1001-1021 East Cypress Avenue

1001-1021 East Cypress Avenue

Lompoc, CA 93436

$10,445,000
Price
60
Beds
60
Baths
52,608 Sq. Ft.
$199 / Sq. Ft.
52,608
Sq. Ft.
$199
per Sq. Ft.

Pending

Pending

an aerial view of multiple house
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a front view of a house with a garden and patio
a living room with furniture and a flat screen tv
a view of a pathway with a building in the background
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a view of parking
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a view of a house with backyard and swimming pool
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a kitchen with stainless steel appliances a sink a stove a microwave a sink a refrigerator and cabinets
a large kitchen with a stove and a microwave
a kitchen with stainless steel appliances granite countertop a sink stove and a refrigerator
a bathroom with a sink and a mirror
a bathroom with a shower and a toilet
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a bathroom with a sink toilet and shower
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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...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 flatunits). 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.
  1. Listed by Christos Celmayster • DRE #01342996 • Hayes Commercial Group, Inc.

Property Details for 1001-1021 East Cypress Avenue

Garage Spaces
0
Zone Description
Multi-Fam R3
Street Direction
E

Location

Listing Courtesy of Hayes Commercial Group, Inc., Christos Celmayster, DRE #01342996
Add your commute
LISTING UPDATED: 05/28/2024 12:15 PM

Property Details for 1001-1021 East Cypress Avenue

StatusPending
MLS #24000664
Days on Market39
Taxes-
HOA Fees-
Condo/Co-op Fees-
Compass TypeMulti Family
MLS TypeResidential Income / Multi-Family
Year Built1984
CountySanta Barbara County

Location

Listing Courtesy of Hayes Commercial Group, Inc., Christos Celmayster, DRE #01342996
Add your commute

Building Information for 1001-1021 East Cypress Avenue

Building/Complex1001-1021 E Cypress AveFloor-Stories-Residences60Pet Policy-Year Built1984Building Size-

Payment Calculator

$57,003 per month

30 year fixed, 7.25% Interest

Principal and Interest

$57,003

Property Taxes

—

HOA Dues

$0

The Payment Calculator is for illustrative purposes only.

Property Information for 1001-1021 East Cypress Avenue

Summary
Location and General Information
  • Major Area: 60 - Lompoc
  • Sub-Area: 52 - South East Lmpc
  • Cross Street: 3rd Street
  • Absolute Longitude: 120
  • Map Page: 0
Parking
  • Parking: 51 - 100, Covered
Property
Lot Information
  • Lot Characteristics: Corner
  • Lot Size Source: Assessor
  • Sq Ft Source: Other
  • Acres: 1.9
  • Cumulative DOM: 40
Property and Assessments
  • Stories: 2
  • APN: 085-150-093
  • Listing Detail: None
  • Document Count: 0
  • Deposit: 313,350
  • REO: No
  • Reports Available: Other
  • Possession: Close Of Escrow
Utilities
  • Sewer: Public Sewer
  • Water: Public
Interior and Exterior Features
Exterior Features
  • Roof Description: Clay, Shingle
  • Separate Meters: Electric, Gas
Interior Features
  • Air Conditioning: None
  • Foundation: None
  • Heating: Natural Gas
  • Laundry: Laundry Room
  • Levels: Two
Multi Family
1 Bedroom Unit
  • # of 1 Bedroom Units: 20
  • Rent Range: $840-$1425
  • SqFt Range: 600-609
  • Bedrooms: 1
  • Full Baths: 1
2 Bedroom Unit
  • # of 2 Bedroom Units: 40
  • Rent Range: $900-$1600
  • SqFt Range: 845-960
  • Bedrooms: 2
  • Full Baths: 1
Income & Expenses
  • Annual Gross Rent Included: $885,605.00
  • Annual Operating Expense: $328,631.00
  • Net Operating Income: $530,406.00
  • Cap Rate: $5.08
  • Vacancy %: 3.00%
  • Vacancy $: $26,568.00
  • Gross Rent Multiplier: $11.79
  • Operating Expense: 328631.0
Unit 1
  • No.: 40
  • Bed: 2
  • Bath: 1
  • Rent: 1273
  • Lease: M/M
  • Furnished: U
  • std_rent: $1,273.00
  • std_baths: 1
  • std_beds: 2
Unit 2
  • No.: 20
  • Bed: 1
  • Bath: 1
  • Rent: 1103
  • Lease: M/M
  • Furnished: U
  • std_rent: $1,103.00
  • std_baths: 1
  • std_beds: 1
Agent
Agent
  • Service Type: Full Service
Rental
Rental
  • Tenant Pays: Electricity, Gas, Sewer, Trash Collection, Water

Property History for 1001-1021 East Cypress Avenue

DateEvent & SourcePriceAppreciation
DateEvent & SourcePrice

For completeness, Compass often displays two records for one sale: the MLS record and the public record.

Schools near 1001-1021 East Cypress Avenue

This home is within Lompoc Unified School District.
Rating
School
Type
Grades
Distance
Arthur Hapgood Elementary School
Public - K to 6
Lompoc Valley Middle School
Public - 7 to 8
Lompoc High School
Public - 9 to 12
Dr Bob Forinash Community Day
Public - 7 to 12
Rating
School
Distance
Arthur Hapgood Elementary School
PublicK to 6

Lompoc Valley Middle School
Public7 to 8

Lompoc High School
Public9 to 12

Dr Bob Forinash Community Day
Public7 to 12

School ratings and boundaries are provided by GreatSchools.org and Pitney Bowes. This information should only be used as a reference. Proximity or boundaries shown here are not a guarantee of enrollment. Please reach out to schools directly to verify all information and enrollment eligibility.

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Listing Courtesy of Hayes Commercial Group, Inc., Christos Celmayster, DRE #01342996

Based on information from one of the following Multiple Listing Services: Santa Barbara MLS. Information being provided is for the visitor’s personal, noncommercial use and may not be used for any purpose other than to identify prospective properties visitor may be interested in purchasing. The data contained herein is copyrighted by Santa Barbara MLS is protected by all applicable copyright laws. Any dissemination of this information is in violation of copyright laws and is strictly prohibited. Property information referenced on this web site comes from the Internet Data Exchange (IDX) program of the MLS. This web site may reference real estate listing(s) held by a brokerage firm other than the broker and/or agent who owns this web site. For the avoidance of doubt, the accuracy of all information, regardless of source, is deemed reliable but not guaranteed and should be personally verified through personal inspection by and/or with the appropriate professionals.