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Listed by Steven Battaglia • Steven Battaglia, Broker
$ 2,760,000
Est. payment | /mo
11,254 SqFt
$ 2,760,000
Est. payment | /mo
11,254 SqFt
Key Details
Property Type Commercial
Sub Type Other
Listing Status Pending
Purchase Type For Sale
Square Footage 11,254 sqft
Price per Sqft $245
MLS Listing ID CRPI25159888
HOA Y/N No
Year Built 1960
Lot Size 0.530 Acres
Property Sub-Type Other
Source Datashare California Regional
Property Description
Coral Apartments in Lompoc is a well maintained 22-unit multifamily apartment complex in Lompoc with upgraded copper plumbing, newer ABS sewer lines, newer gas heaters, upgraded tile bathrooms, and more. The (8) 1-bedroom and (14) studios apartments surround a tastefully landscaped courtyard, and residents enjoy the comfort of security gates and camera system in addition to on-site parking and a common laundry room. The property is operated subject to an affordable covenant that expires in 2034 which restricts the renting of the apartments to “Low†or “Very Low†Income Households. Even with the affordable restrictions, there is strong upside in rents that can yield a Proforma CAP rate of 9.6% giving the savvy investor “value-add†opportunity in the short term with additional upside once the affordable agreement expires.
Location
State CA
County Santa Barbara
Interior
Heating Wall Furnace
Cooling None
Flooring Laminate, Vinyl
Fireplace No
Laundry Other
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Qayes Abdulla
REALTOR® | Lic# DRE# 02150727