940 Ocean Ave Lompoc, CA 93436-7019

Property Details for 940 Ocean Ave

Lot size

2.38 lot acres

Property type

Hotels

APN

085-150-076

APU

85150076

Description

This exceptional investment opportunity presents the O'Cairns Inn & Suites, a 23,850-square-foot hotel in Lompoc, California. Boasting 84 well-appointed guest rooms, this two-story property enjoys a prime location on Highway 1, minutes from Vandenberg Space Force Base, a major economic driver with projected growth. Built in 1986 and extensively renovated in 2020, the hotel features amenities including an on-site cafe, heated pool and spa, laundry facilities, and a business center. Currently ranked #1 in its class on TripAdvisor, the O'Cairns Inn & Suites benefits from strong occupancy rates and significant upside potential. The property sits on a 2.38-acre lot with a ground lease (APN 085-150-076) offering 48 years remaining, with rent at $3,522 per month, subject to CPI increases every three years. The lease commenced April 1, 1976, and expires March 31, 2071. This presents a compelling opportunity to capitalize on the thriving aerospace industry and the region's robust tourism sector. The asking price is $9,500,000 ($398.32/sq ft). The property is zoned PD. This is a ground leasehold estate. The hotel's proximity to Old Town Lompoc, the Lompoc Flower Fields, and La Purisima Mission & State Historic Park further enhances its appeal. The property's strong performance and strategic location make it an ideal acquisition for investors seeking a high-return asset in a rapidly growing market.

Location Insight

City

Lompoc

County

Santa Barbara

State

California

Longitude

-120.447

Latitude

34.6384

CBSA code

42200

CBSA name

SANTA MARIA-SANTA BARBARA, CA METROPOLITAN STATISTICAL AREA

Property Tax & Assessments