1021 E Cypress Ave Lompoc, CA 93436
East Lompoc NeighborhoodHighlights
- 1.9 Acre Lot
- Park
- Foothills
- Corner Lot
- Laundry Room
- Bike Trail
About This Home
As of July 2024Unique 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.
Last Agent to Sell the Property
Hayes Commercial Group, Inc. Brokerage Email: christos@hayescommercial.com License #01342996
Last Buyer's Agent
Hayes Commercial Group, Inc. Brokerage Email: christos@hayescommercial.com License #01342996
Property Details
Home Type
- Multi-Family
Year Built
- Built in 1984
Lot Details
- 1.9 Acre Lot
- Two or More Common Walls
- Corner Lot
- Density is 36-40 Units/Acre
- 085-150-094
Home Design
- Apartment
Interior Spaces
- 52,608 Sq Ft Home
- 2-Story Property
- Laundry Room
Bedrooms and Bathrooms
- 3 Bedrooms
- 2 Bathrooms
Parking
- 17 Open Parking Spaces
- 79 Parking Spaces
- 62 Carport Spaces
Additional Features
- Exterior Lighting
- Suburban Location
Listing and Financial Details
- Tenant pays for electricity, gas, sewer, trash collection, water
- Assessor Parcel Number 085150093
Community Details
Overview
- 2 Buildings
- 60 Units
- South East Lmpc Subdivision
- Foothills
Amenities
- Laundry Facilities
Recreation
- Park
- Bike Trail
Building Details
- 60 Separate Electric Meters
- 60 Separate Gas Meters
- 2 Separate Water Meters
- Electric Expense $13,775
- Fuel Expense $12,830
- Insurance Expense $18,865
- Professional Management Expense $42,952
- Operating Expense $328,631
- Gross Income $10,145
- Net Operating Income $530,406
Map
Home Values in the Area
Average Home Value in this Area
Property History
| Date | Event | Price | Change | Sq Ft Price |
|---|---|---|---|---|
| 07/12/2024 07/12/24 | Sold | $10,050,000 | -3.8% | $191 / Sq Ft |
| 07/08/2024 07/08/24 | Price Changed | $10,445,000 | 0.0% | $199 / Sq Ft |
| 05/24/2024 05/24/24 | Pending | -- | -- | -- |
| 04/15/2024 04/15/24 | For Sale | $10,445,000 | -- | $199 / Sq Ft |
Source: California Regional Multiple Listing Service (CRMLS)
MLS Number: SC24074841
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