733 North C Street Active Save Request In-Person Tour Request Virtual Tour
Lompoc,CA 93436
Key Details
Property Type Single Family Home
Sub Type Apartment
Listing Status Active
Purchase Type For Sale
Square Footage 11,254 sqft
Price per Sqft $245
MLS Listing ID PI-25159888
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
Flooring Laminate,Vinyl
Laundry Common Area
Exterior
Parking Features Off Street,On Site
Pool None
Community Features Sidewalks
Building
Lot Description 36-40 Units/Acre
Sewer Public Sewer