$10,445,000 Price Analysis   ♡   Lompoc, CA 93436 100 bed 60 bath 52,608 SqFt ($198/SqFt) 1.9 acre lot. Built 1984 Listed 2024-04-15, Taxes $21,173 | Ⓧ USDA Ineligible due to price & location near Lompoc |
Unique opportunity to acquire 60 units in two contiguous multifamily properties located at 1001 E Cypress Avenue (Bahia La Paz)
* Sale Pending *And 1021 E Cypress Avenue (Kimi East) situated on the Central Coast in the City of Lompoc. Both buildings are garden-style courtyard communities that provide an excellent unit mix of 40 x 2BD/1BA units and 20 x 1BD/1BA units, excellent onsite parking, onsite laundry facilities, functional unit layouts and an ideal location in the Lompoc Valley. Bahia La Paz is 24-unit Mission-style, red tiled roof building constructed in 1984 consisting of sixteen 2BD/1BA townhome units (with fireplaces) and 8 X 1BD/1BA flats.
Tenants enjoy either private patios or balconies, a common courtyard with two community BBQs, an onsite laundry facility and on-site parking consisting of 26 carport space s and 17 uncovered spaces. All tenants are on a month-to-month lease with current rents that are approximately 25% below market. Kimi East Apartments is a 36-unit Mid-Century building constructed in 1963 and comprised of 24 X 2BD/1BA units and 12 X 1BD/1BA (all flat units). Tenants enjoy a common courtyard with three community BBQs, two on-site laundry rooms and 36 carport spaces with tenant storage closets. All tenants are on a month-to-month lease with current rents that are approximately 35% below market. Ownership has recently replaced all ralings at the property to meet todays code.
Presented by Christos Celmayster at
Hayes Commercial Group, Inc.
Property MLS #SC24074841 from CRMLS
Lot Description: 36-40 Units/Acre, Corner Lot, Lot Over 40000 Sqft
Lot Size Acres: 1.9
Lot Size Source: Assessor
Lot Size Square Feet: 82764
Parking Total: 79
Bedrooms in Unit-1: 2
Bedrooms in Unit-2: 1
Total Bathrooms in Unit-1: 1
Total Bathrooms in Unit-2: 1
County: Santa Barbara
Cap Rate: 5.08
Source Property Type: Residential Income
Insurance Expense: 18865.00
Area: LOMP - Lompoc
Source Neighborhood: South East Lmpc(52)
Number of Separate Electric Meters: 60
Number of Separate Gas Meters: 60
Number of Separate Water Meters: 2
Parcel Number: 085150093
Professional Management Expense: 42952.00
Subdivision: South East Lmpc(52)
Source System Name: C2C
| Year | Assessments Building + Land Total | Tax |
|---|---|---|
| 2022 | $1,741,871 + $98,557 $1,840,428 | $21,173 |
| 2021 | $1,707,717 + $96,625 $1,804,342 | $21,409 |
| 2020 | $1,690,207 + $95,635 $1,785,842 | $21,178 |
| 2019 | $1,657,066 + $93,760 $1,750,826 | $20,836 |
| 2018 | $1,624,575 + $91,922 $1,716,497 | $20,518 |
| 2017 | $1,592,721 + $90,120 $1,682,841 | $20,147 |
| 2016 | $1,561,492 + $88,353 $1,649,845 | $19,787 |
$0
NSBCRMLS
Listed 2024-04-15
$10,445,000
NSBCRMLS
Listed 2024-04-15
$10,445,000
CRMLS
Listed 2024-04-15
$10,445,000
SantaBarbara
Year Built: 1984
Building Features: 2
Common Walls: 2+ Common Walls
Entry Level: 1
Entry Location: Ground
Property Age: 40
Property Attached: Yes
Levels or Stories: Two
Building Total Stories: 2
Structure Type: Apartment
Year Built Source: Seller
Sewer: Sewer: Public Sewer, Water Sewer Expense: 0.00
Water Source: Public
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The property loan eligibility may be subject to additional requirements beyond geographical location including but not limited to the condition of the property. Speak with a real estate professional to find out more about the eligibility of a specific property.