115 East College Avenue | Lompoc, CA
Status: For Sale
Property Type: Retail
Square Feet: 12,578
Cap Rate: 5.67%
Marcus & Millichap, as exclusive advisor, is pleased to present the opportunity to acquire the fee-simple interest in 115 East College Avenue (“the Property”), located in the city of Lompoc. The Property is located in Santa Barbara County and benefits from its immediate proximity to the area’s abundant wineries and vineyards. Located just off the main thoroughfare of H Street (Highway 1), the Property’s infill location makes it a desirable asset serving the surrounding population. Built in 1985, the 12,578 square foot building is situated on 0.89 acres of land in the Planned Commercial Development zone and has a 4.87:1,000 parking ratio.
The Property offers an investor the unique opportunity to acquire a pride of ownership building with immediate upside in rent. This is a true value-add investment, as all but one of the tenants are either month-to-month or have leases expiring within one year, and all are significantly below market rent. The Property boasts high historical occupancy, with several of the current tenants having occupied their spaces since the Property was built. 115 East College Avenue is priced below replacement cost at $191 per square foot and virtually no deferred maintenance.