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Prime 0.40-Acre Empty land Development Opportunity in Historic Old Town Lompoc at I Street – Includes Two Parcels. Discover a rare investment opportunity in the heart of Old Town Lompoc, Santa Barbara County. This flat, build-ready 0.40-acre land consists of two adjoining parcels (APNs 091-103-021 & 091-103-022) and offers exceptional development potential in a rapidly revitalizing area. Preliminary evaluation indicates the site could accommodate some commercial space and approximately 48 residential units, including 7 affordable units for low-income housing when considering AB 2001 Bill as well as density bonus incentives. No parking is required under these provisions, making this a highly versatile opportunity for developers looking to bring new residential and retail vitality to the downtown corridor. All information should be confirmed with the City of Lompoc and independently verified by the buyer. This land also carries rich historic significance. In 1875, it was home to the iconic Sherman Hotel, later known as the Colonial Inn, built by Lompoc’s first postmaster. Over the years, it held several names—including the Veit House, Cousin’s Hotel, and Mastro's Colony House—before its demolition in 1989. Today, the site stands ready for a new chapter, offering a unique opportunity to revitalize a meaningful piece of Lompoc’s past. With its central location, flat topography, and flexible development possibilities, this property is ideal for a thoughtfully designed residential or mixed-use project. Bring your vision to a site where history, community, and opportunity come together.