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Sold

360 E Newlove Drive

360 E Newlove Drive, Santa Maria, CA 93454

$1,275,000
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.

6
beds

5
baths

5,400 Sq.Ft. LIVING AREA

1.2 Acres lot

Abel Contreras

Abel Contreras

Features & Amenities

Interior

  • total bedrooms6
  • Total bathrooms5
  • full bathrooms5
  • Laundry room Washer Hookup, Gas Dryer Hookup, In Garage
  • Flooring Carpet, Tile, Vinyl, Wood
  • Fireplace None
  • APPLIANCES 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
  • other interior Features Ceiling Fan(s), Tile Counters, All Bedrooms Down, Bedroom on Main Level, Galley Kitchen, Main Level Primary, Walk-In Pantry

Area & Lot

  • Status Sold
  • Living Area5,400 Sq.Ft.
  • Lot Area1.2 Acres
  • MLS® IDPI23147958
  • TypeResidential
  • YEAR BUILT1960
  • Architecture StylesCustom, English
  • View DescriptionNeighborhood, Trees/Woods
  • School DistrictSanta Maria Joint Union

Exterior

  • STORIES1
  • Garage Space5.0
  • water SourcePublic
  • utilitiesCable Available, Electricity Connected, Natural Gas Connected, Phone Available, Sewer Connected, Water Connected
  • PoolNone
  • roofCommon Roof, Shingle
  • lot features2-5 Units/Acre, Back Yard, Front Yard, Garden, Rectangular Lot, Street Level, Trees, Value In Land, Walkstreet, Yard
  • parkingDirect Access, Driveway Level, Door-Single, Driveway, Garage Faces Front, Garage, On Site, Unpaved
  • HEAT TYPENatural Gas, Wall Furnace
  • AIR CONDITIONINGNone
  • sewerPublic Sewer
  • SubstructureSlab
  • Disability FeaturesSafe Emergency Egress from Home, No Stairs, Parking, Accessible Doors
  • security FeaturesSmoke Detector(s)
  • other exterior FeaturesAwning(s), Rain Gutters

Financial

  • Sales Price$1,275,000
  • Zoning R2
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