Two-Unit Cottage
For Sale
$747,747
224 N F St, Lompoc, CA 93436
Vacant residences provide separate outdoor areas, parking, and updated interior finishes within Lompoc’s Old Town district.
Property Size1,574 SF
Price / SF$475.06
Days on Market111
Property Features for 224 N F St
General Information
Standard status
Active
Size
1,574 SF
Property subtype
Multi-Family
Building Details
Year Built
1949
Listing Agency:
LPT REALTY, INC
(805) 588-2327
Listed By:
Todd Ranney
Source:
Santaynezvalleyhomesforsale
Added: May 12
Changed: Aug 30
Last Checked: Aug 30 at 7:20AM
Displayed information is deemed reliable but is not guaranteed and should be independently verified. All listing content including descriptions, pricing, images are the copyrighted material of LPT REALTY, INC
Investment Insights
Based on property information with market context.
This duplex property contains two separate mid-century residences built in 1949, with 1,574 SF of combined property size. Each home offers two bedrooms, one full bathroom, a private yard, and off-street parking. Interior improvements include refinished original hardwood floors along with refreshed kitchens and bathrooms featuring vinyl and/or tile flooring. Both units are currently vacant.
The property is located at 224 N F St in Lompoc’s Old Town area. Grocery Outlet is two blocks away, while Southside Coffee is four blocks from the property. The two-home configuration supports independent living arrangements while retaining period character and updated finishes.
The property is located at 224 N F St in Lompoc’s Old Town area. Grocery Outlet is two blocks away, while Southside Coffee is four blocks from the property. The two-home configuration supports independent living arrangements while retaining period character and updated finishes.
Key Highlights
- Two separate residences with approximately 800 square feet of living space each
- Two bedrooms and one full bath in each home
- 1,574 SF property size with 1949 construction
Financial Insights
Estimated NOI and Cap Rate
NOI = area × lease_rate × (100 − vacancy) / 100 × (1 − expense_ratio). Net Operating Income — what the owner takes home each year before mortgage payments and income tax. Effective rent (asking rent minus vacancy losses) minus operating costs (taxes, insurance, maintenance, management).
NOI / Yr
$34,581
Cap rate = NOI / list price × 100. Capitalization rate — annual return on a fully cash purchase, before financing. NOI divided by price. Higher means more income per dollar invested, but usually also more risk or older condition. 5–8% is typical for stabilized commercial property; double digits often signal distressed deals.
Cap Rate
4.62%
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$691,620
$691.6K
Cap Rate 7%
$494,014
$494.0K
Cap Rate 9%
$384,233
$384.2K
Market Conditions
NOI Build-Up for 1,574 SF
Vacancy — income lost from leasable area expected to sit empty during the year, subtracted from gross rent.
EGI (Effective Gross Income) — gross rent minus vacancy losses, the realistic income before paying operating costs.
OpEx (Operating Expenses) — recurring costs to operate the property (property tax, insurance, utilities, maintenance, management); excludes financing and capital improvements.
NOI (Net Operating Income) — income a property generates after operating costs but before financing and taxes.
Gross rent
$51.0K $32.40/SF
− Vacancy
−$1.6K −$1.01/SF
EGI
$49.4K $31.39/SF
− OpEx
−$14.8K −$9.42/SF
NOI
$34.6K $21.97/SF
Area
Santa Barbara County, CA
Vacancy
3.13%
Lease Rate
$32.40 /SF/Yr
Expense Ratio
30.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$691,620
Cap Rate 7%
$494,014
Cap Rate 9%
$384,233
Alternative Uses
Best Use
Multifamily LT 5
$494.0K
$432.3K – $576.4K
NOI $34,581 @ 7.0% cap · market cap 4.62%
Second Best
Apartment 5plus
$444.9K
$389.3K – $519.0K
NOI $31,141 @ 7.0% cap · market cap 4.16%
Theoretical Best
—
—
same as Best Use
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
1,432
Businesses Nearby
Explore this area
Business Placement
Demographics for 93436, CA
56,730
Population
18,928
Households
3
Avg Household Size
37
Median Age
17%
College-Educated
76%
High-School Grad
228.0 sq mi
ZIP Area
249
Density / Sq Mi
$76,241
Median Household Income
$36,340
Median Earnings
$1,578
Median Rent
$460,100
Median Home Value
Market
Vacancy Rate% for Multifamily in West region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Duplex - Vacant residences provide separate outdoor areas, parking, and updated interior finishes within Lompoc’s Old Town district.
Where is this duplex located?
The property is located at 224 N F St Lompoc, CA.
What is the asking price?
The asking price for this property is $747,747.
What are key features of this property?
This property features: Two separate residences with approximately 800 square feet of living space each; Two bedrooms and one full bath in each home; 1,574 SF property size with 1949 construction
