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422 N Milpas St
Santa Barbara, CA 93103
Office Property For Sale
Investment Highlights
- One-of-a-Kind Opportunity – Rare chance to acquire a street-front commercial asset in the heart of Santa Barbara’s Eastside
- Flexible Use Potential – Ideal for retail, office, medical, or service-oriented users
- Owner-User or Investor Play – Immediate usability with long-term appreciation potential
- High Barrier-to-Entry Market – Limited supply, strict development constraints, and sustained long-term demand
- Value-Add & Development Upside – C2 zoning supports a wide range of uses and future repositioning strategies
- Dense Surrounding Demographics – Located within a vibrant, established residential and commercial community
Executive Summary
Positioned along one of the most active commercial corridors in Santa Barbara, 422 N Milpas Street presents a rare opportunity to acquire a versatile retail/office asset with strong fundamentals and long-term upside. Situated on a ±10,890 SF lot (±0.25 acres), the property consists of a well-located street-front building totaling approximately ±4,300 SF, offering flexible configurations for retail, office, or service-oriented uses.
Strategically located along Milpas Street—Santa Barbara’s primary Eastside commercial artery, the property benefits from consistent foot traffic, high visibility, and immediate proximity to dense residential neighborhoods, schools, and local amenities. The corridor serves as a key connector between Downtown Santa Barbara and the coastal waterfront, making it a highly sought-after location for both owner-users and investors.
Zoned C2 (General Commercial), the site allows for a wide range of permitted uses and presents a compelling value-add or redevelopment opportunity. The existing improvements, combined with on-site parking and strong street frontage, create immediate usability, while the underlying land value supports future repositioning or development strategies.
With Santa Barbara’s limited inventory, high barriers to entry, and consistent demand for well-located commercial assets, 422 N Milpas stands out as a unique opportunity to secure a foothold in one of Southern California’s most desirable coastal markets.
Strategically located along Milpas Street—Santa Barbara’s primary Eastside commercial artery, the property benefits from consistent foot traffic, high visibility, and immediate proximity to dense residential neighborhoods, schools, and local amenities. The corridor serves as a key connector between Downtown Santa Barbara and the coastal waterfront, making it a highly sought-after location for both owner-users and investors.
Zoned C2 (General Commercial), the site allows for a wide range of permitted uses and presents a compelling value-add or redevelopment opportunity. The existing improvements, combined with on-site parking and strong street frontage, create immediate usability, while the underlying land value supports future repositioning or development strategies.
With Santa Barbara’s limited inventory, high barriers to entry, and consistent demand for well-located commercial assets, 422 N Milpas stands out as a unique opportunity to secure a foothold in one of Southern California’s most desirable coastal markets.
Property Facts
Sale Type
Investment or Owner User
Sale Conditions
Property Type
Building Size
4,300 SF
Building Class
B
Year Built/Renovated
1956/2020
Price
$1,800,000
Price Per SF
$418.60
Percent Leased
50%
Tenancy
Multiple
Building Height
1 Story
Typical Floor Size
4,300 SF
Building FAR
3.29
Lot Size
0.03 AC
Zoning
C-2
Parking
13 Spaces (3.02 Spaces per 1,000 SF Leased)
Amenities
- Signage
Property Taxes
| Parcel Number | 031-311-029 | Improvements Assessment | $541,000 |
| Land Assessment | $896,000 | Total Assessment | $1,437,000 |
Property Taxes
Parcel Number
031-311-029
Land Assessment
$896,000
Improvements Assessment
$541,000
Total Assessment
$1,437,000
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