$1,275,000
$1,499,000
14.9%For more information regarding the value of a property, please contact us for a free consultation.
1.2 Acres Lot
SOLD DATE : 09/11/2023
Key Details
Sold Price $1,275,000
Property Type Single Family Home
Sub Type Single Family Residence
Listing Status Sold
Purchase Type For Sale
MLS Listing ID PI23147994
Sold Date 09/11/23
Construction Status Repairs Cosmetic
HOA Y/N No
Year Built 1960
Lot Size 1.200 Acres
Property Description
Rare investment opportunity in Santa Maria - 360 E. NEWLOVE DR. This centrally located 1.2-acre parcel of R2 Medium Density (R2) zoned land comes with 3 existing single-family homes, one garage conversion studio unit, offering the potential to build between 14-26 apartment units. With minimum lot size requirements, the property can be split into 8 total parcels for even higher overall density.
Priced at $1,499,000, this property is a covered land play with the option to bring rents up to market while planning your multifamily development. Currently, 75% leased to 3 tenants on a month-to-month basis, there is tremendous upside in rents, with a market rent potential of $9,600/month. Additionally, there is the opportunity to lease out excess land for additional income.
Strategically positioned just one mile from the nearest Highway 101 exit and within walking distance of bus stops, Mcdonald's, and Target, this property boasts a desirable location. Moreover, Santa Maria is experiencing a housing shortage, making this property highly sought after by investors and developers.
Don't miss your chance to acquire this prime investment property at 360 E. NEWLOVE DR. in Santa Maria.
Location
State CA
County Santa Barbara
Area Smia - Santa Maria
Rooms
Other Rooms Second Garage
Interior
Interior Features Ceiling Fan(s), Tile Counters, All Bedrooms Down, Bedroom on Main Level, Galley Kitchen, Walk-In Pantry
Heating Natural Gas, Wall Furnace
Cooling None
Flooring Carpet, Tile, Vinyl, Wood
Fireplaces Type None
Fireplace No
Appliance Dishwasher, Free-Standing Range, Gas Cooktop, Disposal, Gas Oven, Gas Range, Gas Water Heater, High Efficiency Water Heater, Microwave, Range Hood, Vented Exhaust Fan, Water To Refrigerator, Water Heater
Laundry Washer Hookup, Gas Dryer Hookup, In Garage
Exterior
Exterior Feature Awning(s), Rain Gutters
Parking Features Direct Access, Driveway Level, Door-Single, Driveway, Garage Faces Front, Garage, On Site, Unpaved
Garage Spaces 3.0
Garage Description 3.0
Fence Brick, Chain Link, Fair Condition, Wood, Wire
Pool None
Community Features Curbs, Storm Drain(s), Street Lights, Sidewalks
Utilities Available Cable Available, Electricity Connected, Natural Gas Connected, Phone Available, Sewer Connected, Water Connected
View Y/N Yes
View Neighborhood, Trees/Woods
Roof Type Common Roof,Shingle
Accessibility Safe Emergency Egress from Home, No Stairs, Parking, Accessible Doors
Total Parking Spaces 23
Private Pool No
Building
Lot Description 11-15 Units/Acre, Back Yard, Front Yard, Garden, Rectangular Lot, Street Level, Trees, Value In Land, Walkstreet, Yard
Story 1
Entry Level One
Foundation Slab
Sewer Public Sewer
Water Public
Architectural Style Custom, English
Level or Stories One
Additional Building Second Garage
New Construction No
Construction Status Repairs Cosmetic
Others
Senior Community No
Tax ID 128075016
Acceptable Financing Cash, Conventional, 1031 Exchange, Owner May Carry, Submit
Listing Terms Cash, Conventional, 1031 Exchange, Owner May Carry, Submit
Financing Cash
Special Listing Condition Standard
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Bought with Adam Castaneda • Adam Castaneda, Broker
"My job is to find and attract mastery-based agents to the office, protect the culture, and make sure everyone is happy! "
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