Bought with Datashare CR Don't Delete Default Agent • Datashare CR Default Office Don't Delete
$2,600,000
$2,760,000
5.8%For more information regarding the value of a property, please contact us for a free consultation.
733 N C Street Lompoc, CA 93436
11,254 SqFt
Key Details
Sold Price $2,600,000
Property Type Commercial
Sub Type Other
Listing Status Sold
Purchase Type For Sale
Square Footage 11,254 sqft
Price per Sqft $231
MLS Listing ID CRPI25159888
Year Built 1960
Lot Size 0.530 Acres
Property Sub-Type Other
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
Interior
Heating Wall Furnace
Cooling None
Flooring Laminate, Vinyl
Laundry Other
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© 2025 BEAR, CCAR, bridgeMLS. This information is deemed reliable but not verified or guaranteed. This information is being provided by the Bay East MLS or Contra Costa MLS or bridgeMLS. The listings presented here may or may not be listed by the Broker/Agent operating this website.
