• $14,200,000

    Asking Price

  • 4.90%

    Cap Rate

  • 32,133

    Square Feet

  • 97%

    Occupancy

  • 15.12%

    Levered IRR

  • 5.86%

    Cash-on-Cash

$14,200,000

Asking Price

4.90%

Cap Rate

32,133

Square Feet

97%

Occupancy

15.12%

Levered IRR

5.86%

Cash-on-Cash

Offering Summary

Address

  • 126 E Haley St & 417 Santa Barbara St
    Santa Barbara, CA 93101

Pricing

  • Asking Price$14,200,000
  • Price PSF$442
  • WALT2.62 Years
  • Cap Rate4.90%
  • NOI$696,493
  • Rents Below Market13.3%
  • Mark-to Market Cap Rate5.93%
  • Investment Period5 Years
  • Levered IRR15.12%
  • Cash-on-Cash5.86%

Details

  • Property TypeIndustrial
  • Property StatusUnder Contract
  • Square Feet32,133
  • Year Built1977
  • Year Renovated2018
  • Capital Invested$1,600,000
  • Building ClassB
  • Building(s)2
  • Parking Ratio1.81/1,000 SF
  • Acres1.13
  • ZoningM-C
  • APN031-271-026
  • TenancyMulti
  • Occupancy97%

Address

  • 126 E Haley St & 417 Santa Barbara St
    Santa Barbara, CA 93101

Pricing

  • Asking Price$14,200,000
  • Price PSF$442
  • WALT2.62 Years
  • Cap Rate4.90%
  • NOI$696,493
  • Rents Below Market13.3%
  • Mark-to Market Cap Rate5.93%
  • Investment Period5 Years
  • Levered IRR15.12%
  • Cash-on-Cash5.86%

Details

  • Property TypeIndustrial
  • Property StatusUnder Contract
  • Square Feet32,133
  • Year Built1977
  • Year Renovated2018
  • Capital Invested$1,600,000
  • Building ClassB
  • Building(s)2
  • Parking Ratio1.81/1,000 SF
  • Acres1.13
  • ZoningM-C
  • APN031-271-026
  • TenancyMulti
  • Occupancy97%
Read Less...
Newmark is pleased to present 126 East Haley Street & 417 Santa Barbara Street (The Platform), a 32,133-square-foot multi-use project located along the Haley Street Corridor in Santa Barbara’s thriving Lagoon District.

Having recently undergone a $1.6-million renovation and benefiting from an ideal location two blocks from State Street and within 0.5 miles of the Funk Zone, The Property is one of the most desirable assets in the Santa Barbara market. The Platform is currently 97% leased by 12 tenants with a weighted average remaining lease term of 2.62 years.

Accommodating the diverse tenant mix is highly-functional and versatile space which is suitable for a wide-range of office, flex industrial, and retail tenants. Situated in the Lagoon District, the Property is part of the warehouse-laden Haley Street Corridor which is Santa Barbara’s burgeoning creative neighborhood just east of downtown.

The Property offers immediate access to State Street and is a 10-minute walk to the Funk Zone – a vibrant waterfront district with a thriving amenity base. The Platform represents an opportunity to acquire a recently renovated, stabilized property that has demonstrated superb collections and tenant retention throughout the COVID-19 pandemic. The Property is being offered for $14,200,000 on an as-is basis for the fee simple interest in the building and the land thereunder.
Read More...

Description

Newmark is pleased to present 126 East Haley Street & 417 Santa Barbara Street (The Platform), a 32,133-square-foot multi-use project located along the Haley Street Corridor in Santa Barbara’s thriving Lagoon District.

Having recently undergone a $1.6-million renovation and benefiting from an ideal location two blocks from State Street and within 0.5 miles of the Funk Zone, The Property is one of the most desirable assets in the Santa Barbara market. The Platform is currently 97% leased by 12 tenants with a weighted average remaining lease term of 2.62 years.

Accommodating the diverse tenant mix is highly-functional and versatile space which is suitable for a wide-range of office, flex industrial, and retail tenants. Situated in the Lagoon District, the Property is part of the warehouse-laden Haley Street Corridor which is Santa Barbara’s burgeoning creative neighborhood just east of downtown.

The Property offers immediate access to State Street and is a 10-minute walk to the Funk Zone – a vibrant waterfront district with a thriving amenity base. The Platform represents an opportunity to acquire a recently renovated, stabilized property that has demonstrated superb collections and tenant retention throughout the COVID-19 pandemic. The Property is being offered for $14,200,000 on an as-is basis for the fee simple interest in the building and the land thereunder.

Deal Team

Portrait of Sean Fulp

Sean Fulp

Executive Managing Director

CA RE Lic. #01389064

Portrait of Ryan Plummer

Ryan Plummer

Managing Director

CA RE Lic. #01765854

Portrait of Mark Schuessler

Mark Schuessler

Managing Director

CA RE Lic. #02033871

Portrait of Ryan Tetrault

Ryan Tetrault

Associate

CA RE Lic. #01996711