2 0 5 E . C a r r i l lo st. s u i tE 1 0 0 | s a nta B a r B a r a C a 93 1 0 1 | 8 0 5 .9 6 5 . 5 5 0 0 | Fa x 8 0 5 .9 6 5 . 5 3 0 0 | r a d i u s gr o u p.Co m

Offered at $2,900,000

for sale � 24-unit two-story apartment complex6 0 1 – 6 0 5 , 6 0 9, 6 1 3 w. o c e a n av e . | lo m p o c , c a 93 4 3 6

Jim Turner805.879.9621jturner@radiusgroup.comCA Lic. 00970829

Steve Golis805.879.9606sgolis@radiusgroup.comCA Lic. 00772218

2 0 5 E . C a r r i l lo st. s u i tE 1 0 0 | s a nta B a r B a r a C a 93 1 0 1 | 8 0 5 .9 6 5 . 5 5 0 0 | Fa x 8 0 5 .9 6 5 . 5 3 0 0 | r a d i u s gr o u p.Co m

for sale � 24-unit two-story apartment complex6 0 1 – 6 0 5 , 6 0 9, 6 1 3 w. o c e a n av e . | lo m p o c , c a 93 4 3 6

Jim Turner805.879.9621jturner@radiusgroup.comCA Lic. 00970829

Steve Golis805.879.9606sgolis@radiusgroup.comCA Lic. 00772218

The information provided here has been obtained from the owner of the property or from other sources deemed reliable. We have no reason to doubt its accuracy, but we do not guarantee it.

property brief

Units ▶ 24 (16) 2BR + 1BA; (8) 1BR + 1BA

Unit Size ▶ ±586SF (1BR+1BA); ±741SF (2BR+1BA)

Building Size ▶ ±16,544 SF

Lot Size ▶ ±27,877SF

Floors ▶ 2

APN ▶ 091-072-010, -011, -012

Zoning ▶ R-3

Year Built ▶ 1960

CSO ▶ 2.5%

8.17.16

Easy Access to Schools & Shopping

Offered at

$2 ,9 0 0,0 0 03.94% CAP | 14.26 GRM | $121,644 NOI | $120,833/Unit | $104/SF Land

This is an outstanding value-add opportunity to purchase a complex with rents 32% below current market. The Ocean Avenue Apart-ments complex consists of (4) 2-story buildings, each with six units, for a total of 24 units. The unit mix is (8) 1BD/1BA and (16) 2BD/1BA apartments. The approx. 27,877 SF property is composed of three separate legal parcels. The Seller is also offering two other nearby apartment properties for sale.

2 0 5 E . C a r r i l lo st. s u i tE 1 0 0 | s a nta B a r B a r a C a 93 1 0 1 | 8 0 5 .9 6 5 . 5 5 0 0 | Fa x 8 0 5 .9 6 5 . 5 3 0 0 | r a d i u s gr o u p.Co m

for sale � 24-unit two-story apartment complex6 0 1 – 6 0 5 , 6 0 9, 6 1 3 w. o c e a n av e . | lo m p o c , c a 93 4 3 6

Jim Turner805.879.9621jturner@radiusgroup.comCA Lic. 00970829

Steve Golis805.879.9606sgolis@radiusgroup.comCA Lic. 00772218

parcel map & location

OCEAN AVE .

N.

M S

T.

The information provided here has been obtained from the owner of the property or from other sources deemed reliable. We have no reason to doubt its accuracy, but we do not guarantee it.

2 0 5 E . C a r r i l lo st. s u i tE 1 0 0 | s a nta B a r B a r a C a 93 1 0 1 | 8 0 5 .9 6 5 . 5 5 0 0 | Fa x 8 0 5 .9 6 5 . 5 3 0 0 | r a d i u s gr o u p.Co m

for sale � 24-unit two-story apartment complex6 0 1 – 6 0 5 , 6 0 9, 6 1 3 w. o c e a n av e . | lo m p o c , c a 93 4 3 6

Jim Turner805.879.9621jturner@radiusgroup.comCA Lic. 00970829

Steve Golis805.879.9606sgolis@radiusgroup.comCA Lic. 00772218

Cabrillo H

wy.

