529 S Pine St Santa Maria, CA 93458
Newly built co-living property designed for student and communal living.
Lot size:
0.41 AcresProperty Features for 529 S Pine St
General Information
- Property type
- Commercial
- Standard status
- Active
- Lot size
- 0.41 Acres
Building Details
- Year built
- 2025
Source:
Elliman
Listing Agent: Owen Schwaegerle
Displayed information is deemed reliable but is not guaranteed and should be independently verified.
Overview
New Co-Living Property Nearing Completion
This newly built co-living property, designed for student housing or communal living, is nearing completion after years of planning, approvals, and construction. The property features 42 total bedrooms, configured as six 5-bedroom units and two 6-bedroom units. Each bedroom is equipped with its own smart lock. Shared kitchens and bathrooms are designed to create a practical setup for communal, dorm-style living, which aims to maintain high occupancy and steady income. The developer anticipates a monthly income of $55,900 and an annual gross income of $670,800, supporting a 9.7% cap rate at a purchase price of $4,995,000. The property is located in an Opportunity Zone, potentially providing tax advantages. The location benefits from a steady flow of students and seasonal workers seeking affordable, flexible housing, with Hancock College just minutes away and the consistent need for farm labor. This consistent renter base may support strong occupancy levels year-round.
Location Intelligence
Current Use by Public Records
Apartment buildings
Location Insight
- Map
- Local Demand
- City
- Santa Maria
- County
- Santa Barbara
- State
- California
- Longitude
- -120.4393796
- Latitude
- 34.9473905
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FAQs
What type of property is this?
Apartment building - Newly built co-living property designed for student and communal living.
Where is this apartment building located?
The property is located at 529 S Pine St Santa Maria, CA.
What is the asking price?
The asking price for this property is $4,995,000.
What are key features of this property?
This property features: - Projected annual gross income of $670,800, supporting a 9.7% cap rate.; - Newly built property designed specifically for student and communal living.; - Located in an Opportunity Zone, providing valuable tax advantages.
