Description

California Oceanfront Land Of 27.5 Acres To Build Over 120 Single Family Homes And/Or Multi-Family
Property Summary

Two Buying Options:
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1. Complete Buyout Of The 27.5 Acres Is $14M Plus 4%

2. One Of The Partners Wants To Stay On, Should That Be The Option, Price Is $10.5M Plus 4% With The Joint Venture. This Pays Off All Of The Underlying Debt And Provides $2M For All Of The Entitlements And Carrying Costs For The Next Three Years.

Located In Santa Barbara County Just South Of Santa Barbara In The City Of Carpinteria, California

This Is On The Ocean Side Of Pacific Coast Highway With Extreme Oceanviews

The Zoning Is Pud (Planned Urban Development) Suitable For Single Family Homes And Multi-Family Units

Additionally, A Hotel Or Resort Can Be Built Or Even Light Service Commercial

All Of The Utilities Are At The Street/Property Line

Currently There Are Two Tenants Paying Rent: A Golf Driving Range Occupies 7 Acres Paying $12,000 Per Year

Additionally, There Is A Tenant Growing Flowers And Vegetables On 20 Acres Paying $12,000 Per Year

The Expected Value Of The Land Will Exceed $40,000,000 After The Entitlements Are In Place

The Seller Has A 2015 Appraisal For A Potential Refinance Of The Existing Note

The Appraisal As-Is Value For The Raw Land Was Valued At $16,000,000 With The Current Zoning In Place

The Pud Zoning Is Expected To Yield 126 Residential Assets

Here Is Huge Information For The Incoming Buyer/Builder/Investor. The Most Recent Single Family Project In The Immediate Area Was Built On The North Side Of The Highway (Non-Ocean Side). That Project Has No Ocean Views Plus Those Homes Were Build With Composition Roofs And Wood Siding. Their Price Was $1.1M For A 2220 Square Foot Home On A Small 6,000 Suare Foot Lot. With This Asset Which Is On The Ocean Side Of The Highway With Ocean Views All Around Plus Walking Trails To The Beach

Posted Sep 22, 2016

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