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733 N C ST Lompoc, CA 93436
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Key Details
Sold Price $2,600,000
Property Type Residential Income
Sub Type Apartment
Listing Status Sold
Purchase Type For Sale
Subdivision North East Lmpc(47)
MLS Listing ID PI25159888
Year Built 1960
Lot Size 0.530 Acres
Property Sub-Type Apartment
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, Vinyl
Laundry Common Area
Exterior
Parking Features On Site, Off Street
Pool None
Community Features Sidewalks
Roof Type Composition,Shingle
Building
Lot Description 36-40 Units/Acre
Story 2
Foundation Slab
Sewer Public Sewer
Water Public
New Construction No
Others
Acceptable Financing Cash, Cash to New Loan, 1031 Exchange
Listing Terms Cash, Cash to New Loan, 1031 Exchange
Special Listing Condition Standard
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Bought with Steven Golis Radius Group Commercial RE
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