$2,600,000
$2,760,000
5.8%For more information regarding the value of a property, please contact us for a free consultation.
1 Bed
0.53 Acres Lot
SOLD DATE : 10/10/2025
Key Details
Sold Price $2,600,000
Property Type Multi-Family
Sub Type Res Income 2-4 Units
Listing Status Sold
Purchase Type For Sale
Subdivision North East Lmpc(47)
MLS Listing ID PI25159888
Sold Date 10/10/25
Bedrooms 1
Lot Size 0.530 Acres
Property Sub-Type Res Income 2-4 Units
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
Zoning Public Rec
Direction From Highway 101, take Rte 246 west toward Lompoc, continue on Rte 246 into town, turn right onto A Street followed by a left on
Interior
Fireplace No
Exterior
View Y/N No
Roof Type Composition
Building
Story 2
Level or Stories 2
Others
Senior Community No
Tax ID 087103020
Acceptable Financing Cash, Exchange
Listing Terms Cash, Exchange
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Bought with NON LISTED OFFICE
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