PROPERTY DESCRIPTION

Unique opportunity to acquire 60 units in two contiguous multifamily properties located at 1001 E Cypress Avenue (�Bahia La Paz�) and 1021 E Cypress Avenue (�Kimi East�) situated on the Central Coast in the City of Lompoc. Both buildings are garden-style courtyard communities that provide an excellent unit mix of 40 x 2BD/1BA units and 20 x 1BD/1BA units, excellent onsite parking, onsite laundry facilities, functional unit layouts, and an ideal location in the Lompoc Valley. Bahia La Paz is 24-unit Mission-style, red tiled roof building constructed in 1984 consisting of sixteen 2BD/1BA townhome units (with fireplaces) and 8 X 1BD/1BA flats. Tenants enjoy either private patios or balconies, a common courtyard with two community BBQs, an onsite laundry facility, and on-site parking consisting of 26 carport spaces and 17 uncovered spaces. All tenants are on a month-to-month lease with current rents that are approximately 25% below market. Kimi East Apartments is a 36-unit Mid-Century building constructed in 1963 and comprised of 24 X 2BD/1BA units and 12 X 1BD/1BA (all flat units). Tenants enjoy a common courtyard with three community BBQs, two on-site laundry rooms and 36 carport spaces with tenant storage closets. All tenants are on a month-to-month lease with current rents that are approximately 35% below market. Ownership has recently replaced all railings at the property to meet today�s code.