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Listed by Steven Battaglia • Steven Battaglia, Broker
$ 2,760,000
Est. payment /mo
New
733 N C ST Lompoc, CA 93436
0.53 Acres Lot
UPDATED:
Key Details
Property Type Commercial
Listing Status Active
Purchase Type For Sale
MLS Listing ID CRPI25159888
Year Built 1960
Lot Size 0.530 Acres
Source California Regional MLS
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
Area Lomp - Lompoc
Interior
Heating Wall Furnace
Cooling None
Flooring Laminate
Laundry Laundry Area, Washer/Dryer - Owned
Exterior
Parking Features Common Parking Area, Off-Street Parking
Garage Spaces 19.0
Pool 31, None
Roof Type Shingle,Composition
Building
Foundation Concrete Slab
Water District - Public
Others
Tax ID 087103020
Special Listing Condition Not Applicable
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