NOT LISTED FOR SALE

1001 E Cypress Ave Lompoc, CA 93436

East Lompoc Neighborhood
-- Bed
-- Bath
52,608 Sq Ft
1.9 Acres

Last Sold July 12, 2024

Last sale price $10,050,000 $191 Per Sq Ft

38 Days on Market

Highlights

  • 1.9 Acre Lot
  • Property is near a park
  • Laundry Room

About This Home

As of July 2024

Unique opportunity to acquire 60 units in two contiguous multifamily properties located at 1001 E Cypress Ave (''Bahia La Paz'') & 1021 E Cypress Ave (''Kimi East'') situated on the Central Coast in the City of Lompoc. Both buildings are garden-style courtyard communities that have been well maintained by the owner which have an excellent unit mix of 40 x 2BD/1BA units & 20 x 1BD/1BA units, ample onsite parking, multiple onsite laundry facilities, large-functional unit layouts, & an ideal location in the Lompoc Valley. Current rents are 25-35% under market providing for upside through annual rent increases under AB 1482 & by moving rents to market during turnovers. Lompoc is a thriving City providing housing for Vandenburg Space Force Base & the Santa Maria/Santa Ynez valleys.

Last Listed By

Christos Celmayster

Hayes Commercial Group License #01342996 Listed on: 04/15/2024

Property Details

Home Type

  • Multi-Family

Lot Details

  • 1.9 Acre Lot

Interior Spaces

  • 52,608 Sq Ft Home
  • 2-Story Property
  • Laundry Room

Parking

  • 79 Parking Spaces
  • Carport
  • Uncovered Parking

Location

  • Property is near a park
  • Property is near public transit
  • Property near a hospital
  • Property is near schools
  • Property is near shops
  • Property is near a bus stop

Utilities

  • Shared Gas Meter
  • Individual Gas Meter

Listing and Financial Details

  • The owner pays for trash collection, water
  • Assessor Parcel Number 085-150-093

Community Details

Overview

  • 60 Units
  • Lompoc Subdivision

Building Details

  • Operating Expense $328,631
  • Gross Income $885,605
  • Net Operating Income $530,406

Property Details

Home Type

Multi-Family

Lot Details

0

Listing Details

  • Prop. Type: ResidentialIncome
  • Year Built: 84
  • Income Expenses Annual Income: 885605.0
  • Capitalization Rate: 5.06
  • Gross Rent Multiplier: 11.61
  • Annual Expenses: 328631.0
  • Monthly Income: 72955.0
  • Meters Sep Meter Elec: Y
  • Meters Sep Meter Gas: Yes
  • Miscellaneous Parking Spaces: 79.0
  • Building Stories: 2
  • ResoLaundryFeatures: Laundry Room
  • ResoLotFeatures: Near Public Transit
  • Subdivision Name: Lompoc
  • Property Information Year Built2: 84
  • Property Information Apx # Acres: 1.9
  • NeighborhoodSchools Elementary School: Other
  • NeighborhoodSchools Junior High School: Other
  • NeighborhoodSchools High School: Other
  • Parking Info Carport2: Yes
  • Parking Info Uncovered: Yes
  • Proximity Near Park(s)2: Yes
  • Proximity Near School(s)2: Yes
  • Laundry Laundry Room2: Yes
  • Property Information Main House SqFt: 52608.0
  • Proximity Near Shopping2: Yes
  • Property Information Apx Lot SqFt: 82764.0
  • Proximity Near Bus: Yes
  • Proximity Near Hospital2: Yes
  • General Property Information Stories2: 2.0
  • Income Expenses Actual: Yes
  • IncomeExpenses NOI2: 530406
  • Special Features: None
  • Property Sub Type: MultiFamily
  • Stories: 2

Exterior Features

  • Acres: 1.9

Garage/Parking

  • Parking Features: Carport, Uncovered
  • Total Parking Spaces: 79.0

Schools

  • Elementary School: Other
  • High School: Other
  • Middle Or Junior School: Other

Lot Info

  • Parcel #: 085-150-093
  • Zoning: Other
  • Lot Size Sq Ft: 82764.0

Rental Info

  • Owner Pays: Trash Collection, Water

Multi Family

  • Number Of Units Total: 60
  • Annual Gross Income: 885605.0
  • Annual Operating Expense: 328631.0
  • Total Actual Rent: 72955.0

Range of Values:

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Home Values in the Area

Source: Public Records

Average Home Value in this Area

Source: Public Records

Property History

Date Event Price Change Sq Ft Price
07/12/2024 07/12/24 Sold $10,050,000 -3.8% $191 / Sq Ft
05/24/2024 05/24/24 Pending -- -- --
04/15/2024 04/15/24 For Sale $10,445,000 -- $199 / Sq Ft
Source: Santa Barbara Multiple Listing Service

Tax History Compared to Growth

Source: Public Records

Agents Affiliated with this Home

  • Christos Celmayster

    Seller's Agent in 2024

    Christos Celmayster

    Hayes Commercial Group

    (805) 563-2111

    3 in this area

    86 Total Sales

    Christos Celmayster
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Map

Source: Santa Barbara Multiple Listing Service

MLS Number: 24-1159

Santa Barbara Multiple Listing Service

California Santa Barbara County Lompoc 93436 East Lompoc

1001 E Cypress Ave, Lompoc, CA

Homes for Sale in Lompoc, CA

This home is located at 1001 E Cypress Ave, Lompoc, CA 93436 since 15 April 2024. 1001 E Cypress Ave is a home located in Santa Barbara County with nearby schools including Arthur Hapgood Elementary School, Lompoc Valley Middle School, and Lompoc High School.

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