Unique opportunity to acquire 60 units in two contiguous multifamily properties located at 1001 E Cypress Avenue (“Bahia La Paz”) and 1021 E Cypress Avenue (“Kimi East”) situated on the Central Coast in the City of Lompoc. Both buildings are garden-style courtyard communities that provide an excellent unit mix of 40 x 2BD/1BA units and 20 x 1BD/1BA units, excellent onsite parking, onsite laundry facilities, functional unit layouts, and an ideal location in the Lompoc Valley.
Bahia La Paz is 24-unit Mission-style, red tiled roof building constructed in 1984 consisting of sixteen 2BD/1BA townhome units (with fireplaces) and 8 X 1BD/1BA flats. Tenants enjoy either private patios or balconies, a common courtyard with two community BBQs, an onsite laundry facility, and on-site parking consisting of 26 carport spaces and 17 uncovered spaces. All tenants are on a month-to-month lease with current rents that are approximately 25% below market.
Kimi East Apartments is a 36-unit Mid-Century building constructed in 1963 and comprised of 24 X 2BD/1BA units and 12 X 1BD/1BA (all flat
units). Tenants enjoy a common courtyard with three community BBQs, two on-site laundry rooms and 36 carport spaces with tenant storage
closets. All tenants are on a month-to-month lease with current rents that are approximately 35% below market. Ownership has recently replaced all railings at the property to meet today’s code.
Property Type :
Residential Income
County :
Santa Barbara
Style :
Residential Income
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ByOwner last updated this listing 04/30/2024 @ 11:16
MLS: SC24074841
LISTED BY: Christos Celmayster, Hayes Commercial Group, Inc.
SOURCE: CRMLS
Buyer Agency Compensation: 2.5%
Buyer Agency Description: The listing broker's offer of compensation is made only to participants of the MLS where the listing is filed and if applicable, to participants of reciprocating MLS's as set forth in Association/MLS reciprocal agreements.
