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440 Atascadero Road

Morro Bay, CA 93442
  • $2,400,000
  • STATUS: Active
  • ON SITE: 13 Days
  • ID#: SC24023835
UPDATED: 18 min ago
$2,400,000
  • 0
    BEDS
  • 0.37
    ACRES
  • 0
    BATHS
  • 0
    1/2 BATHS
Neighborhood:
Type:
Multi-Family
Built:
1953
County:

School Ratings & Info

Listing Agent(s): Aaron Anderson of Rock View Realty (805-225-3151)


Description

This can be your opportunity to purchase 12 residential apartment units and a rentable storage garage in Morro Bay just blocks from the beach. This is a single level building that requires low maintenance, has a shared laundry facility, a dedicated carport parking space for 11 of the 12 units, and it's incredibly convenient location, make this complex desirable for owners and tenants alike. The complex is in close proximity to parks, trails, restaurants, a gas station, grocery stores, schools, and public transportation, which makes it easy for residents to enjoy the Central Coast lifestyle. Monthly income has remained steady and predictable for years, as these units rent very quickly. There are eleven studio apartments and one 1-bedroom apartment in the complex, and there is also an additional, rentable garage unit (currently rented), which combine to generate solid monthly revenue across these 13 units. Each residential unit is equipped with a separate kitchen, medium-sized refrigerator, range oven, full bathroom, beam ceiling, and a wall heater. Zoned Commercial-Visitor Serving (C-VS) but fully occupied with long-term tenants, this conveniently located parcel sits on Atascadero Road within the city limits of Morro Bay, providing easy access to Highway 41, Highway 101, and scenic Highway 1. Buyers seeking a well located, turnkey income opportunity can look forward to years of successful ownership, while opportunities abound for those considering redevelopment in the near or distant future. As always, please check with Morro Bay Community Development for zoning and building allowances, and act fast. Easy, multi-unit complexes like this one don't last long!

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Based on information from California Regional Multiple Listing Service, Inc. as of 2024-02-23T20:34:57.17. This information is for your personal, non-commercial use and may not be used for any purpose other than to identify prospective properties you may be interested in purchasing. Display of MLS data is deemed reliable but is not guaranteed accurate by the MLS or Brianna Miller | Synergy Real Estate. Licensed in the State of California, USA.
www.briannasellshomes.com/homes/147420396
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440 Atascadero Road Morro Bay, CA 93442

  • Price: $2,400,000
  • Status: Active
  • On Site: 13 Days
  • Updated: 18 min ago
  • ID#: SC24023835
0
Beds
0
Baths
0
½ Baths
0.37
Acres
1953
Built
Neighborhood:
Highway 41(770)
County:
San Luis Obispo
Area:
MRBY - Morro Bay
Property Description
This can be your opportunity to purchase 12 residential apartment units and a rentable storage garage in Morro Bay just blocks from the beach. This is a single level building that requires low maintenance, has a shared laundry facility, a dedicated carport parking space for 11 of the 12 units, and it's incredibly convenient location, make this complex desirable for owners and tenants alike. The complex is in close proximity to parks, trails, restaurants, a gas station, grocery stores, schools, and public transportation, which makes it easy for residents to enjoy the Central Coast lifestyle. Monthly income has remained steady and predictable for years, as these units rent very quickly. There are eleven studio apartments and one 1-bedroom apartment in the complex, and there is also an additional, rentable garage unit (currently rented), which combine to generate solid monthly revenue across these 13 units. Each residential unit is equipped with a separate kitchen, medium-sized refrigerator, range oven, full bathroom, beam ceiling, and a wall heater. Zoned Commercial-Visitor Serving (C-VS) but fully occupied with long-term tenants, this conveniently located parcel sits on Atascadero Road within the city limits of Morro Bay, providing easy access to Highway 41, Highway 101, and scenic Highway 1. Buyers seeking a well located, turnkey income opportunity can look forward to years of successful ownership, while opportunities abound for those considering redevelopment in the near or distant future. As always, please check with Morro Bay Community Development for zoning and building allowances, and act fast. Easy, multi-unit complexes like this one don't last long!
Exterior Features

Carport YN Yes Entry Level 1 Entry Location under carport Lot Features 11-15 Units/Acre Number Of Separate Electric Meters 0 Parking Features Attached Carport Parking Total 0 Pool Features None Pool Private YN No Property Attached YN Yes

Interior Features

Common Walls 2+ Common Walls

Property Features

Additional Parcels YN No Association Fee 0 Association YN No Common Interest None Community Features BikingDog ParkFishingGolfHikingParkWater Sports Contingency NONE Electric Expense 6693 Fuel Expense 5232 Garage YN No Gross Income 186900 Gross Scheduled Income 186900 Insurance Expense 7200 Land Lease YN No Laundry Features Common Area Levels One Listing Agreement Exclusive Right To Sell Listing Service Full Service Listing Terms Cash to New LoanConventional Maintenance Expense 17550 Net Operating Income 112833 New Construction YN No Number Of Separate Gas Meters 0 Number Of Separate Water Meters 0 Number Of Units Leased 13 Operating Expense 74076 Property Sub Type Mixed Use Rent Control YN Yes Senior Community YN No Sewer Public Sewer Special Listing Conditions Standard Tenant Pays None Total Actual Rent 173751 Trash Expense 2636 Water Sewer Expense 14597 Water Source Public Zoning CVS



Based on information from California Regional Multiple Listing Service, Inc. as of 2024-02-23T20:34:57.17. This information is for your personal, non-commercial use and may not be used for any purpose other than to identify prospective properties you may be interested in purchasing. Display of MLS data is deemed reliable but is not guaranteed accurate by the MLS or Brianna Miller | Synergy Real Estate. Licensed in the State of California, USA.
 
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Brianna Miller | Synergy Real Estate
140 N. Harvard Avenue #341
Claremont CA, 91711
Listing Agent(s): Aaron Anderson of Rock View Realty (805-225-3151)