$2,600,000
$2,760,000
5.8%For more information regarding the value of a property, please contact us for a free consultation.
11,254 SqFt
SOLD DATE : 10/10/2025
Key Details
Sold Price $2,600,000
Property Type Single Family Home
Sub Type Apartment
Listing Status Sold
Purchase Type For Sale
Square Footage 11,254 sqft
Price per Sqft $231
MLS Listing ID PI-25159888
Sold Date 10/10/25
Year Built 1960
Lot Size 0.530 Acres
Property Sub-Type Apartment
Source California Regional Multiple Listing Service (CRMLS)
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.
Location
State CA
County Santa Barbara
Area Lomp - Lompoc
Interior
Heating Wall Furnace
Flooring Laminate, Vinyl
Laundry Common Area
Exterior
Parking Features Off Street, On Site
Pool None
Community Features Sidewalks
Building
Lot Description 36-40 Units/Acre
Sewer Public Sewer
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Lic# 01770909 | 01834114