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
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.
More Information MLS# 24-1159
Location Info
Country: US
Compass Map: Lompoc
Map Grid: I19
Cross Street: 3rd Street
District: 55 - LOMPOC
Street #: 1001-1021
Dir: E
Street Name: Cypress
Street Suffix: Avenue
State: CA
Postal Code: 93436
County: Santa Barbara
Parcel Number: 085-150-093
Contract Info
Buyers Agent $/%: 2.5
Current Price: $10,050,000
Price: 10445000
Begin Date: 2024-04-15
Status: Closed
Property Information
Year Built: 84
Stories: 2
Apx Lot SqFt: 82764
Apx # Acres: 1.9
Main House SqFt: 52608
Recurring Fees: No
Number of Units: 60
Neighborhood/Schools
Elementary School: Other
Junior High School: Other
High School: Other
Owner Info
Deposit: 313350
Remarks
Hot Sheet Comment: new
Miscellaneous
Parking Spaces: 79
Proximity
Near Bus: 1
Near Hospital: 1
Near Park(s): 1
Near School(s): 1
Near Shopping: 1
Laundry
Laundry Room: 1
Unit 1
# Units: 40
# Bedrooms: 2
# Baths: 1
# Half Baths: 0
Furnished: N
Rent: 1273
M/M: 1
Monthly Total: 50905
Income/Expenses
Total Monthly Income: 72955
Other Income: 845
Annual Income: 885605
Gross Rent Multiplr: 11.61
Capitalization Rate: 5.06
Actual: 1
Total Annual Exp: 328631
NOI: 530406
Unit 2
# Units: 20
# Bedrooms: 1
# Baths: 1
Rent: 1103
M/M: 1
Monthly Total: 22050
Zoning
Other: 1
Reports Available
Other: 1
Terms
Cash: 1
Listing Type
ER: 1
Meters
Sep Meter Elec: Y
Sep Meter Gas: Yes
Parking Info
Carport: 1
Outside: 1
Owner Provides
Water: 1
Trash: 1
Exchange
No: 1
Status Information
Sold Date: 2024-07-12
Sold Price: $10,050,000
Under Contract Date: 2024-05-24
NeighborhoodSchools
Neighborhood: Lompoc
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
Listing Office:
Hayes Commercial Group
Last Updated: September - 15 - 2024
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