509 State

Lower State, Santa Barbara, CA 93101

$3,495,000
2
Baths
Commercial / Office

AGENTS

Douglas Elliman
Douglas Elliman

Property Description

Single Tenant NNN Leased Investment in the red hot 500 block of State St!!! The Premises consists of a fully equipped 2,824 SF restaurant bldg., plus a 454 SF covered patio & 5 parking spaces in rear (possible residential addition). The lease has 8 1/2 years remaining w/ annual CPI increases. The tenant is highly seasoned & successful operator w/ almost 30 years of presence in the Santa Barbara market, and has paid 100% of rent during the pandemic. The Tenant relocated to this location about 18 months ago from their former space of about 20 years, which reduced their rent by about 50% while increasing sales significantly. The newly created State St pedestrian promenade has created a platform for locals & tourists to come together for a variety of exciting food & beverage experiences!!
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PROPERTY DETAILS

  • Property Type
    Commercial / Office
  • MLS/Listing ID
    21-2407
  • Days On Market
    110

Amenities

  • Terrace
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Listing Courtesy of Berkshire Hathaway Home Services California Proper

LOCATION

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TRAVEL TIMEFROMLower State
TYPE OF TRANSPORTATION