This improved former bank building features glass offices and glass conference room, remodeled bathrooms, and a bank vault. The layout is well suited for a showroom, local or federal general service agencies, nonprofits supporting the community, and of course financial services or specialty retail users (ZONING per the Gateway District of the Downtown Specific Plan.) Any of these uses will complement the downtown revitalization project, now well under way. Several re-developments recently broke ground including the Heritage Walk Lofts and a brand new El Super Market slated to open 4th QTR 2026. Santa Barbara based Vernon Group is adding over 1,000+ multifamily apartments, numerous boutique retail spaces, a micro-unit hotel and recreational spaces within the surrounding area of the Town Center Mall at Main and Broadway.
Recent capital improvements to the subject property include but are not limited to, upgraded adjustable LED lighting, enhanced security systems and plumbing. A full list of improvements and other supporting documents are available here.
The ±3,610 SF building sits on an approximately 0.69 acre / ±30,056 SF and includes 17 + 1 Handicap on-site parking spaces with additional rear alley access. Zoning is Gateway Downtown Specific Plan, allowing for a broad range of commercial uses and future redevelopment flexibility.
From an income perspective, if a tenant is secured at $2.50/$0.75 NNN or $3.25/SF modified gross ($11,732.00+), the property could support an estimated 6.61% cap rate at a purchase price of $1.7 million.
In addition, the site presents a compelling redevelopment opportunity, including the potential for a multi-story (up to 6 floors or 70 feet max) mixed-use building, subject to city approvals. The large lot size (with possibility of acquiring the neighboring property), downtown zoning, alley access, and location within an Opportunity Zone create a strong argument for a future re-development that could incorporate ground-floor commercial with residential, medical or office above, allowing an investor to capitalize on long-term urban infill growth in Santa Maria's core.
The subject property is NOW being offered at $1,685,000.00 ''AS-IS.”
Disclosure #1.: Landscaping was done without permits. New owner will have to apply for permits at a cost of approximately $3,000.00, In addition to hiring professional / licensed landscaping architect and/or landscape contractor to redo portions of the existing landscape which will clear up an existing minor violation on the property. If new owner plans to redevelop the property this may be a non-issue.
Sources: https://opportunityzones.com/tools/map/; Gateway District of the Downtown Specific Plan; The 80-second video can be viewed on the City’s YouTube channel. ; DOWNTOWN SPECIFIC PLAN ZONING & DISTRICT MAP (page 30.)
Disclosure & Disclaimer: This property at 408 E. Main St., Santa Maria is offered strictly "AS-IS, WHERE-IS" with all faults; neither the Seller nor Listing Agent makes any representations or warranties regarding the accuracy, completeness, or current status of any information provided (including zoning, redevelopment potential, area projects, Opportunity Zone benefits, cap rate estimates, physical condition, or future approvals), which is sourced from public records and third parties believed reliable but not independently verified. Buyers must conduct their own full due diligence, inspections, and verifications of all facts, including the known minor unpermitted landscaping violation (estimated ~$3,000 to resolve via permits and possible redesign, though potentially irrelevant if redeveloping). The property is sold without any implied warranties, and all reliance on this marketing is at the buyer's sole risk—consult professionals for tax, legal, zoning, or other advice.
