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.