W. Maple Ave.

E. Ocean Ave.

E. Chestnut Ave.

Old Town Lompoc

E. Walnut Ave.

Ocean Avenue Apartments1 Lompoc Valley Medical Center2 Spring Arts & Flower Festival3 Vons4 Marshalls5 Lompoc Aquatic Center6 Lompoc High School7 Sushi Teri, Lompoc8 Tom’s Diner9 Bank of America Financial Center

10 Staples11 Lompoc Family YMCA12 Lompoc Recreation Division13 Starbuck’s14 Native Tongue Botique & Lounge15 Collector’s Gallery West 16 Lompoc Valley Middle School

17 Bicycles Unlimited18 D’Vine Wine Bar & Bistro

1

3

45

6

7

81011

13

14

15

17

601-605, 609, 613 W. OCEAN AVE.

2

912

16

18

The information provided here has been obtained from the owner of the property or from other sources deemed reliable. We have no reason to doubt its accuracy, but we do not guarantee it.

Surrounding area

2 0 5 E . C a r r i l lo st. s u i tE 1 0 0 | s a nta B a r B a r a C a 93 1 0 1 | 8 0 5 .9 6 5 . 5 5 0 0 | Fa x 8 0 5 .9 6 5 . 5 3 0 0 | r a d i u s gr o u p.Co m

for sale � 24-unit two-story apartment complex6 0 1 – 6 0 5 , 6 0 9, 6 1 3 w. o c e a n av e . | lo m p o c , c a 93 4 3 6

Jim Turner805.879.9621jturner@radiusgroup.comCA Lic. 00970829

Steve Golis805.879.9606sgolis@radiusgroup.comCA Lic. 00772218

p. 5

income analySiS & Valuation

The information provided here has been obtained from the owner of the property or from other sources deemed reliable. We have no reason to doubt its accuracy, but we do not guarantee it.

Executive Summary# Units: 24

Price: $2,900,000Price/Unit: $120,833

NOI: $114,349GRM: 14.26

CAP Rate: 3.94%Lot Size: 27,877 SF

Price/Lot SF: $104/SFZoning: Multi 5+ Units

A.P.N 091-072-010, -011, -012Year Built 1960

CalculationsCurrent Level

EOI: $203,313 $268,383

Annual Exp.: $88,964 $91,904

NOI: $114,349 $176,480

GRM: 14.26 10.81

CAP Rate: 3.94% 6.09%

Annual ExpensesCurrent Current % GOI Market % GOI Market

Real Estate Taxes: 1.15% $33,350 16.4% 12.4% $33,350Advertising: Est. $200 0.1% 0.1% $200

Insurance: Est. $6,000 3.0% 2.2% $6,000Utilities: Act. $14,824 7.3% 5.5% $14,824

Electric $584 $584Water $9,874 $9,874Trash $540 $540

Gas $3,826 $3,826Maint/Repairs: Est. $500/Unit $12,000 5.9% 4.5% $12,000

Grounds: Act. $3,482 1.7% 1.3% $3,482Off-site Management: 5% $10,480 5.2% 5.0% $13,419On-site Management: Est. $0 0.0% 0.0% $0

Pest Control: Act. $1,128 0.6% 0.4% $1,128Legal & Accounting: Est. $1,500 0.7% 0.6% $1,500

Reserves: $250/Unit $6,000 3.0% 2.2% $6,000Annual Expenses Per Unit $3,707 $3,829

Annual Expenses $88,964 43.8% 34.2% $91,904

Unit Mix & Rent Schedules Current Rent Level Rent

# Units Mix Est. SF Rent/Unit Monthly Income Rent/Unit Monthly Income16 2BD/1BA 741 SF $740-$995 $12,010 $1,050 $16,8008 1BD/1BA 586 SF $650 $5,200 $750 $6,000

Monthly Rental Income: $17,210 $22,800Monthly Laundry Income: $257 $257

Potential Gross Monthly Income: $17,467 $23,057Potential Gross Annual Income: $209,601 $276,684

Less: Vacancy & Collection Loss: 3% $6,288 % Rent Upside $8,301Effective Gross Economic Income: $203,313 32.0% $268,383

2 0 5 E . C a r r i l lo st. s u i tE 1 0 0 | s a nta B a r B a r a C a 93 1 0 1 | 8 0 5 .9 6 5 . 5 5 0 0 | Fa x 8 0 5 .9 6 5 . 5 3 0 0 | r a d i u s gr o u p.Co m

for sale � 24-unit two-story apartment complex6 0 1 – 6 0 5 , 6 0 9, 6 1 3 w. o c e a n av e . | lo m p o c , c a 93 4 3 6

