CA > Santa Maria
Santa Maria, CA 93458,529 South Pine Street
Santa Maria, CA 93458,529 South Pine Street,Video Tour
Santa Maria, CA 93458,529 South Pine Street
Additional details
Paul Ward

Paul Ward

Keller Williams

+1(805) 479-5004
Listed by Owen Schwaegerle • Keller Williams Realty Central Coast
$5,700,000
Est. payment /mo
12,770 SqFt
Save Virtual Tour

UPDATED:

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

Virtual Tour https://my.matterport.com/show/?m=3ceBmwWHDWq

Read Less Info

Get More Information

agent

Paul Ward

+1(805) 479-5004

Broker Associate | License ID: 01354001

Broker Associate License ID: 01354001

Name

Phone*

Message

I agree by electronic signature to the Electronic Disclosure Consent; to receive recurring marketing communication from or on behalf of Keller Williams, including auto-dialed calls, texts, and artificial/prerecorded voice messages (consent not required to make a purchase; data rates may apply; reply “STOP” to opt-out of texts or ‘HELP” for help); and to the Terms of Service and Privacy Policy of this website. I understand that I can call to obtain direct assistance.
QUICK SEARCH