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(626) 893-2817
Gilbert Garcia
733 N C Street, Lompoc, CA 93436
- $2,600,000
- Sold Price
- $2,600,000
- List Price
- $2,760,000
- Closing Date
- Oct 10, 2025
- Status
- CLOSED
- MLS#
- PI25159888
- Year Built
- 1960
- Lot Size
- 23,087
- Acres
- 0.53
- Lot Location
- 36-40 Units/Acre
- Days on Market
- 23
- Property Type
- Multifamily
- Property Sub Type
- Apartment
- Stories
- Two Levels
- Neighborhood
- North East Lmpc(47)
Property Description
Coral Apartments in Lompoc is a well maintained 22-unit multifamily apartment complex in Lompoc with upgraded copper plumbing, newer ABS sewer lines, newer gas heaters, upgraded tile bathrooms, and more. The (8) 1-bedroom and (14) studios apartments surround a tastefully landscaped courtyard, and residents enjoy the comfort of security gates and camera system in addition to on-site parking and a common laundry room. The property is operated subject to an affordable covenant that expires in 2034 which restricts the renting of the apartments to “Low” or “Very Low” Income Households. Even with the affordable restrictions, there is strong upside in rents that can yield a Proforma CAP rate of 9.6% giving the savvy investor “value-add” opportunity in the short term with additional upside once the affordable agreement expires.
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Additional Information
- Pool Description
- None
- Heat
- Wall Furnace
- Cooling Description
- None
- Roof
- Composition, Shingle
- Sewer
- Public Sewer
- Water
- Public
- Attached Structure
- Attached
- Number Of Units Total
- 22
- Gross Scheduled Income
- $229,800
- Operating Expense
- 103173
Listing courtesy of Listing Agent: Steven Battaglia (srb@battagliare.com) from Listing Office: Steven Battaglia, Broker.
Listing sold by Steven Golis from Radius Group Commercial RE
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Based on information from California Regional Multiple Listing Service, Inc. as of . This information is for your personal, non-commercial use and may not be used for any purpose other than to identify prospective properties you may be interested in purchasing. Display of MLS data is usually deemed reliable but is NOT guaranteed accurate by the MLS. Buyers are responsible for verifying the accuracy of all information and should investigate the data themselves or retain appropriate professionals. Information from sources other than the Listing Agent may have been included in the MLS data. Unless otherwise specified in writing, Broker/Agent has not and will not verify any information obtained from other sources. The Broker/Agent providing the information contained herein may or may not have been the Listing and/or Selling Agent.