315 Meigs Rd

This is a Leasehold Interest — a Buyer would not be purchasing the land.

315 Meigs Rd. presents a rare opportunity to acquire a high-yield land lease investment located in The Mesa, one of Santa Barbara’s most desirable and tightly held coastal neighborhoods. Known for its proximity to Shoreline Park, Leadbetter Beach, and Cliff Dr. amenities, The Mesa continues to experience strong tenant demand and limited supply.

The property is currently 100% occupied, consisting of eight (8) commercial tenants and two (2) residential units, providing diversified and stabilized income across multiple tenancy types. This diversification reduces single-tenant risk while offering consistent monthly cash flow.

With in-place rents, the investment has been underwritten at an attractive 11.7% capitalization rate, delivering compelling day-one yield relative to other Santa Barbara opportunities. A buyer will control the land lease interest for approximately 25 additional years, creating a defined income horizon with predictable returns and limited management obligations.

Given Santa Barbara’s high barriers to entry, constrained inventory, and premium pricing for fee-simple assets, 315 Meigs Rd. offers investors the ability to secure strong current income in a premier coastal submarket at a cap rate rarely seen locally.

Opportunities of this nature — particularly in The Mesa — are exceptionally limited, making this offering a standout yield play in one of California’s most resilient real estate markets.