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The Warburton Team Brokered By EXp

The Warburton Team

andreww@gowpnow.com +1(626) 630-2141

$5,700,000

Est. payment - /mo

0.41 Acres Lot

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UPDATED:

02/14/2025 06:09 PM

Key Details

Property Type Condo

Sub Type Apartment

Listing Status Active

Purchase Type For Sale

MLS Listing ID SC25029813

Construction Status Under Construction

HOA Y/N No

Year Built 2025

Lot Size 0.415 Acres

Property Sub-Type Apartment

Property Description

Are you looking for a high-yield, cash-flowing opportunity? 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 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 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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Listed by Owen Schwaegerle • Keller Williams Realty Central Coast • 805-215-5063

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529 S Pine ST Santa Maria, CA 93458