422 N Milpas St, Santa Barbara, CA for sale

Investment Overview

Karl Markarian of One West Group is pleased to present 422 N. Milpas Street — a 4,300 SF, 6-unit mixed-use commercial property anchored by a 1,620 SF ground-floor suite with existing development plans, situated on a 10,890 SF lot in the heart of Santa Barbara’s Eastside corridor. This asset represents a compelling blend of in-place income, immediate value-add upside, and long-term land optionality in one of the most supply-constrained coastal markets on the West Coast. Offered at $1,800,000, the property has two income-producing tenancies in Units 6 and 7 generating $3,075/month combined, one owner-occupied suite (Unit 2, 410 SF) that vacates at close of escrow, and three vacant suites — Units 1, 4, and 5, available for immediate lease-up. Unit 1 at 1,620 SF is the building’s anchor space. The seller has developed plans for this suite, and the details and transferability of those plans are available for discussion with qualified buyers during the due diligence process. With 13 dedicated surface parking spaces, C-2 zoning, and a corridor actively adding residential density,

Investment Highlights

• 4,300 SF building
• 6 units
• Built in 1956
• Renovated in 2025
• Zoned C-G
• Located in Santa Barbara
• 50% occupancy