For more information regarding the value of a property, please contact us for a free consultation.
1001 1021 E Cypress AVE Lompoc, CA 93436
Want to know what your home might be worth? Contact us for a FREE valuation!
Our team is ready to help you sell your home for the highest possible price ASAP
Key Details
Sold Price $10,050,000
Property Type Condo
Sub Type Apartment
Listing Status Sold
Purchase Type For Sale
Square Footage 52,608 sqft
Price per Sqft $191
Subdivision South East Lmpc(52)
MLS Listing ID SC24074841
Sold Date 07/12/24
HOA Y/N No
Year Built 1984
Lot Size 1.900 Acres
Property Description
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.
Location
State CA
County Santa Barbara
Area Lomp - Lompoc
Rooms
Ensuite Laundry Common Area
Interior
Laundry Location Common Area
Fireplace No
Laundry Common Area
Exterior
Pool None
Community Features Biking, Curbs, Foothills, Park, Storm Drain(s), Street Lights, Suburban, Sidewalks
Total Parking Spaces 79
Private Pool No
Building
Lot Description 36-40 Units/Acre, Corner Lot, Lot Over 40000 Sqft
Story 2
Entry Level Two
Sewer Public Sewer
Water Public
Level or Stories Two
New Construction No
Others
Senior Community No
Tax ID 085150093
Energy Description 12830.0
Acceptable Financing Cash
Listing Terms Cash
Financing Cash to New Loan
Special Listing Condition Standard
Read Less
Bought with Christos Celmayster • Hayes Commercial Group, Inc.