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Listed by Owen Schwaegerle • Keller Williams Realty Central Coast

$5,700,000

Est. payment - /mo

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12,770 SqFt

Active

529 South Pine Street Santa Maria, CA 93458

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Camille Marsh

camille@marshcalhomes.com +1(805) 387-2350

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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

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Camille Marsh

Broker Associate | License ID: 01277020

+1(805) 387-2350

529 South Pine Street Santa Maria, CA 93458

Camille Marsh

Key Details

Location

Interior

Exterior

Building

Others

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529 South Pine Street