara
Marketing description
Karl Markarian of One West Group is pleased to present 422 N. Milpas Street — a 4,300 SF, 6-unit mixed-use commercial property anchored by a 1,620 SF ground-floor suite with existing development plans, situated on a 10,890 SF lot in the heart of Santa Barbara's Eastside corridor. This asset represents a compelling blend of in-place income, immediate value-add upside, and long-term land optionality in one of the most supply-constrained coastal markets on the West Coast.
Offered at $1,800,000, the property has two income-producing tenancies in Units 6 and 7 generating $3,075/month combined, one owner-occupied suite (Unit 2, 410 SF) that vacates at close of escrow, and three vacant suites — Units 1, 4, and 5, available for immediate lease-up. Unit 1 at 1,620 SF is the building's anchor space. The seller has developed plans for this suite, and the details and transferability of those plans are available for discussion with qualified buyers during the due diligence process. With 13 dedicated surface parking spaces, C-2 zoning, and a corridor actively adding residential density, Unit 1 represents the most significant single opportunity within the portfolio.
Investment highlights
- PRIME INFILL LOCATION — Milpas Street is one of Santa Barbara's most active commercial corridors, serving a dense, high-income residential population with virtually no available land for new commercial development.
- FAVORABLE SUPPLY-DEMAND DYNAMICS — Santa Barbara's coastally constrained geography and strict growth controls create a structural ceiling on commercial supply, systematically driving rent growth and asset appreciation over the long term.
- 13 SURFACE PARKING SPACES — A genuinely rare amenity on Milpas Street, where street and lot parking is consistently tight. This is a competitive differentiator that elevates tenant retention and attracts premium users.
- VERSATILE SUITE CONFIGURATION — Six units ranging from 335 SF to 1,620 SF serve a broad spectrum of occupier needs: Unit 1 at 1,620 SF is ideal for a medical group, fitness operator, restaurant space or professional services anchor; the smaller suites (335–570 SF) target boutique, wellness, and single-practitioner users.
- 1,620 SF ANCHOR SUITE WITH DEVELOPMENT PLANS — Unit 1 is the building's largest and highest-potential suite. The seller has developed plans for the space; the nature and transferability of those plans are available for discussion with qualified buyers during due diligence. At 1,620 SF with 13 dedicated parking spaces on a C-2 lot in a corridor adding 195+ residential units, the upside potential of this suite is significant regardless of the direction taken.
- VALUE-ADD OPPORTUNITY — Units 1, 4, and 5 are vacant; Unit 2 vacates at close, delivering four immediately leasable suites from day one. No capital expenditure required. The building has already undergone meaningful renovation: new tile floors, updated fixtures, fresh paint.
- OWNER-USER READY — Unit 2 (410 SF) is currently owner-occupied and vacates at close of escrow, creating a clean transition: an incoming owner-user can occupy any suite and lease the balance for immediate income.
- C-2 ZONING FLEXIBILITY — The C-2 designation is one of Santa Barbara's most permissive commercial classifications, accommodating retail, office, food service, personal services, and medical uses without conditional use permits for most tenant types.
- LONG-TERM DEVELOPMENT POTENTIAL — The 0.25-acre C-2 lot sits on a corridor the City of Santa Barbara has formally designated for the highest residential densities in the city. With 195+ units approved within half a mile and the Milpas corridor actively being reshaped, this site carries meaningful long-term redevelopment and intensification potential. Buyers with a multi-cycle perspective are acquiring not just a cash-flowing asset, but a well-located land position in one of California's most supply-constrained coastal markets.
- COASTAL CALIFORNIA PREMIUM — Santa Barbara routinely commands among the highest commercial rents and lowest cap rates in California — investors are acquiring stability and appreciation, not just income.
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