Commercial building located in the heart of the Milpas corridor being offered at a 5.40% Cap Rate on current income of $7,450/Month! This building has been significantly renovated with new exterior paint, new plumbing, new electrical, new electrical panel, new appliances, and a majority of wood repaired/replaced and several new windows were also replaced. Generous lot currently has two tenants (Building/house $4,200/Month & Storage yard $3,250/Month) with tenants paying all utilities. Value add upside with a set of drafted site plans/floor plans to add a 2-story, 2 bedroom/2 bathroom with attached garage ADU. Short distance to East beach, 101 Freeway access, downtown Santa Barbara, Funk Zone, water front and Santa Barbara Bowl! Great-owner user opportunity or investor looking for good return on the evolving Milpas corridor.