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$5,700,000
Est. payment /mo
12,770 SqFt
UPDATED:
Key Details
Property Type Commercial
Sub Type Other
Listing Status Active
Purchase Type For Sale
Square Footage 12,770 sqft
Price per Sqft $446
MLS Listing ID CRSC25029813
HOA Y/N No
Year Built 2025
Lot Size 0.415 Acres
Acres 0.41
Property Sub-Type Other
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 educate
Location
State CA
County Santa Barbara
Zoning R3
Interior
Heating Solar, Other
Cooling Other
Flooring Vinyl
Fireplace No
Appliance ENERGY STAR Qualified Appliances, Electric Water Heater
Laundry Other
Exterior
View Y/N true
View City Lights, Other
Building
Lot Description Corner Lot, Other
Sewer Public Sewer
Water Public
New Construction No
Others
Tax ID 123131014
Virtual Tour https://my.matterport.com/show/?m=3ceBmwWHDWq
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Listed by Owen Schwaegerle • Keller Williams Realty Central Coast