529 S Pine Street Santa Maria CA 93458 MLS #SC25029813

  1. ca
  2. santa-maria
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Are you looking for a high-yield, cash-flowing opportunity? Proforma net operating income would offer a 7.6% cap rate at the purchase price of $5,700,000. This innovative co-living property is designed for maximum rental income and strong returns. This project has gone through several years of planning, approvals, and construction and is finally near completion! Each of the units is designed for high occupancy, on a rent-by-the-room basis. There are 6 five bedroom units and 2 six bedroom units for a total of 42 bedrooms! The individual rooms have smart locks with combo codes to allow for individual living arrangements. There are shared bathrooms and a kitchen for a communal, dorm-style living experience. This is the way to optimize your rental rate on a square footage basis. Developer’s projected monthly income is $48,500, which would yield $582,000 gross per year! Property is located in an "Opportunity Zone" that offer strategic tax advantages to developers and investors, minimizing capital gains taxes. If you are seeking a value-add opportunity and an investment project that will set you up with passive income upon completion, this is it! Conveniently located near Hancock College and Vandenberg Space Force Base. The local universities provide not only a pipeline of well educated employees for local employers but also a source of inelastic demand for local apartments. The area is also located along historic Route 101 and perfectly located between San Luis Obispo and Santa Barbara. It offers the best of Central Coast living with its beautiful weather, friendly community, and endless opportunities for outdoor adventure. Enjoy stunning beaches, world-class wineries, excellent colleges and a thriving local economy. Shown by appointment only.

Property Details

Interior

Appliances
Electric Oven, Electric Range, Electric Cooktop, Electric Water Heater, E N E R G Y S T A R Qualified Appliances, E N E R G Y S T A R Qualified Water Heater, Microwave, Refrigerator, Water Heater
Cooling
Ductless
Fireplace Features
None
Flooring
Vinyl
Heating
Ductless, Solar
Interior Features
2 Staircases, Formica Counters, Open Floorplan, Wet Bar
Window Features
Insulated Windows

Exterior

Community Features
Dog Park, Hiking, Watersports, Sidewalks, Suburban, Urban
Fencing
None
Garage Spaces
6.00
Lot Features
Corner Lot, Landscaped
Parking Spots
8.00
Pool Features
None
Roof
Shingle
Sewer
Public Sewer
Spa Features
None
Stories Total
3
View
City Lights, Courtyard, Neighborhood
Water Source
Public

Financial

Utilities
Cable Connected, Electricity Connected, Sewer Connected, Water Available

Santa Maria Neighborhoods

Courtesy of Keller Williams Realty Central Coast. Disclaimer: All data relating to real estate for sale on this page comes from the Broker Reciprocity (BR) of the California Regional Multiple Listing Service. Detailed information about real estate listings held by brokerage firms other than Outland and Associates Real Estate include the name of the listing broker. Neither the listing company nor Outland and Associates Real Estate shall be responsible for any typographical errors, misinformation, misprints and shall be held totally harmless. The Broker providing this data believes it to be correct, but advises interested parties to confirm any item before relying on it in a purchase decision. Copyright 2025. California Regional Multiple Listing Service. All rights reserved.
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