9-Unit Townhouse Apartment
424 E Mill St, Santa Maria, CA 93454
For Sale
Contact for pricing
Townhouse-style residences feature attached garages, stacked washers and dryers, and durable vinyl plank flooring.
Property Size13,824 SF
Lot Size0.41 Acres
Price / SF$316.48
Days on Market37
Property Features for 424 E Mill St
General Information
Standard status
Size
Lot size
Property subtype
Financials
Cap Rate
Gross Rent Multiplier
Site & Location
Neighborhood
Units
Unit Mix
Multifamily Units
Additional Details
Tenant in Place
Amenities
granite countertops
stainless steel appliances
stacked washer/dryer
vinyl plank flooring
attached garage
Building Details
Year Built
Listing Agency:
Marcus & Millichap - Fresno
Listed By:
Jon Mimms
Source:
Crexi
Added: Oct 5
Changed: Nov 8
Last Checked: Nov 8 at 6:07PM
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 Marcus & Millichap - Fresno
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Investment Insights
Based on property information with market context.
Completed in 2020, this apartment property comprises 9 townhouse-style residences across approximately 13,824 square feet on an 17,859-square-foot lot. Each unit measures approximately 1,536 square feet and includes four bedrooms, two-and-a-half bathrooms, an attached garage, granite countertops, stainless steel appliances, a stacked washer and dryer, and vinyl plank flooring.
Six residences are rented to student athletes, with each of those units housing 9 students; the other 3 units are occupied by families. Allan Hancock College is approximately 1.5 miles away. The property’s mix of townhouse layouts, garages, and existing student and family tenancy defines its current configuration.
Six residences are rented to student athletes, with each of those units housing 9 students; the other 3 units are occupied by families. Allan Hancock College is approximately 1.5 miles away. The property’s mix of townhouse layouts, garages, and existing student and family tenancy defines its current configuration.
Key Highlights
- 9 townhouse‑style units built in 2020
- Approximately 13,824 square feet on an 17,859‑square‑foot lot
- Each unit is approximately 1,536 square feet with 4 bedrooms and 2.5 bathrooms
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$200,893
Cap Rate
4.59%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$4,017,860
$4.0M
Cap Rate 7%
$2,869,900
$2.9M
Cap Rate 9%
$2,232,144
$2.2M
Market Conditions
NOI Build-Up for 13,824 SF
Gross rent
$386.5K $27.96/SF
− Vacancy
−$21.3K −$1.54/SF
EGI
$365.3K $26.42/SF
− OpEx
−$164.4K −$11.89/SF
NOI
$200.9K $14.53/SF
Area
Santa Maria, CA
Vacancy
5.50%
Lease Rate
$27.96 /SF/Yr
Expense Ratio
45.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap Rate 5%
$4,017,860
Cap Rate 7%
$2,869,900
Cap Rate 9%
$2,232,144
Alternative Uses
Best Use
Apartment 5plus
$2.87M
$2.51M – $3.35M
NOI $200,893 @ 7.0% cap · market cap 4.59%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$4.67M
$4.09M – $5.45M
NOI $326,998 @ 7.0% cap · market cap 7.47%
Zoning and permitted uses should be independently verified with authorities.
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Lease Details
9
Residential units
Location Intelligence
Trade Area within ½ mile
1,809
Businesses Nearby
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Business Placement
Demographics for 93454, CA
40,994
Population
12,413
Households
3.3
Avg Household Size
33
Median Age
18%
College-Educated
74%
High-School Grad
418.3 sq mi
ZIP Area
98
Density / Sq Mi
$84,178
Median Household Income
$34,883
Median Earnings
$1,750
Median Rent
$477,600
Median Home Value
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Market
Properties on Market for Apartment buildings in Santa Barbara County
Vacancy Rate% for Multifamily in West region
Frequently Asked Questions
What type of property is this?
Apartment building - Townhouse-style residences feature attached garages, stacked washers and dryers, and durable vinyl plank flooring.
Where is this apartment building located?
The property is located at 424 E Mill St Santa Maria, CA.
What is the asking price?
The asking price for this property is $4,375,000.
What are key features of this property?
This property features: 9 townhouse‑style units built in 2020; Approximately 13,824 square feet on an 17,859‑square‑foot lot; Each unit is approximately 1,536 square feet with 4 bedrooms and 2.5 bathrooms
