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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 the 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! New Water Heater installed on 5/22/2024.
Property Type(s):
Residential Income
| Last Updated | 10/21/2024 | Tract | Highway 41(770) |
|---|---|---|---|
| Year Built | 1953 | Community | Morro Bay |
| County | San Luis Obispo |
Price History
| Prior to Jun 11, '24 | $2,400,000 |
|---|---|
| Jun 11, '24 - Today | $2,200,000 |
Additional Details
| AREA | Morro Bay |
|---|---|
| GARAGE | Attached Carport |
| HOA DUES | 0 |
| LOT | 0.37 acre(s) |
| LOT DESCRIPTION | 11-15 Units/Acre |
| PARKING | Attached Carport |
| POOL DESCRIPTION | None |
| SEWER | Public Sewer |
| STORIES | 1 |
| SUBDIVISION | Highway 41(770) |
| WATER | Public |
| ZONING | CVS |
Location
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Listed with Rock View Realty
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