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San Roque Plaza Portfolio 5 Properties Offered at $22,649,000 in Santa Barbara, CA
INVESTMENT HIGHLIGHTS
- COVERED LAND PLAY - Collectively, San Roque Plaza I & II sit on 2.83 acres of prime land within infill Santa Barbara
- VALUE-ADD OPPORTUNITY - Current in-place rents average just $2.50/SF/NNN, significantly below current market rates for similar assets in the area
- RETAIL THOROUGHFARE - State Street is Santa Barbara's primary retail thoroughfare
- HUGE NOI GROWTH - New Operating Income is projected to increase over the anticipated 10-year hold period
- STATE STREET LOCATION - Properties are at the epicenter of Santa Barbara's Upper State Village, between La Cumbre Rd. & Las Positas Rd.
EXECUTIVE SUMMARY
CBRE, Inc. is pleased to present the San Roque Plaza Portfolio, a rare, value-add multi-tenant retail portfolio in the heart of Santa Barbara, California. A new owner will have the opportunity to purchase prime infill retail properties and improve the existing tenant mix throughout the centers while gradually improving rental rates over time. Currently, the properties are 100% occupied to twenty seasoned tenants on NNN leases that are below market when compared to similar properties in the trade area. In-place rents throughout the portfolio average just $2.50/SF/NNN. Many of the in-place tenants have successfully operated at this location for well over 15 years. The properties are located at the epicenter of Upper State Street at the signalized intersection of State Street and Broadmoor Plaza, nestled amongst other national and regional tenants including Whole Foods, Bristol Farms, Gelson’s, Target, Macy’s, Starbucks, Peet’s Coffee, Ross Dress for Less, Chipotle, the Habit Burger and many others.
PROPERTY FACTS
| Price | $22,649,000 | Number of Properties | 5 |
| Price / SF | $529.47 / SF | Individually For Sale | 0 |
| Cap Rate | 5.50% | Total Building Size | 42,777 SF |
| Sale Type | Investment | Total Land Area | 2.86 AC |
| Status | Active |
| Price | $22,649,000 |
| Price / SF | $529.47 / SF |
| Cap Rate | 5.50% |
| Sale Type | Investment |
| Status | Active |
| Number of Properties | 5 |
| Individually For Sale | 0 |
| Total Building Size | 42,777 SF |
| Total Land Area | 2.86 AC |
PROPERTIES
| PROPERTY NAME / ADDRESS | PROPERTY TYPE | SIZE | YEAR BUILT | INDIVIDUAL PRICE |
|---|---|---|---|---|
| 3433 State St, Santa Barbara, CA 93105 | Office | 2,947 SF | - | - |
| 3435-3463 State St, Santa Barbara, CA 93105 | Retail | 25,158 SF | 1962 | - |
| 3403-3417 State St, Santa Barbara, CA 93105 | Retail | 7,478 SF | 1965 | - |
| 3419-3427 State St, Santa Barbara, CA 93105 | Retail | 7,194 SF | - | - |
| 6 Broadmoor Plaza, Santa Barbara, CA 93105 | Retail | - | 1925 | - |
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San Roque Plaza Portfolio
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