Description

We are pleased to present this opportunity. 622 State Street is a fully occupied retail investment in downtown Santa Barbara, CA. The 10,214 SF building has housed Urban Outfitters since its completion in 1999, giving buyers an established single-tenant operation on State Street.

Custom designed for Urban Outfitters, the single-level building has an open floor plan, six skylights, large State Street-facing windows, cement flooring and industrial-style lighting. Those features give the tenant a broad merchandising floor with natural light and a direct presence on the street. Urban Outfitters remains the only tenant the building has had, with more than 25 years of operations at this location. The property carries M-C (Manufacturing Commercial) zoning and APN 037-132-030.

The address sits in a high-foot-traffic section of downtown Santa Barbara alongside dining, boutiques and entertainment. City Lot 10, an adjacent public parking garage with 553 spaces, gives customers a nearby parking option without representing on-site parking controlled by the property. Access to US 101 connects the State Street location to the wider area, while nearby Paseo Nuevo and the Funk Zone place the store among other downtown shopping and visitor destinations. For a retail investor, that setting helps explain the tenant’s long tenure at this address.

The asking price is $6,225,000, or $609 PSF. In-place NOI of $326,848 supports a 5.25% in-place cap rate, positioning the sale around an operating income stream rather than a vacant-space leasing plan. Urban Outfitters’ full-building occupancy keeps the investment story focused on the existing tenant and its continued use of the property. Buyers seeking a downtown retail holding can review the tenancy, lease and income against the building’s State Street presence.