402 Farnel Rd

This approx. 34,480 SF industrial complex is in great condition including a newer roof (2023), HVAC and generally well maintained. This property was originally built in the 80s as a 15 unit office/industrial center each with separate restrooms, front glass entry offices, cinder block, steel reinforced construction, 82 onsite parking spaces and rear warehouse and grade level roll up doors. There are currently 4 tenants and the majority (78%) of the property has been occupied for decades by the Santa Barbara County Education offices and school programs. Their lease has been extended through November of 2027 as they consider other facilities for their changing/growing needs. This tenant has converted a considerable portion of the industrial spaces into offices and under the lease they are responsible to restore the premises to the original condition as the highest and best use is likely multi-tenant industrial suites in a strong industrial market. Please see a summary of the current income and expenses under the modified gross leases as well as a stabilized scenario achieving a 6.7% cap. Keep in mind that the projected lease up cost is after the school district restores the property as it was delivered. Opportunity for an owner/user or investor to have stabilized income while planning.