Here are some options for this property that may interest you: Finish subdividing out the lots and sell them as ready to be built upon 1 acre lots. Projected estimated sale value is 1.5 million with a profit of 600k. Lots should easily sell for $325 to $350k each.An alternative to purchasing these lots outright is to partner up and participate in the development project for much less of an investment (possibly 200k to 300k). Yet another alternative is to purchase the property and build your beautiful home to live in until either (A) The rest of the lots could be developed out completely or (B) Leave the property at 5.69 acres and have the largest ranch in Santa Maria city limits. Water source could either come from the city hook ups or installing your own private well right on the property. We estimate the well might cost slightly more initially, but would be less expensive over time compared to the city hook ups and ongoing cost for water. It's estimated that the total property improvement cost is approximately 300k to get all 5 lots to the point of being ready to start building a house. If someone decided to just keep the property zoned at 5 acres and build one main house then we estimate the cost to be $175 to $225 per sq foot. An 1800 sq foot home would end up costing between $315,000 to $405,000.There's no guess work on your part, the builder has turned over ever stone pertaining to what it will take to develop these lots out. That's the beautiful thing about this property; it comes with advice and guidance from a very capable builder who could hold your hand every step of the way if needed to get these lots developed. Either get them ready for someone else, or finish them with a completed home, your choice.
This property is off market, which means it's not currently listed for sale or rent on Zillow. This may be different from what's available on other websites or public sources.
