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511 W Cook St
Santa Maria, CA 93458
The Lofts at 511 Cook St | 11 Units · Multifamily Property For Sale
·
11 Units
Investment Highlights
- Unit mix: (11) 1BD/1BA (8 standard, 3 townhouse-style).
- GRM: Current: 12.98 • Market: 12.74.
- $1,600,000 assumable agency loan in place with 3.77% interest only, subject to lender approval and a 1% assumption fee.
- Cap rates: Current: 5.21% • Market: 5.37%.
- 3.77% interest assumable debt available at 48.7% LTV through November 30, 2029.
Executive Summary
Positive Leverage From Day 1 w/ Assumable Agency Loan | The Lofts at 511 Cook Street is a distinctive 11 unit multifamily property in the heart of Santa Maria, featuring all 1 bedroom, 1 bathroom apartments, including three loft- or townhouse-style units that offer unique architectural character and a modern, upscale feel. The building spans 6,946 square feet and includes ample off-street parking, and an on-site laundry facility. Detached garages provide an easy value-add opportunity for a new owner, with potential for ADU conversion.
Centrally located just minutes from downtown Santa Maria, residents enjoy convenient access to shops, restaurants, and local amenities. With its blend of standard and loft-style units, this property offers a compelling mix of functionality and style, making it appealing to young professionals, singles, and small households. It represents an outstanding opportunity for investors seeking a turnkey multifamily asset with both income stability and long-term growth potential.
$1,600,000 assumable agency loan in place with 3.77% interest only, subject to lender approval and a 1% assumption fee. Please contact Listing Agents for further details.
ALSO AVAILABLE FOR PURCHASE AS A 2-PROPERTY PORTFOLIO. BOTH PROPERTIES UNDER SAME OWNERSHIP: THE LOFTS AT 511 COOK ST & AGNES APARTMENTS.
Centrally located just minutes from downtown Santa Maria, residents enjoy convenient access to shops, restaurants, and local amenities. With its blend of standard and loft-style units, this property offers a compelling mix of functionality and style, making it appealing to young professionals, singles, and small households. It represents an outstanding opportunity for investors seeking a turnkey multifamily asset with both income stability and long-term growth potential.
$1,600,000 assumable agency loan in place with 3.77% interest only, subject to lender approval and a 1% assumption fee. Please contact Listing Agents for further details.
ALSO AVAILABLE FOR PURCHASE AS A 2-PROPERTY PORTFOLIO. BOTH PROPERTIES UNDER SAME OWNERSHIP: THE LOFTS AT 511 COOK ST & AGNES APARTMENTS.
Property Facts
| Price Per Unit | $290,909 | Lot Size | 0.41 AC |
| Sale Type | Investment | Building Size | 6,946 SF |
| No. Units | 11 | No. Stories | 2 |
| Property Type | Multifamily | Year Built | 1975 |
| Property Subtype | Apartment | Parking Ratio | 2.3/1,000 SF |
| Apartment Style | Low-Rise | Opportunity Zone |
Yes
|
| Building Class | C | ||
| Zoning | R-2 | ||
| Price Per Unit | $290,909 |
| Sale Type | Investment |
| No. Units | 11 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Low-Rise |
| Building Class | C |
| Lot Size | 0.41 AC |
| Building Size | 6,946 SF |
| No. Stories | 2 |
| Year Built | 1975 |
| Parking Ratio | 2.3/1,000 SF |
| Opportunity Zone |
Yes |
| Zoning | R-2 |
Unit Mix Information
| Description | No. Units | Avg. Rent/Mo | SF |
|---|---|---|---|
| 1+1 | 11 | - | 1,620 |
Property Taxes
| Parcel Number | 123-076-008 | Improvements Assessment | $1,433,285 |
| Land Assessment | $390,429 | Total Assessment | $1,823,714 |
Property Taxes
Parcel Number
123-076-008
Land Assessment
$390,429
Improvements Assessment
$1,433,285
Total Assessment
$1,823,714
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