223 E Tunnell, Santa Maria, CA 93454, Santa Maria, 93454 - 0 bed, 0 bath
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Santa Maria, CA 93454
Analysis of 223 E Tunnell, Santa Maria, CA 93454 is currently available with a list price of $1,799,000. The property maintains a Fair Condition Rating (50/100), suggesting the property is in acceptable condition with potential for value enhancement through selective updates and improvements. Located in a high-demand neighborhood within the Santa Maria Unified School District, this asset is categorized as a low-risk, high-reward acquisition suitable for both Buy-and-Hold Investors and Owner-Occupants willing to undertake light renovation work.
Property is moderate renovation needed.
Built in 1940, this multi-family property is well-maintained and functional but shows clear signs of age. While the units are habitable and generating strong income, the kitchens and bathrooms feature dated styles and standard appliances rather than modern renovations. The property is described as a value-add opportunity 'primed for a new owner to implement their vision,' indicating that while major systems are functional, they are likely nearing the end of their typical lifespan and require cosmetic or system updates to meet current modern standards.
The property generates over $12,000 in monthly rental income from seven units, providing immediate cash flow and a solid foundation for investment returns.
Featuring seven single-level casitas arranged around a central courtyard, the property offers a unique community atmosphere with private outdoor spaces that appeal to long-term tenants.
With a large 18,731 sq. ft. lot, separate utility meters, and a storage shed suitable for laundry conversion, there is significant potential to increase property value and net income.
Originally built in 1940, the property may require more frequent maintenance and capital improvements to aging systems compared to modern multi-family developments.
The property currently lacks dedicated onsite laundry facilities and features a simple rear parking lot, which may require additional capital expenditure to meet modern tenant expectations.
Welcome to 223 East Tunnell in beautiful Santa Maria, CA. This is a rare opportunity to purchase a multi-family rental property on a large, centrally located parcel with strong current income and room for future growth. This unique property features seven (7) single-level casitas thoughtfully arranged around a charming common courtyard, creating a welcoming community setting for residents. The property consists of four separate building structures comprising four 1-bedroom units and three 2-bedroom units. Several casitas feature private backyard spaces, while all residents enjoy access to the shared green common area in the front. Current monthly rental income is over $12,000 per month, with tenants paying electric/gas on separate meters. Various units have a private backyard space, and all units have access to a green common area in the front. The rear parking lot, conveniently accessed via the alley, offers seven onsite parking spaces along with an owner’s storage shed that presents potential for conversion into onsite laundry facilities. 223 East Tunnell is primed for a new owner to implement their vision and maximize its potential. Call today for a private showing.
No exterior & parking available.
No sensitive facilities data found.
| Feature | Subject | Average Home | Neighborhood Ranking (50 Listings) |
|---|---|---|---|
| Beds | 0.0 | 0.0 | 50% |
| Baths | 0.0 | 0.0 | 50% |
| Square foot | 4,973 | 4,602 | 75% |
| Lot Size | 18,731 | 10,902.5 | 75% |
| Price | $1.80M | $1.46M | 75% |
| Price per sq ft | $362 | $331 | 75% |
| Built year | 1940 | 1935 | 50% |
| HOA | $0 | $0 | 50% |
| Days on market | 63 | 176 | 25% |
Feb 18, 2026
$1,799,000
Initial Listing
Nov 5, 2021
$1,200,000
Public Record
Oct 6, 2000
$300,000
Public Record