Jim Turner805.879.9621jturner@radiusgroup.comCA Lic. 00970829

Steve Golis805.879.9606sgolis@radiusgroup.comCA Lic. 00772218

comparable rentS

Property Address Unit Mix Price/Month

Subject Property 601-605, 609, 613 W. Ocean Ave., Lompoc

2BR + 1BA 1BR + 1BA $650–$995

N. D St. at E. Laurel Ave., Lompoc 2BR + 1BA $1,275–$1,350

614–638 N. 3rd St., Lompoc 2BR + 1BA1BR + 1BA

$1,075 $975

737 N. 4th St., Lompoc 2BR + 1BA $1,050

1

2

3

4

2

1

3

4

The information provided here has been obtained from the owner of the property or from other sources deemed reliable. We have no reason to doubt its accuracy, but we do not guarantee it.

2 0 5 E . C a r r i l lo st. s u i tE 1 0 0 | s a nta B a r B a r a C a 93 1 0 1 | 8 0 5 .9 6 5 . 5 5 0 0 | Fa x 8 0 5 .9 6 5 . 5 3 0 0 | r a d i u s gr o u p.Co m

for sale � 24-unit two-story apartment complex6 0 1 – 6 0 5 , 6 0 9, 6 1 3 w. o c e a n av e . | lo m p o c , c a 93 4 3 6

Jim Turner805.879.9621jturner@radiusgroup.comCA Lic. 00970829

Steve Golis805.879.9606sgolis@radiusgroup.comCA Lic. 00772218

comparable propertieS Sold

The information provided here has been obtained from the owner of the property or from other sources deemed reliable. We have no reason to doubt its accuracy, but we do not guarantee it.

Property Address Sale Price Units Price/Unit CAP Rate GRM Unit Mix Sale Date

223 E. Bunny Ave., Santa Maria $2,270,000 16 $141,875/Unit 6.15% 9.84 (1) Studio(15) 2BD/1BA 3/22/2016

536 N. U St., Lompoc $1,250,000 14 $89,286/Unit 5.94% 9.57 (10) 1BD/1BA(4) 2BD/2BA 11/18/2015

604 & 608 N. 3rd St., Lompoc $1,000,000 14 $71,429/Unit 5.57% 10.11 (14) 1BD/1BA 9/28/2015

625 N. B St., Lompoc $1,127,500 12 $93,958/Unit 5.44% 11.03 (2) 1BD/1BA(10) 2BD/1BA 8/11/2015

632–636 N. 4th St., Lompoc $761,500 8 $95,188/Unit 4.47% 8/27/2015

717 N. 4th St., Lompoc $725,000 7 $103,571/Unit 9/30/2015

601 W. Maple Ave., Lompoc $689,500 6 $114,917/Unit 8/24/2015

Averages $1,117,643 11 $101,460/Unit 5.51% 10.14

1

2

34

5

67

2

1

3

4 5

7

6

Santa Maria

Lompoc

2 0 5 E . C a r r i l lo st. s u i tE 1 0 0 | s a nta B a r B a r a C a 93 1 0 1 | 8 0 5 .9 6 5 . 5 5 0 0 | Fa x 8 0 5 .9 6 5 . 5 3 0 0 | r a d i u s gr o u p.Co m

for sale � 24-unit two-story apartment complex6 0 1 – 6 0 5 , 6 0 9, 6 1 3 w. o c e a n av e . | lo m p o c , c a 93 4 3 6

Jim Turner805.879.9621jturner@radiusgroup.comCA Lic. 00970829

Steve Golis805.879.9606sgolis@radiusgroup.comCA Lic. 00772218

comparable propertieS aVailable for Sale

The information provided here has been obtained from the owner of the property or from other sources deemed reliable. We have no reason to doubt its accuracy, but we do not guarantee it.

Property Address Sale Price Units Price/Unit CAP Rate GRM Unit Mix

Sale Pending - 213 E. College Ave., Lompoc $1,699,000 9 $188,778 5.35% 11.66 (8) 3BD/1.5BA(1) 6BD/2.5BA

736 N. E St., Lompoc $2,265,000 18 $137,500 5.21% 10.88 (16) 3BD/2BA(2) 2BD/1BA

310–314 N. L St., Lompoc $1,400,000 8 $175,000 3.69% 15.56 (8) 3BD/2BA

1

2

3

2

1

3