Rare investment opportunity in Santa Maria - 360 E. NEWLOVE DR. This centrally located 1.2-acre parcel of R2 Medium Density (R2) zoned landcomes with 3 existing single-family homes, one garage conversion studio unit, offering the potential to build between 14-26 apartment units. Withminimum lot size requirements, the property can be split into 8 total parcels for even higher overall density. Priced at $1,499,000, this property is acovered land play with the option to bring rents up to market while planning your multifamily development. Currently, 75% leased to 3 tenants on amonth-to-month basis, there is tremendous upside in rents, with a market rent potential of $9,600/month. Additionally, there is the opportunity tolease out excess land for additional income. Strategically positioned just one mile from the nearest Highway 101 exit and within walking distance ofbus stops, Mcdonald's, and Target, this property boasts a desirable location. Moreover, Santa Maria is experiencing a housing shortage, making thisproperty highly sought after by investors and developers. Don't miss your chance to acquire this prime investment property at 360 E. NEWLOVE DR.in Santa Maria.
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