725 729,733 N E St, Lompoc, CA 93436

Property Description

Three six-unit apartment buildings on separate legal lots located in Lompoc, CA. Each apartment building is two stories and feature 3 downstairs units with private patios and 3 upstairs units. Each building also includes one laundry room and 6 off street parking spaces accessible from the rear alley. All units consist of identical 2BD/1BA units totaling approximately 751 SF each. Most units have been updated over the past seven years and include granite or quartz countertops in the kitchens, tile floors in the bathrooms and kitchens, and tile or wood-like laminate flooring in the living room/hallways/bedrooms. The subject property is subject to a City of Lompoc very low-income affordability covenant. The covenant allows for a maximum rent (currently) of $1,016 per month. This figure changes upward or downward depending upon changes to the median income and changes to the utility allowance. The covenant governing the operation of the subject expires on May 1, 2037 (in 15 years).