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Whole Foods 3761 State St 29,884 SF Retail Building Santa Barbara, CA 93105 $57,500,000 ($1,924.11/SF)
INVESTMENT HIGHLIGHTS
- $3.5M interior renovation completed in 2022; exterior updated in 2023
- Serves high-income communities with $150K+ average household income in a 3-mile radius
- Located on State Street with direct access to Highway 101 and Downtown
EXECUTIVE SUMMARY
Positioned on the most traveled street in Santa Barbara, this flagship Whole Foods Market offers unmatched visibility, access, and prestige. The property underwent a $3.5 million interior renovation in 2022 followed by a full exterior upgrade in 2023, delivering a refreshed and modern retail experience. Located less than five minutes from the 101 Freeway and under ten minutes to Downtown Santa Barbara, the site benefits from high traffic counts and proximity to affluent neighborhoods including Montecito, Hope Ranch, and Goleta.
With 178 on-site parking spaces and a corporate-guaranteed lease, this single-tenant asset is the only Whole Foods serving Santa Barbara County. The property is zoned Commercial Restricted (C-R) and sits adjacent to a proposed 680-unit mixed-use redevelopment, further enhancing its long-term value and positioning. Whole Foods generates approximately $1,500 PSF in sales, underscoring its strength as a retail anchor in one of California’s most desirable coastal markets.
With 178 on-site parking spaces and a corporate-guaranteed lease, this single-tenant asset is the only Whole Foods serving Santa Barbara County. The property is zoned Commercial Restricted (C-R) and sits adjacent to a proposed 680-unit mixed-use redevelopment, further enhancing its long-term value and positioning. Whole Foods generates approximately $1,500 PSF in sales, underscoring its strength as a retail anchor in one of California’s most desirable coastal markets.
PROPERTY FACTS
Sale Type
Investment
Property Type
Retail
Property Subtype
Freestanding
Building Size
29,884 SF
Building Class
B
Year Built/Renovated
1970/2009
Price
$57,500,000
Price Per SF
$1,924.11
Tenancy
Single
Building Height
1 Story
Building FAR
0.36
Lot Size
1.90 AC
Zoning
Commercial Restricted - Commercial Restricted - C-R (C-1, C-L, C-P)
Parking
178 Spaces (5.96 Spaces per 1,000 SF Leased)
Frontage
AMENITIES
- Signalized Intersection
Walk Score®
Very Walkable (80)
Bike Score®
Very Bikeable (79)
NEARBY MAJOR RETAILERS
PROPERTY TAXES
| Parcel Numbers | Improvements Assessment | $11,378,289 | |
| Land Assessment | $12,260,109 | Total Assessment | $23,638,398 |
PROPERTY TAXES
Parcel Numbers
Land Assessment
$12,260,109
Improvements Assessment
$11,378,289
Total Assessment
$23,638,398
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Whole Foods | 3761 State St
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