RARE APARTMENT DEVELOPMENT OPPORTUNITY

Transcription

1 RARE APARTMENT DEVELOPMENT OPPORTUNITY FOR SALE 222 E. Carrillo Street, Suite 101, Santa Barbara, California HayesCommercial.com

2 Property Overview Excellent opportunity for an investor or developer to acquire a multifamily project along the Central Coast. The 3 rd Street Apartments allows for up to 24 units to be developed. Formerly, there were approvals for 24 residential units consisting of 16 x 3BD/2BA, 3 x 2BD/1.5BA, and 5 x 1BD/1.5BA units located throughout three two-story buildings. Asking Price: $625,000 Lot Size: Zoning: 41,650 SF (0.95 acres) R-3 (PD Overlay) APN: Units*: Unit Mix*: 24 (unentitled) 16 x 3BD/2BA 5 x 2BD/1.5BA 3 x 1BD/1BA CSO: 3% Note: Contact listing agent for a set of the approved entitled plans and the conditions of approval. * Previously-approved 24-unit development. See next page. 222 E. Carrillo Street, Suite 101, Santa Barbara, California HayesCommercial.com 2

3 Property Overview In 2010 the property received approvals from the City of Lompoc to construct a 24-unit apartment development consisting of 16 X 3BD/2BA flats, 5 X 2BD/1.5BA flats, and 3 X 1BD/1BA flats in three buildings, and offering 41 parking spaces. Of these 24 units, three units were to be affordable (1 three bedroom, 1 two bedroom and 1 one bedroom). The approvals have since expired; however, a new owner can reprocess these plans in a relatively short time frame. The City of Lompoc needs more housing, as there has been little development since the recession. Note: Contact listing agent for a set of the approved entitled plans and the conditions of approval. Sample Renderings 222 E. Carrillo Street, Suite 101, Santa Barbara, California HayesCommercial.com 3

4 Site Plan BUILDING 1 S. 3 RD ST BUILDING 2 BUILDING E. Carrillo Street, Suite 101, Santa Barbara, California HayesCommercial.com 4

5 Sample Floor Plans Floor Plan for Building 1 & 2 Floor Plan for Building 3 Floor Plan for 3BD/2BA Unit Floor Plan for 2BD/1.5BA Unit Floor Plan for 1BD/1BA Unit 222 E. Carrillo Street, Suite 101, Santa Barbara, California HayesCommercial.com 5

6 Aerial & Parcel Map The project is located just west of intersection Highway 1 and 246, which is the major entry to the City of Lompoc. Commuters can drive either Highway 1 or 246 to the desirable destinations of Santa Barbara, Goleta, Solvang. and Buellton. The project is also located in Lompoc s redevelopment area which includes the new Home Depot and Lompoc s $80 million state-of-the-art hospital. 222 E. Carrillo Street, Suite 101, Santa Barbara, California HayesCommercial.com 6

7 Area Information Lompoc Lompoc, dubbed the City of Arts & Flowers, is located about an hour north of Santa Barbara on Highway 1. The area was inhabited by the Chumash prior to European settlement. Lompoc is considered a military town due to its proximity to Vandenberg Air Force Base, a missile base that led to Lompoc s rapid growth. The city experienced a tourism boom in the mid-1980 s due to the shuttle launches. However, after the Challenger incident, the West Coast Shuttle Program was terminated. Today, the wine, arts, and flower culture have created a new tourist buzz for Lompoc, but it largely remains a bedroom community for Santa Barbara. Along with Santa Ynez Valley neighbors Solvang, Buellton, and Los Olivos, Lompoc is a hot spot for local wines. The Lompoc Wine Ghetto is an industrial complex where many of Lompoc s boutique wineries operate tasting rooms within the city. Lompoc is also known to be the seed capital of the world, producing both flower and vegetables in the surrounding areas. The Lompoc Valley Flower Festival is held every June with a parade and carnival. In downtown Lompoc, there are over 30 large-scale murals that have been professionally commissioned by the city to represent the city s history, creating a large outdoor art gallery. 222 E. Carrillo Street, Suite 101, Santa Barbara, California HayesCommercial.com 7