property brief Wonderful property comprised of two separate buildings located in Los Olivos offering a great mix of retail and office space. Current rents are well below market value providing an investor with upside on repositioning the property. All leases are month-to-month or will term out during the first quarter of 2018 allowing for a potential owner/user. Contact Listing Agent for details. Offered at $1,600,000 Building Size Front Building: ±3,164 SF Rear Building: ±1,800 SF Total = ±4,964 Land Size ±14,810 SF APN 135-093-017 Zoning C-2 HVAC Yes (in various suites) Floors Single Sprinklers No The information provided here has been obtained from the owner of the property or from other sources deemed reliable. We have no reason to doubt its accuracy, but we do not guarantee it.
The Subject Property is centrally located in Los Olivos in the heart of Santa Barbara wine country, midway between Santa Barbara to the south and Santa Maria to the north. Other well-known Santa Barbara County towns nearby include Santa Ynez, Solvang and Buellton. Los Olivos is accessible to the South County via Highways 154 and 101, and to the North County via Highway 101. 2353 Hollister St. Pacific Ocean
Hollister St.
property photos Front Building The information provided here has been obtained from the owner of the property or from other sources deemed reliable. We have no reason to doubt its accuracy, but we do not guarantee it.
property photos rear Building The information provided here has been obtained from the owner of the property or from other sources deemed reliable. We have no reason to doubt its accuracy, but we do not guarantee it.
income analysis & valuation Current Income Tenant Sq. Ft. Lease Type Current Gross Rent/SF Current Gross Pro Forma Gross ($2/SF) Mike/Maggie Mesikep 980 Gross $0.84 $819 $1,960 Los Olivos Styling 780 Gross $1.09 $849 $1,560 Arts Outreach 1,404 Gross $1.10 $1,545 $2,808 Maria Arroyo 1,800 Gross $1.25 $2,250 $3,600 Jefferson Woeste N/A Gross $250 $250 Elli Parker N/A Gross $400 $400 Total Bldg. SF: 4,964 Monthly Base Rent $6,113 $10,578 Annual Gross Rental Income: $73,355 $126,936 Property Expenses NNN s $2,210 $2,210 Vacancy Factor: 3% $2,201 $2,201 *Property Tax (Post Sale): $17,164 $17,164 Insurance: $2,770 $2,770 Water: $1,080 $1,080 Repairs/Maintenance, Landscaping: $2,500 $2,500 Property Management: 3% $3,000 $3,000 Total Expense $25,514 $26,514 Net Operating Income: $46,841 $100,422 Valuation Purchase Price CAP Rate 2.93% $1,600,000 Estimated Lease-Up Costs Tenant Improvements, Vacancy and Leasing Fees ($50/SF) $248,200 Stabilized CAP Rate Lease-Up Costs Sale Price Sale Price/SF Fully Stabilized Value Values: 5.43% $248,200 $1,600,000 $372.32 $1,848,200 The information provided here has been obtained from the owner of the property or from other sources deemed reliable. We have no reason to doubt its accuracy, but we do not guarantee it.
lease synopsis Lease Synopsis Tenant Sq. Ft. Price Per SF Monthly Rent Lease Term Option Annual Rent Increase Total Rent Arts Outreach 1,404 $1.10 $1,545 MTM No $1,545 Los Olivos Styling 780 $1.09 $849 MTM No $849 Mike/Maggie Mesikep 980 $0.84 $820 MTM No $820 Maria Arroyo 1,800 $1.25 $2,250 4/18 No $2,250 Jefferson Woeste N/A $250 MTM No $250 Elli Parker N/A Gross $400 MTM No $400 Subtotal: 4,964 $1.23 $6,114 The information provided here has been obtained from the owner of the property or from other sources deemed reliable. We have no reason to doubt its accuracy, but we do not guarantee it.
market overview
santa ynez valley golden vineyard country The great wide open countryside of the Santa Ynez Valley is located 30 minutes north of Santa Barbara and nestled between the Santa Ynez and Santa Rafael Mountains. Numerous world-renowned wineries and vineyards dot the landscape as well as horse and cattle ranches. In fact, the valley is recognized as the epicenter of California s multi-billion dollar equine industry. Other attractions include the Los Padres National Forest, Lake Cachuma, Old Mission Santa Inez, golf courses and the Santa Ynez Valley Historical Museum & Parks-Janeway Carriage House displaying old stagecoach relics from the valley s past. Six small towns are home to the region and include Ballard, the smallest and oldest community, Solvang, a charming Danish-American hamlet, the rapidly growing Buellton, the vintage chic community of Los Alamos, the laid-back wine tasting haven of Los Olivos, and the turn-of-the-20th-century township of Santa Ynez.
santa barbara county s bustling wine industry Wine is Santa Barbara County s number one finished agricultural product, and the county s wine grape crop is its second most valuable agricultural crop. In fact the region s wine grape industry has experienced tremendous growth in recent years, increasing in total value from approximately $97 Million in 2010 to over $155 Million in 2014. One factor contributing to this success is the area s unique east-west (transverse) mountain ranges, versus the usual north-south orientation of mountain ranges. This creates a dramatic cooling effect on the region s climate allowing world class grapes to be grown. Santa Barbara Wine Industry Fast Facts Number of wineries in Santa Barbara County (2013)...191 Acres of wine grapes grown in Santa Barbara County (2014)...21,052 Acres Avg. yield per acre (2014)...4.37 Avg. price per ton (2014)...$1,751/ton Economic value of wine grapes in Santa Barbara County (2014)...$155,256,000 Annual economic impact of wine in Santa Barbara County (2013)...$1.7 Billion Number of approved American Viticultural Areas (AVAs) in Santa Barbara County...5 Number of different wine grape varietals grown in Santa Barbara County...More than 50 Top Varietals Planted in SB County (2014) Chardonnay...7,529 Acres Pinot Noir...5,561 Acres Syrah...1,928 Acres Sauvignon Blanc...799 Acres Grenache...484 Acres Cabernet Sauvignon...361 Acres Pinot Grigio/Gris...313 Acres All Others...613 Acres