529 S Pine Street , Santa Maria, CA 93458
Santa Maria, CA 93458
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.
Details
| MLS# | SC25029813 |
|---|---|
| Listing Type | For Sale |
| Style | Town House |
| Sub-Type | New Construction |
| Status | Active |
| Year | 2025 |
| Days On Site | 67 |
| Listing Provided By | Keller Williams Realty Central Coast 805-548-8686 | Owen Schwaegerle |
Features
| SQ Feet | 12,770 |
|---|---|
| Garage | 6 |
| Car Port | Yes |
| Story(s) | 3 |
| Units | 8 |
| Building(s) | 2 |
| Zoning | R3 |
| Acreage | 0.41 |
| Property View | Yes |
Market Activity 93458
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Learn More About This Property
| State | CA |
|---|---|
| County | Santa Barbara |
| City | Santa Maria |
| Zip Code | 93458 |
| Area | SMIA Santa Maria |
| Listing VS Median (In 93458) | |
Price: $5,700,000 low | high Med: $412,500 SqFt: 12,770 low | high Med: 945 $ / SqFt: $446 low | high Med: $448 On site: 67 low | high Med: 39.500000 | |