Only 80% of the ownership interest sold for $13,800,000. First time on the market in more than 25 years! This unique asset, comprising 125 residential units and 2 commercial units, is a rare find located smack in the center of Santa Maria, CA a rapidly growing city roughly 60 miles north of Santa Barbara and 160 miles north of Los Angeles. The asset, situated in the city's prime shopping area close to all the best neighborhood amenities, consists of a 3-story complex on nearly 5 acres. Once a hotel, the building now features 125 residential units that are predominantly studio configurations. Additionally, the lot offers an approximately 16,000 SF vacant commercial structure with fully approved plans to build an additional 52 units on site.

Supplements: The existing building boasts expansive common areas, carports, pleasant landscaping and a common area courtyard with swimming pool. There is a plethora of options for a new investor to capitalize on the asset's prime location and building size, with potential to increase rental income substantially. While the units are currently utilized as senior residences, a new owner could keep the units consistent with that use or potentially rent the complex as general apartments. With its spectacular location, this property is well poised to become a "lifestyle" asset, providing all the amenities that luxury apartment tenants desire. Please contact Listing Agent for details. Listing Agent has an ownership interest in the property.