529 South Pine Street Active Save Request In-Person Tour Request Virtual Tour
Santa Maria,CA 93458
Key Details
Property Type Single Family Home
Sub Type Apartment
Listing Status Active
Purchase Type For Sale
Square Footage 12,770 sqft
Price per Sqft $446
MLS Listing ID SC-25029813
Style Modern
Year Built 2025
Lot Size 0.415 Acres
Property Sub-Type Apartment
Property Description
Are you looking for a high-yield, cash-flowing opportunity? Proforma net operating income would offer a 7.6% cap rate at the purchase price of $5,700,000. This innovative co-living property is designed for maximum rental income and strong returns. This project has gone through several years of planning, approvals, and construction and is finally near completion! Each of the units is designed for high occupancy, on a rent-by-the-room basis. There are 6 five bedroom units and 2 six bedroom units for a total of 42 bedrooms! The individual rooms have smart locks with combo codes to allow for individual living arrangements. There are shared bathrooms and a kitchen for a communal, dorm-style living experience. This is the way to optimize your rental rate on a square footage basis. Developer's projected monthly income is $48,500, which would yield $582,000 gross per year! Property is located in an "Opportunity Zone" that offer strategic tax advantages to developers and investors, minimizing capital gains taxes. If you are seeking a value-add opportunity and an investment project that will set you up with passive income upon completion, this is it! Conveniently located near Hancock College and Vandenberg Space Force Base. The local universities provide not only a pipeline of well educated employees for local employers but also a source of inelastic demand for local apartments. The area is also located along historic Route 101 and perfectly located between San Luis Obispo and Santa Barbara. It offers the best of Central Coast living with its beautiful weather, friendly community, and endless opportunities for outdoor adventure. Enjoy stunning beaches, world-class wineries, excellent colleges and a thriving local economy. Shown by appointment only.
Location
State CA
County Santa Barbara
Area Smia - Santa Maria
Zoning R3
Interior
Interior Features 2 Staircases,Formica Counters,Open Floorplan,Wet Bar
Heating Ductless,Solar
Cooling Ductless
Flooring Vinyl
Fireplaces Type None
Laundry Common Area,Electric Dryer Hookup,Stackable,Washer Hookup
Exterior
Parking Features Gated
Garage Spaces 6.0
Pool None
Community Features Dog Park,Hiking,Sidewalks,Suburban,Urban,Watersports
Utilities Available Sewer Connected,Water Available,Cable Connected,Electricity Connected
View Y/N Yes
View City Lights,Courtyard
Building
Lot Description Corner Lot,Landscaped
Sewer Public Sewer
Others
Virtual Tour https://my.matterport.com/show/?m=3ceBmwWHDWq