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Land Lease Investment On The Mesa 315 Meigs Rd 10,745 SF 100% Leased Retail Building Santa Barbara, CA 93109 $1,995,000 ($185.67/SF)
Investment Highlights
- Sale consists strictly of a leasehold interest, not fee simple ownership.
- 11.7% Cap Rate | NOI: $233,689.
- High-yield investment supported by fully stabilized, diversified tenancy.
- Long-term ground lease in place with options that may extend control through 2051.
- $5,000 rent increase at start of 2027.
- Located in one of Santa Barbara’s most desirable coastal neighborhoods with consistent tenant demand.
Executive Summary
This is a Leasehold Interest — a Buyer would not be purchasing the land.
315 Meigs Rd. presents a rare opportunity to acquire a high-yield land lease investment located in The Mesa, one of Santa Barbara’s most desirable and tightly held coastal neighborhoods. Known for its proximity to Shoreline Park, Leadbetter Beach, and Cliff Dr. amenities, The Mesa continues to experience strong tenant demand and limited supply.
The property is currently 100% occupied, consisting of eight (8) commercial tenants and two (2) residential units, providing diversified and stabilized income across multiple tenancy types. This diversification reduces single-tenant risk while offering consistent monthly cash flow.
With in-place rents, the investment has been underwritten at an attractive 11.7% capitalization rate, delivering compelling day-one yield relative to other Santa Barbara opportunities. A buyer will control the land lease interest for approximately 25 additional years, creating a defined income horizon with predictable returns and limited management obligations.
Given Santa Barbara’s high barriers to entry, constrained inventory, and premium pricing for fee-simple assets, 315 Meigs Rd. offers investors the ability to secure strong current income in a premier coastal submarket at a cap rate rarely seen locally.
Opportunities of this nature — particularly in The Mesa — are exceptionally limited, making this offering a standout yield play in one of California’s most resilient real estate markets.
315 Meigs Rd. presents a rare opportunity to acquire a high-yield land lease investment located in The Mesa, one of Santa Barbara’s most desirable and tightly held coastal neighborhoods. Known for its proximity to Shoreline Park, Leadbetter Beach, and Cliff Dr. amenities, The Mesa continues to experience strong tenant demand and limited supply.
The property is currently 100% occupied, consisting of eight (8) commercial tenants and two (2) residential units, providing diversified and stabilized income across multiple tenancy types. This diversification reduces single-tenant risk while offering consistent monthly cash flow.
With in-place rents, the investment has been underwritten at an attractive 11.7% capitalization rate, delivering compelling day-one yield relative to other Santa Barbara opportunities. A buyer will control the land lease interest for approximately 25 additional years, creating a defined income horizon with predictable returns and limited management obligations.
Given Santa Barbara’s high barriers to entry, constrained inventory, and premium pricing for fee-simple assets, 315 Meigs Rd. offers investors the ability to secure strong current income in a premier coastal submarket at a cap rate rarely seen locally.
Opportunities of this nature — particularly in The Mesa — are exceptionally limited, making this offering a standout yield play in one of California’s most resilient real estate markets.
Property Facts
Sale Type
Investment
Sale Condition
Ground Lease (Leasehold)
Property Type
Building Size
10,745 SF
Building Class
B
Year Built
1961
Price
$1,995,000
Price Per SF
$185.67
Percent Leased
100%
Tenancy
Multiple
Building Height
1 Story
Building FAR
0.28
Lot Size
0.89 AC
Zoning
CPR2S
Walk Score®
Very Walkable (80)
Bike Score®
Very Bikeable (74)
Nearby Major Retailers
Property Taxes
| Parcel Number | 045-015-008 | Improvements Assessment | $1,386,284 |
| Land Assessment | $1,770,544 | Total Assessment | $3,156,828 |
Property Taxes
Parcel Number
045-015-008
Land Assessment
$1,770,544
Improvements Assessment
$1,386,284
Total Assessment
$3,156,828
Contacts
-
Bob Tuler -
Gene Deering -
Frank Gamberdella -
Paul Gamberdella -
Radius Commercial Real Estate
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Land Lease Investment On The Mesa | 315 Meigs Rd
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