0.41 Acres Lot
0.41 Acres Lot
Key Details
Property Type Apartment
Sub Type Apartment
Listing Status Active
Purchase Type For Sale
MLS Listing ID SC25262675
Construction Status Under Construction
HOA Y/N No
Year Built 2025
Lot Size 0.415 Acres
Property Sub-Type Apartment
Property Description
This newly built co-living property has been years in the making, with extensive planning, approvals, and construction is now complete. It offers 42 total bedrooms across six 5-bedroom units and two 6-bedroom units. Each bedroom has its own smart lock, and the shared kitchens and bathrooms create a practical setup for communal, dorm-style living that helps maintain high occupancy and steady income.
3 of the units are to be leased out to a local farmer and filled with migrant workers on a one year lease. The projected rental income for those 3 units is about $4,200 per month. Given this rental rate, the projected rental income for the entire building would be around $30,000 per month. This would bring the annual gross income to $360,000, which supports a 4.6% percent cap rate at a purchase price of $4,995,000 dollars. The property is also located in an Opportunity Zone, providing valuable tax advantages that can enhance long-term returns.
If you want an investment that rewards effort, demands smart management, and delivers the kind of cash flow most properties can't touch, this one deserves your attention.
The location offers the kind of built-in demand investors look for. With Hancock College just minutes away and the consistent need for farm labor, the property benefits from a steady flow of students and seasonal workers seeking affordable, flexible housing. This consistent renter base will support strong occupancy levels year-round.
If this investment fits what you've been looking for, contact us to arrange a private showing.
Location
State CA
County Santa Barbara
Area Smia - Santa Maria
Zoning R3
Interior
Interior Features Wet Bar, Laminate Counters, Multiple Staircases, Open Floorplan, All Bedrooms Up
Heating Ductless, Solar
Cooling Ductless
Flooring Vinyl
Fireplaces Type None
Fireplace No
Appliance ENERGY STAR Qualified Appliances, ENERGY STAR Qualified Water Heater, Electric Cooktop, Electric Oven, Electric Range, Electric Water Heater, Microwave, Refrigerator, Water Heater
Laundry Common Area, Washer Hookup, Electric Dryer Hookup, Stacked
Exterior
Garage Spaces 6.0
Carport Spaces 2
Garage Description 6.0
Fence None
Pool None
Community Features Dog Park, Hiking, Suburban, Sidewalks, Urban, Water Sports
Utilities Available Cable Connected, Electricity Connected, Sewer Connected, Water Available
View Y/N Yes
View City Lights, Courtyard, Neighborhood
Roof Type Shingle
Total Parking Spaces 8
Private Pool No
Building
Lot Description 6-10 Units/Acre, Corner Lot, Landscaped
Story 3
Entry Level Three Or More
Sewer Public Sewer
Water Public
Architectural Style Modern
Level or Stories Three Or More
New Construction Yes
Construction Status Under Construction
Others
Senior Community No
Tax ID 123131014
Acceptable Financing Cash to New Loan
Listing Terms Cash to New Loan
Special Listing Condition Standard
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