224 N F Street, Lompoc, CA 93436, Lompoc, 93436 - 4 bed, 2 bath
ACTIVE UNDER CONTRACT$649,000$1,574/sqft
224 N F Street, Lompoc, CA 93436
4Beds
2Baths
1,574Sqft
6,970Lot
Price Vs. Estimate
Estimation data not available
Key pros and cons
Top Pros:
Strong Income Potential: Currently fully rented, offering immediate cash flow, with significant upside potential by adjusting below-market rents.
Top Cons:
Suboptimal Rental Income: Rents are 'well below market prices,' necessitating strategic rent adjustments or unit renovations to achieve full income potential.
Compared to the nearby listings
Compared against 0 nearby listings
More Insights
Built in 1949 (77 years old).
Condition: The property was built in 1949 and is described as being in 'near vintage condition' with 'original hardwood floors,' indicating significantly outdated interiors, including likely the kitchen and bathrooms. The listing explicitly states 'Extensive Interior Modernization Needed' and 'Aging Infrastructure.' While the property has been 'carefully maintained' and features 'near new, thermal pane windows' and 'exterior paint,' these updates are primarily cosmetic and exterior, leaving the core interior components, styles, and features well over 30 years old and requiring substantial renovation to meet current standards. The absence of interior photos prevents a detailed assessment of specific kitchen/bathroom styles and appliances, but the textual evidence strongly supports an outdated condition.
Year Built
1949
Close
-
List price
$649K
Original List price
-
Price/Sqft
$412
HOA
$0
Days on market
-
Sold On
-
MLS number
25602663
Home ConditionFair
Features
View-
About this home
224 N F Street is a "two on a lot" often referred to as "twin houses," (not a traditional duplex). Immediately next door is a separately listed property also for sale, 220 N F Street (MLS# 25602599), which is essentially identical in layout and price. Either, or both together offer a remarkable opportunity for owner/users to create a family compound or a developer/investor opportunity. First time on the market in many decades. A few short blocks to Ocean Ave and Old Town Lompoc. Each property offers two, 2-bedroom, 1-bath houses, each in near vintage condition, with original hardwood floors, all with defined, private yards, off street parking and private laundries. All units have been carefully maintained though the years by the same owners. Near new, thermal pane windows, exterior paint and are fully rented, though at well below market prices. (Note: Photos also show adjoining property at 220 N F St. Each property has a front and back unit.)
M
Michael Nicola
Listing Agent
Condition Rating
Fair
The property was built in 1949 and is described as being in 'near vintage condition' with 'original hardwood floors,' indicating significantly outdated interiors, including likely the kitchen and bathrooms. The listing explicitly states 'Extensive Interior Modernization Needed' and 'Aging Infrastructure.' While the property has been 'carefully maintained' and features 'near new, thermal pane windows' and 'exterior paint,' these updates are primarily cosmetic and exterior, leaving the core interior components, styles, and features well over 30 years old and requiring substantial renovation to meet current standards. The absence of interior photos prevents a detailed assessment of specific kitchen/bathroom styles and appliances, but the textual evidence strongly supports an outdated condition.
Pros & Cons
Pros
Strong Income Potential: Currently fully rented, offering immediate cash flow, with significant upside potential by adjusting below-market rents.
Flexible Investment Opportunity: The 'two on a lot' configuration, coupled with the availability of an identical adjacent property, presents unique options for investors (portfolio expansion, development) or owner-users (family compound).
Recent Capital Improvements: Key updates such as 'near new, thermal pane windows' and 'exterior paint' reduce immediate capital expenditure for major exterior components.
Charming Original Features: The presence of 'original hardwood floors' and overall 'near vintage condition' offers character and appeal to a specific buyer segment.
Enhanced Unit Functionality: Each unit benefits from private amenities including 'defined, private yards, off street parking and private laundries,' improving tenant desirability and property value.
Cons
Suboptimal Rental Income: Rents are 'well below market prices,' necessitating strategic rent adjustments or unit renovations to achieve full income potential.
Extensive Interior Modernization Needed: The 'near vintage condition' implies that interiors are likely dated and will require substantial renovation to meet current market expectations and maximize rental or resale value.
Aging Infrastructure: As a 1949 build, the property likely has original or older major systems (e.g., plumbing, electrical, HVAC), which could lead to significant future repair or replacement costs.