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3100 Main Street

Morro Bay, CA 93442
  • $2,800,000
  • STATUS: Closed
  • ON SITE: 139 Days
  • ID#: SC24127971
Sold - 10/31/2024
$2,800,000
SOLD - 10/31/2024
  • 0
    BEDS
  • 0.33
    ACRES
  • 0
    BATHS
  • 0
    1/2 BATHS
Neighborhood:
Type:
Multi-Family
Built:
1972
County:

School Ratings & Info

Listing Agent(s): Erik Berg-Johansen of Richardson Sotheby's International Realty (805-781-6040) and Keith Silva of Link Real Estate Group, Inc.(805-801-6498)


Description

Welcome to your dream investment opportunity in Morro Bay, CA! Nestled close to the Pacific Ocean, the vibrant downtown district, and the Embarcadero, this 9-unit apartment building offers an unparalleled combination of coastal charm and income potential. Embrace the California lifestyle with easy access to white sand beaches and a world class Mediterranean climate. Located in a popular tourist destination, and in close proximity to San Luis Obispo and Paso Robles wine country, the region benefits from strong economics and employment opportunities. The property is situated next to a small shopping center, and is less than one mile from Spencers Fresh Markets grocery store and various local favorite restaurants and shops. Just across Highway 1 to the south is the Cloisters Community Park, Morro Bay High School, and access to wide open dunes and beaches. Each of the 9 apartments includes 2 bedrooms and 1 bathroom, offering spacious and comfortable living spaces. Remodeled kitchens and bathrooms feature shaker cabinets, granite counters, dishwashers, and fully equipped appliances. Newer double pane windows, onsite private garages, and separate in-unit laundry ensure convenient living for all. The garages feature automatic openers, power outlets, and large built-in storage cabinets. Onsite parking is available in front of each garage, as well as under a car port offering additional spaces. Featuring queen palms, birds of paradise, and succulents, the attractive low maintenance landscaping is on drip irrigation and compliments the building's vibrant colors and Spanish style architecture. Three ground floor units feature private backyard patios, perfect for outdoor living, bike storage, and gardening. Upstairs units benefit from ocean views, with the largest apartment featuring a spacious balcony that enjoys views of the ocean and Morro Rock. In addition to the 9 apartments, the property includes a well-equipped owners workshop and garage complete with access to utilities. Utilize the workshop as your own retreat, or convert the space into an attached Accessory Dwelling Unit (ADU) to further increase income potential and value. There may also be an opportunity to construct two (2) ADUs, bringing the total unit count to 11 (verify with the City of Morro Bay). Don't miss out on this rare opportunity to own a piece of paradise in one of California's most desirable and valuable destinations. *CONTACT LISTING OFFICE BEFORE GOING ONSITE*

Sold by Kevin King of King Properties.

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Based on information from California Regional Multiple Listing Service, Inc. as of 2024-11-09T13:32:41.123. 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 Keller Williams Realty Central Coast. Licensed in the State of California, USA.
www.kennyrealestategroup.com/homes/151944709
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3100 Main Street Morro Bay, CA 93442

  • Price: $3,390,000
  • Status: Closed
  • On Site: 139 Days
  • Updated: 31 min ago
  • ID#: SC24127971
0
Beds
0
Baths
0
½ Baths
0.33
Acres
1972
Built
Neighborhood:
North Morro Bay (820)
County:
San Luis Obispo
Area:
MRBY - Morro Bay
Property Description
Welcome to your dream investment opportunity in Morro Bay, CA! Nestled close to the Pacific Ocean, the vibrant downtown district, and the Embarcadero, this 9-unit apartment building offers an unparalleled combination of coastal charm and income potential. Embrace the California lifestyle with easy access to white sand beaches and a world class Mediterranean climate. Located in a popular tourist destination, and in close proximity to San Luis Obispo and Paso Robles wine country, the region benefits from strong economics and employment opportunities. The property is situated next to a small shopping center, and is less than one mile from Spencers Fresh Markets grocery store and various local favorite restaurants and shops. Just across Highway 1 to the south is the Cloisters Community Park, Morro Bay High School, and access to wide open dunes and beaches. Each of the 9 apartments includes 2 bedrooms and 1 bathroom, offering spacious and comfortable living spaces. Remodeled kitchens and bathrooms feature shaker cabinets, granite counters, dishwashers, and fully equipped appliances. Newer double pane windows, onsite private garages, and separate in-unit laundry ensure convenient living for all. The garages feature automatic openers, power outlets, and large built-in storage cabinets. Onsite parking is available in front of each garage, as well as under a car port offering additional spaces. Featuring queen palms, birds of paradise, and succulents, the attractive low maintenance landscaping is on drip irrigation and compliments the building's vibrant colors and Spanish style architecture. Three ground floor units feature private backyard patios, perfect for outdoor living, bike storage, and gardening. Upstairs units benefit from ocean views, with the largest apartment featuring a spacious balcony that enjoys views of the ocean and Morro Rock. In addition to the 9 apartments, the property includes a well-equipped owners workshop and garage complete with access to utilities. Utilize the workshop as your own retreat, or convert the space into an attached Accessory Dwelling Unit (ADU) to further increase income potential and value. There may also be an opportunity to construct two (2) ADUs, bringing the total unit count to 11 (verify with the City of Morro Bay). Don't miss out on this rare opportunity to own a piece of paradise in one of California's most desirable and valuable destinations. *CONTACT LISTING OFFICE BEFORE GOING ONSITE*
Exterior Features

Architectural Style Mediterranean Carport Spaces 3 Carport YN Yes Entry Level 1 Entry Location 1 Lot Features Corner Lot Number Of Separate Electric Meters 10 Open Parking Spaces 10 Other Structures Second Garage Parking Features AssignedGarage Parking Total 23 Pool Features None Pool Private YN No Property Attached YN Yes Spa Features None Spa YN No View CoastlineHills View YN Yes

Interior Features

Appliances Electric Range Common Walls 2+ Common Walls Cooling None Cooling YN No Fireplace Features None Fireplace YN No Heating Electric Heating YN Yes Interior Features Granite Counters Window Features Double Pane Windows

Property Features

Additional Parcels YN No Association Fee 0 Association YN No Buyer Financing Cash Common Interest None Community Features Sidewalks Electric Standard Electric Expense 1283 Fuel Expense 403 Garage YN Yes Gross Income 0 Gross Scheduled Income 222276 Insurance Expense 3426 Land Lease YN No Laundry Features InsideLaundry Closet Levels Two Listing Agreement Exclusive Right To Sell Listing Service Full Service Listing Terms Cash to New Loan Net Operating Income 142510 New Construction YN No New Taxes Expense 18425 Number Of Separate Gas Meters 1 Number Of Separate Water Meters 1 Number Of Units Leased 8 Operating Expense 79766 Possession Close Of Escrow Property Sub Type Mixed Use Rent Control YN No Senior Community YN No Sewer Public Sewer Special Listing Conditions StandardTrust Tenant Pays Cable TVElectricity Trash Expense 2570 Utilities Sewer Connected Water Sewer Expense 27302 Water Source Public Zoning Neighborhood Commercial



Based on information from California Regional Multiple Listing Service, Inc. as of 2024-11-09T13:32:41.123. 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 Keller Williams Realty Central Coast. Licensed in the State of California, USA.
 
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Keller Williams Realty Central Coast
350 James Way
Pismo Beach CA, 93449
Listing Agent(s): Erik Berg-Johansen of Richardson Sotheby's International Realty (805-781-6040) and Keith Silva of Link Real Estate Group, Inc.(805-801-6498)