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$5,700,000
Est. payment /mo
42 Beds
12,770 SqFt
UPDATED:
Key Details
Property Type Multi-Family
Sub Type Multi-Family
Listing Status Active
Purchase Type For Sale
Square Footage 12,770 sqft
Price per Sqft $446
MLS Listing ID 25000435
Bedrooms 42
Year Built 2025
Lot Size 0.415 Acres
Property Sub-Type Multi-Family
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. Shown by appointment only.
Location
State CA
County Santa Barbara
Area 15 - Sm Southwest
Interior
Heating Forced Air
Cooling None
Exterior
Roof Type Composition,Shingle
Building
Foundation Slab
Others
Acceptable Financing New Loan, Cash
Listing Terms New Loan, Cash
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Listed by Owen Schwaegerle • Keller Williams Realty Central Coast