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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) 12% Cap Rate
Investment Highlights
- Sale consists strictly of a leasehold interest, not fee simple ownership.
- High-yield investment supported by fully stabilized, diversified tenancy.
- Long-term ground lease in place with options that may extend control through 2051.
- 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 Road offers investors a compelling opportunity to acquire a high-yield leasehold interest in one of Santa Barbara’s most desirable coastal neighborhoods. Situated in The Mesa, an area celebrated for its proximity to Shoreline Park, Leadbetter Beach, and the amenities along Cliff Drive, this location continues to benefit from strong tenant demand paired with historically limited supply.
The property is fully occupied, with a tenancy mix of eight commercial users and two residential units. This diverse income stream supports stability by reducing reliance on any single tenant and promotes consistent monthly cash flow across various uses. With in-place rents, the asset has been underwritten at an impressive 12.0 percent capitalization rate, offering a rare day-one yield unmatched by typical Santa Barbara offerings.
A purchaser will acquire control of the land lease for approximately twenty-five more years, providing a defined investment horizon with predictable returns and minimal ongoing management obligations. In a market known for high barriers to entry, constrained inventory, and premium pricing for fee simple assets, this leasehold structure presents an attainable and efficient path to secure attractive income in a core coastal submarket.
Opportunities of this caliber in The Mesa are exceptionally limited. The combination of stabilized occupancy, strong tenant mix, proven demand, and an unusually high cap rate positions 315 Meigs Road as a standout yield investment within one of California’s most resilient and sought-after real estate environments.
315 Meigs Road offers investors a compelling opportunity to acquire a high-yield leasehold interest in one of Santa Barbara’s most desirable coastal neighborhoods. Situated in The Mesa, an area celebrated for its proximity to Shoreline Park, Leadbetter Beach, and the amenities along Cliff Drive, this location continues to benefit from strong tenant demand paired with historically limited supply.
The property is fully occupied, with a tenancy mix of eight commercial users and two residential units. This diverse income stream supports stability by reducing reliance on any single tenant and promotes consistent monthly cash flow across various uses. With in-place rents, the asset has been underwritten at an impressive 12.0 percent capitalization rate, offering a rare day-one yield unmatched by typical Santa Barbara offerings.
A purchaser will acquire control of the land lease for approximately twenty-five more years, providing a defined investment horizon with predictable returns and minimal ongoing management obligations. In a market known for high barriers to entry, constrained inventory, and premium pricing for fee simple assets, this leasehold structure presents an attainable and efficient path to secure attractive income in a core coastal submarket.
Opportunities of this caliber in The Mesa are exceptionally limited. The combination of stabilized occupancy, strong tenant mix, proven demand, and an unusually high cap rate positions 315 Meigs Road as a standout yield investment within one of California’s most resilient and sought-after real estate environments.
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
Cap Rate
12%
NOI
$239,400
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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