1414 S Miller St

Located between Stowell Road and Barcellus Avenue, 1414 S 

Miller Street is a 34,595 SF multi-tenant o ce and service retail 

property positioned within central Santa Maria. Situated on 

approximately 2.5 acres, the property o ers a rare combination 

of scale, exibility, and upside in an established commercial 

and residential in ll neighborhood. With a total of 28 suites 

consisting of one restaurant, 24 o ce suites, and 3 suites laid 

out for 20 separate executive suites, the project accommodates 

a broad range of o ce, medical, and service-oriented tenants. 

Tenants bene t from frontage along three sides of the project’s 

courtyard design and use of 103 on-site parking spaces. Located 

just behind Broadway Plaza and Stowell Shopping Centers, one 

block o South Broadway and two blocks from Highway 101, 

the property o ers strong accessibility with more than 14,000 

CPD along the corridor.

Current ownership has invested more than $1M towards 

improvements including new windows, HVAC upgrades, 

walkway and landscaping improvements, parking lot work, and 

various electrical, plumbing, and interior upgrades. Currently 

83% occupied, the asset provides immediate cash ow with 

an in-place Cap Rate of 5.49% and a clear path to a ~7% Cap 

Rate through stabilization of the three current vacancies 

(inclusive of stabilization costs) with additional upside to an 

estimated 8%+ Cap Rate through pending renewals at market 

rents. The site’s parcel size, parking eld, and layout also o er 

longer-term optionality, including potential condo conversion 

or repositioning to senior housing or market-rate apartments, 

subject to City approvals. This is an attractive opportunity for 

investors seeking: 

• In-place income with value-add potential through lease-up 

and mark-to-market rent growth 

• A diversi ed rent roll with o ce, medical, and service 

business tenancies 

• Long-term appreciation supported by continued corridor 

reinvestment 

• Future exibility through potential condo or residential 

repositioning, subject to approvals 

With strong underlying real estate, a central location, and clear 

paths to higher rents through lease management, 1414 S Miller 

Street o ers a scalable asset with both current income and 

meaningful upside on California’s Central Coast