440 Atascadero Road
Morro Bay, CA, 93442 $ 2,200,000
Baths0.0 Sq 4,178 Monthly Estimate*
$ 14,622
Listed by Rock View Realty
Studio
for $2,200,000. This 4,178 square foot building was built in 1953 on a lot size of 0.3659.
Price Reduced! Historical photos added! 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 12 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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FeaturesExteriorLot Features Item1115UnitsAcre
Water Source Public
Lot Size Area 15939.0
Number of Buildings 2
Spa N
Building Area Total 4178.0
Lot Size Acres 0.3659
Lot Size Source Assessor
Crops Included Y/N N
Open Parking Y/N N
Horse Y/N N
Irrigation Water Rights Y/N N
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GeneralYear Built 1953
Property SubType HotelMotel
County San Luis Obispo
Net Operating Income 112833.0
Operating Expense 74076.0
Insurance Expense 7200.0
New Construction N
Property Type CommercialSale
HOA / Comm Assn N
Attached Garage N
Garage Y/N N
Special Listing Conditions Standard
Status Active
Directions Hwy 1 to the Atascadero Rd / HWY 41 exit. Property is on the right just as you leave Morro Bay.
City Morro Bay
View Y/N N
Senior Community Y/N N
NumberOfUnitsTotal 12
MLS Area MRBY - Morro Bay
Lot Size Units SquareFeet
Lot Size Square Feet 15939.0
Private Pool N
Waterfront Y/N N
Carport Y/N N
Number of Units Leased 13
Listing Terms CashtoNewLoan Conventional
Property Attached Y/N N
Land Lease Y/N N
Electric Expense 6693.0
Home Warranty Y/N N
Trash Expense 2636.0
Water Sewer Expense 14597.0
Lease Renewal Y/N N
Additional Parcels Y/N N
Lease Considered Y/N N
Rent Control Y/N N
Days on Market 68
Building Area Units SquareFeet
Standard Status Active
Occupancy Type Tenant
Year Built Source PublicRecords
Property Sub Type Additional HotelMotel
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InteriorTotal Stories 1
Basement (Y/N) N
Air Conditioning Y/N N
Heating Y/N N
Fireplace Y/N N
Laundry Features CommonArea
Entry Level 1
Electric On Property Y/N N
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* Excluded FeaturesAffordability Calculator
- Monthly Principal & Interest
- $14,622
- Monthly Property Taxes
- --
- Monthly Home Insurance
- --
Default based on a 30-year fixed rate of 6.99% with 20% down. The estimated payment is offered for convenience and is not an offer of credit. Due to market fluctuations, interest rates are subject to change at any time and without notice. Your individual rate may vary. Rates may differ for FHA, VA or jumbo loans.
Learn more about how to save NearbyCommerical listings in Morro Bay, CA
Average List Price $1,536,000
Percent of Sale Price 30%
About Morro Bay, CA 10,283 Population
-1% Since 2002
$ 56,935 Median Income
48.57 Median Age
19% Households with Children
Trends Information provided by ATTOM Data Solutions.
273443 Elementary School
272636 Middle School
Unknown High School High School
Pricing HistoryDate | Price | Price Change | Description |
---|
6/11/2024 | $2,200,000 | -8.33% | Price Down |
4/10/2024 | $2,400,000 | | Listed Price |