Property Detail

Description

Located near downtown Santa Maria, this 7-unit apartment complex sits on a large corner lot and features three duplexes arranged around a central courtyard, plus a standalone building with a storage garage. The unit mix includes (3) 2Bed/1Bath units and (4) 1Bed/1Bath units ranging in size from approximately 950 to 600 SF. Originally constructed in the 1940s, many of the buildings retain craftsman-style touches such as built-in shelving and kitchen nooks. Each unit is individually metered for gas and electricity. Set on an 18,730 SF fenced lot, the site offers 7 uncovered parking spaces along with additional street parking on Tunnell St and Vine St. The location offers convenient access to public transit, retail, and other amenities. CAP Rate on current rents is 5.12% with a GRM of 12.03. While some TLC is needed, there’s strong potential for rent growth.