Lompoc, CA 93436 1001 1021 E Cypress Avenue
$10,445,000
36 more
Presented By: Christos Celmayster with Hayes Commercial Group, Inc.; [email protected]
Home Details
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 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.
Presented By: Christos Celmayster with Hayes Commercial Group, Inc.; [email protected]
Interior Features for 1001 1021 E Cypress Avenue
Other Interior Features
Air Conditioning Y/NNo
Basement (Y/N)No
Common WallsItem2CommonWalls
Electric On Property Y/NNo
Fireplace Y/NNo
Heating Y/NNo
Laundry FeaturesCommonArea
Street SuffixAvenue
Total Stories2
Other Rooms
Entry Level1
General for 1001 1021 E Cypress Avenue
Additional Parcels Description085-150-094
Additional Parcels Y/NNo
Attached Garage No
Building Area UnitsSquareFeet
Cap Rate5.08
Carport Y/NNo
CityLompoc
Community FeaturesBiking, Curbs, Foothills, Park, StormDrains, StreetLights, Suburban, Sidewalks
CountySanta Barbara
Days on Market1
DirectionsCorner of E Cypress Ave and South 3rd St
Electric Expense13775.0
Entry LocationGround
Fuel Expense12830.0
Garage Spaces0.0
Garage Y/NNo
Gross Income10145.0
HOA / Comm AssnNo
Home Warranty Y/NNo
Insurance Expense18865.0
Land Lease Y/NNo
Lease Considered Y/NNo
Lease Renewal Y/NNo
LevelsTwo
Listing TermsCash
Lot Size Square Feet82764.0
MLS AreaLOMP - Lompoc
MobileHomeRemainsYNNo
Net Operating Income530406.0
New ConstructionNo
Open Parking Spaces17.0
Operating Expense328631.0
Pool FeaturesNone
Private PoolNo
Property Attached Y/NYes
Property Sub Type AdditionalApartment
Property SubTypeApartment
Property TypeResidentialIncome
Rent Control Y/NNo
Senior Community Y/NNo
SewerPublicSewer
Special Listing ConditionsStandard
Standard StatusActive
StatusActive
Stories2
Street NameCypress
Subdivision NameSouth East Lmpc(52)
Tenant PaysElectricity, Gas, Sewer, TrashCollection, Water
Total Units60
Trash Expense0.0
View Y/NNo
Water Sewer Expense0.0
Waterfront Y/NNo
Year Built1984
Year Built SourceOwner
Exterior for 1001 1021 E Cypress Avenue
Building Area Total52608.0
Crops Included Y/NNo
Horse Y/NNo
Irrigation Water Rights Y/NNo
Lot FeaturesItem3640UnitsAcre, CornerLot, LotOver40000Sqft
Lot Size Acres1.9
Lot Size Area82764.0
Lot Size SourceAssessor
Lot Size UnitsSquareFeet
Number of Buildings2
Number of Separate Electric Meters60
Number of Separate Gas Meters60
Number of Separate Water Meters2
Open Parking Y/NNo
SpaNo
Total Parking79.0
Water SourcePublic
Additional Details
Price History
Stephen Pliaconis
Pliaconis Realty Group REALTOR® DRE 02015480