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215 N Miller St 7 Unit Apartment Building $1,810,000 ($258,571/Unit) 4.97% Cap Rate Santa Maria, CA 93454
Investment Highlights
- Great Location - Close to Downtown
- Shared Courtyard Area
- Many Units with Private Front & Back Patios
Executive Summary
This well-located 7-unit property sits on a 14,374 SF lot in the Bungalow District of Santa Maria’s Downtown Specific Plan. The property includes a fourplex, duplex, and a detached single-family home with (2) 3Bed/1Bath units, (4) 2Bed/1Bath units, and (1) Studio. Most units feature dual-pane windows, 6-panel doors, tile countertops and flooring, and newer electrical and plumbing. Many units offer private front or back patios, with a few opening onto a shared courtyard. There is also an additional room that was formerly a laundry room. The property is conveniently close to the Santa Maria Town Center, offering easy access to shopping and other amenities.
Property Facts Under Contract
| Price | $1,810,000 | Apartment Style | Low-Rise |
| Price Per Unit | $258,571 | Building Class | C |
| Sale Type | Investment | Lot Size | 0.33 AC |
| Cap Rate | 4.97% | Building Size | 4,786 SF |
| Gross Rent Multiplier | 12.66 | Average Occupancy | 100% |
| No. Units | 7 | No. Stories | 1 |
| Property Type | Multifamily | Year Built | 1900 |
| Property Subtype | Apartment | Parking Ratio | 0.86/1,000 SF |
| Zoning | SP Bungalow - Specific Plan / Bungalow | ||
| Price | $1,810,000 |
| Price Per Unit | $258,571 |
| Sale Type | Investment |
| Cap Rate | 4.97% |
| Gross Rent Multiplier | 12.66 |
| No. Units | 7 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Low-Rise |
| Building Class | C |
| Lot Size | 0.33 AC |
| Building Size | 4,786 SF |
| Average Occupancy | 100% |
| No. Stories | 1 |
| Year Built | 1900 |
| Parking Ratio | 0.86/1,000 SF |
| Zoning | SP Bungalow - Specific Plan / Bungalow |
Amenities
Site Amenities
- Courtyard
Unit Mix Information
| Description | No. Units | Avg. Rent/Mo | SF |
|---|---|---|---|
| 5+3 | 7 | $1,632 | 199 - 1,094 |
1 1
Walk Score®
Walker's Paradise (90)
Property Taxes
| Parcel Number | 121-225-009 | Improvements Assessment | $1,089,860 |
| Land Assessment | $317,920 | Total Assessment | $1,407,780 |
Property Taxes
Parcel Number
121-225-009
Land Assessment
$317,920
Improvements Assessment
$1,089,860
Total Assessment
$1,407,780
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215 N Miller St
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