Business & Space Overview
Perfect location, between the University and the tech corridor, 12 offices, 2 conference rooms, large open/even space, and an always occupied high demand industrial space, this space has been split between remote workers, entrepreneurs, and university affiliated researchers and students.
The opportunities for growth within the space and to the neighboring suite is perfect for a coworking chain looking to expand to a desirable California city that can focus on operations and marketing. The current business owner has been distracted by other needs and hasn’t been able to focus on the coworking space. He has done the hard work of getting it close to break-even with a strong and growing hot desking community and offices. The space will generate thousands of dollars as-is come September when the offices will fill back up. The current warehouse renter is paying around $2,000 below market rate and is month-to-month.
The new owner should plan on investing another $30,000 to $50,000 to build out additional offices that are in demand and at a premium in Santa Barbra. This will concentrate the hot desking community to create a vibrant culture while adding revenue with 8 to 10 additional offices. The space has been priced so the new owner can likely earn their money back in 18 months even with the investment in new offices.