Copper Kettle Apartments
Property Description
First time on the market in over 40 years! The Copper Kettle Apartments is a gated, garden style apartment complex in Lompoc featuring 18 units within (3) 2-story buildings surrounding a courtyard with a pool. Located on 3 parcels, the property has an attractive unit mix of (10) 2Bed/1Bath and (8) 1Bed/1Bath apartment homes. It also features an onsite, common laundry room and 18 covered, off-street parking spaces in the rear. Lots of upside opportunity for investors.
Key Property Information
| Listing Status: | Under Contract |
|---|---|
| Listing Type: | Call for offers |
| Multifamily type: | Garden Style |
| Price: | $2,800,000 |
| No. of Units: | 18 |
| Cap Rate: | 3.43% |
| GRM /GIM: | 12.31 |
| Average Occupancy: | 100 |
| Year Built: | 1962 |
| Building Size: | 14,282 Sq ft |
| Lot Size: | 0.48 Acres |
| No. of Stories: | 2 |
| APN: | 087-092-015, 087-092-016, 087-092-017 |
| Zoning Code: | R3 |
| Opportunity Zone: | No |
| Price per unit: | $155,556 |
| Property Website | Click Here |
Unit mix
| Description | No. of Units | Sq ft. | Avg. Monthly Rent |
|---|---|---|---|
| 2Bed/1Bath | 10 | 810 | 1500 |
| 1Bed/1Bath | 8 | 700 | 1150 |
FINANCIAL DETAILS
| Income/expense info: | Actual |
|---|---|
| Gross income: | 227490 |
| Operating expenses: | 124630 |
| Net operating income: | 96035 |
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