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1001-1021 E Cypress Avenue, LOMPOC, CA 93436

$10,050,000
Property Type: Res Inc Square Footage: 52,608 Lot Size (sq. ft.): 82,764 Status: Closed
Current Price: $10,050,000 List Date: 4/15/2024 Last Modified: 9/15/2024

Overview

Description

Unique opportunity to acquire 60 units in two contiguous multifamily properties located at 1001 E Cypress Ave (''Bahia La Paz'') & 1021 E Cypress Ave (''Kimi East'') situated on the Central Coast in the City of Lompoc. Both buildings are garden-style courtyard communities that have been well maintained by the owner which have an excellent unit mix of 40 x 2BD/1BA units & 20 x 1BD/1BA units, ample onsite parking, multiple onsite laundry facilities, large-functional unit layouts, & an ideal location in the Lompoc Valley. Current rents are 25-35% under market providing for upside through annual rent increases under AB 1482 & by moving rents to market during turnovers. Lompoc is a thriving City providing housing for Vandenburg Space Force Base & the Santa Maria/Santa Ynez valleys.

Listing Details MLS# 24-1159

Location Info

District
55 - LOMPOC
Street #
1001-1021
Dir
E
Street Name
Cypress
Street Suffix
Avenue
State
CA
Country
US
Postal Code
93436
Compass Map
Lompoc
Map Grid
I19
County
Santa Barbara
Parcel Number
085-150-093
Cross Street
3rd Street

Contract Info

Price
10445000
Buyers Agent $/%
2.5
Begin Date
2024-04-15

Status Information

Sold Date
2024-07-12
Under Contract Date
2024-05-24

Property Information

Number of Units
60
Stories
2
Year Built
84
Main House SqFt
52608
Apx # Acres
1.9
Apx Lot SqFt
82764
Recurring Fees
No

NeighborhoodSchools

Neighborhood
Lompoc

Remarks

Hot Sheet Comment
new

More Information

Owner Info

Deposit
313350

Miscellaneous

Parking Spaces
79

Unit 1

# Units
40
# Bedrooms
2
# Baths
Yes
Furnished
N
Rent
1273
Monthly Total
50905
# Half Baths
0
M/M
Yes

Unit 2

# Units
20
# Bedrooms
Yes
# Baths
Yes
Rent
1103
Monthly Total
22050
M/M
Yes

Meters

Sep Meter Elec
Y
Sep Meter Gas
Yes

Neighborhood/Schools

Elementary School
Other
Junior High School
Other
High School
Other

Proximity

Near Bus
Yes
Near Hospital
Yes
Near Park(s)
Yes
Near School(s)
Yes
Near Shopping
Yes

Laundry

Laundry Room
Yes

Income/Expenses

Total Monthly Income
72955
Other Income
845
Annual Income
885605
Gross Rent Multiplr
11.61
Capitalization Rate
5.06
Actual
Yes
Total Annual Exp
328631
NOI
530406

Zoning

Other
Yes

Reports Available

Other
Yes

Terms

Cash
Yes

Listing Type

ER
Yes

Parking Info

Carport
Yes
Outside
Yes

Owner Provides

Water
Yes
Trash
Yes

Exchange

No
Yes

Property Features

Unit 1: M/M Unit 2: M/M Parking Info: Carport; Carport; Outside Proximity: Near Bus; Near Hospital; Near Park(s); Near School(s); Near Shopping Laundry: Laundry Room Owner Provides: Water; Trash Zoning: Other Reports Available: Other Exchange: No Terms: Cash Listing Type: ER
IDX
Listing Office: Hayes Commercial Group
Last Updated: September - 15 - 2024
The data relating to real estate for sale on this web site comes from the Internet Data Exchange Program of the Santa Barbara Multiple Listing Service. Real estate listings held by brokerage firms other than the displaying broker(s) are marked with the 'MLS' logo and detailed information about them includes the name of the listing brokers. All properties are subject to prior sale, change or withdrawal. Neither listing broker(s) nor displaying broker shall be responsible for any typographical errors, misinformation, or misprints. 2015 Santa Barbara Multiple Listing Service. All rights reserved.

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