This Retail Property is Off-Market.

1486 East Valley Road
Montecito, CA 93108 ·

6,357 SF · Retail For Sale

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Montecito Old Firehouse Office Building

Price N/A Occupancy 100%
Building Size 6,357 SF No. Stories 2
Property Type Retail Tenancy Single
Property Sub-type
Free Standing Bldg
More...
  • Office Building
Year Built 1931
Property Use Type Net Lease Investment with 10+ years left on lease Lot Size 0.40 AC
Commission Split 1.5% APN / Parcel ID 011-200-080
Cap Rate 5%
Listing ID: 16913224 Date Created: 11/11/2010 Last Updated: 05/02/2011

Description

The Old Firehouse, located in the heart of Montecito' s Upper Village, was built in 1931 and designed by award-winning architect Alexander Bertrand Harmer. Originally serving as the regional firehouse, its classic Spanish Colonial Revival style architecture and beautiful landscaping make it a truly landmark-quality office building.

In 2009, the building underwent an extensive renovation with close attention to detail. The thick masonry walls were seismically upgraded, wiring, plumbing and mechanical systems were replaced, and all period details were restored. This historic, pride of ownership building is currently operating as Santa Barbara Bank & Trust' s Trust & Investment Management Division. The building is approximately 6,357 sq. ft, sits on .40 acres and has 20 parking spaces.

In January, 2009 Santa Barbara Bank & Trust signed a long-term, 20 year absolute net master lease with two (5) year options to renew. There are 12.5% rental increases every five years starting in year six. The Old Firehouse with its location, architecture and Montecito' s strict barriers to growth make this property a unique opportunity to own an irreplaceable piece of Montecito' s history.

Tucked between the Santa Ynez Mountains and the Pacific Ocean, and boasting a near-perfect year-round Mediterranean climate, Montecito, California is among the wealthiest and most exclusive and attractive communities in the world. Adjacent to the city of Santa Barbara and only an hour and a half from Los Angeles, movie stars, celebrated authors, and some dozen billionaires, including Oprah Winfrey, call Montecito home or maintain their second homes here. With a population of approximately 12,737, an average household income of $101,575, and home prices beginning at nearly $1 million and going up to $45 million, it is no wonder that Santa Barbara Bank and Trust out negotiated the competition to house its Trust & Investment Management Division in this ultra prime location.

For the complete listing package please sign and return the confidentiality agreement

Highlights

  • 20 Year Absolute NNN Lease with Santa Barbara Bank & Trust
  • 12.5% Rental Increases Every 5 Years Starting in Year 6
  • 2(5) Year Options to Renew
  • Extensively Renovated in 2009
  • Located in the Heart of Montecito's Upper Village
  • Historic, Pride of Ownership Building

Research

1486 East Valley Road, Montecito, CA 93108 (Santa Barbara County)

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