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Listing 3 out of 86
$3,425,000 For Sale

218 Pacific
Morro Bay, CA 93442

8 units |
4,560 sq ft

Commercial: Hotel/Motel - MLS# SC19083828
Property Photo
1/75

Description

Pacific Street Cottages, a 5 Star eight-unit residential complex overlooking picturesque Morro Bay harbor, Embarcadero, and Rock. An incredible sited parcel with 4 APNs conveniently close to world-class dining, Marina Square, shopping, beaches, and downtown. Only a half block to the Embarcadero and harbor. This eight-residence group offers a true coastal hideaway of unsurpassed natural beauty. Individually licensed as Vacation Rentals with increasing monthly year over year income. Immediate receivable 2019 cash flow with future booked reservations. The eight residences comprised of a triplex, duplex, two single family residences and a one-bedroom unit. All refreshed from floor to ceiling, carefully furnished, and being enjoyed daily by vacationers from around the globe. Each residence offers comfortable living, bedroom space and full kitchen. Patios, decks, and large private courtyard encourage an outdoor living environment. Three on site laundry facilities and 10 onsite parking spaces, sufficient for staff and guests needs. Zoned CVS – Community Visitor Serving, the property is primed positioned to continue as a successful Vacation Rental or the location invites redevelopment into a modern Bayside resort. A Premier Partner on VRBO and Superhost on Airbnb. Booking.com has recently been added to book guests. This offering has a great track record and is a growing turn-key business opportunity for those looking to invest in a legacy property with expanding future potential.

Features

  • Property Type: Commercial
  • Sub Type: Hotel/Motel
  • Listing Status: Active
  • Zip Code: 93442
  • Year Built: 1946
  • Sq.Ft.: 4,560 sq ft
  • Units: 8 units
  • Waterfront: See Waterfront Details
  • Area: MRBY - Morro Bay
  • Building Area Units: Square Feet
  • Building Status: Existing
  • Cap Rate: 5.30
  • Co-Listing Agent License: 02021448
  • Co-Listing Office License: 01937353
  • Condo Area Units: Square Feet
  • Construction Materials: Stucco, Wood Siding
  • Country: US
  • Directions: Pacific Street between Market Ave and Embarcadero on South side of the street.
  • Electric: Standard
  • Electric Expense: 2984.00
  • Fence YN: Yes
  • Gross Scheduled Income: 367638.00
  • Heating: Wall Furnace
  • Heating YN: Yes
  • Insurance Expense: 6079.00
  • Investment Property YN: Yes
  • Laundry Equipment Own Lease: Own
  • Laundry Features: Common Area, Dryer Included, Individual Room, Inside, Stackable, Washer Included
  • Listing Agent License: 01412309
  • Listing Office License: 01937353
  • Lot Size Source: Assessor
  • MLS: CRM
  • Maintenance Expense: 14548.00
  • Max Total Area Units: Square Feet
  • Min Total Area Units: Square Feet
  • Net Operating Income: 183134.00
  • Number Of Buildings: 5
  • Operating Expense: 184504.00
  • Other Expense: 77499.00
  • Parking Total: 13.00
  • Professional Management Expense: 29842.00
  • Roof: Composition, Rolled/Hot Mop
  • Security Features: Carbon Monoxide Detector(s), Smoke Detector(s)
  • Stories Total: 1
  • Supplies Expense: 8901.00
  • Total Expenses: 184504.00
  • Trash Expense: 1884.00
  • Uncovered Spaces: 10.00
  • Utilities: Cable Connected, Electricity Connected, Natural Gas Connected, Sewer Connected, Water Connected
  • Water Sewer Expense: 9239.00
  • Water Source: Public
  • Waterfront Details: Across the Road from Lake/Ocean,Marina in Community,Ocean Access,Ocean Side Of Highway 1
Courtesy of Ciano Real Estate Inc., Frankie Ciano

Better Homes and Gardens Real Estate | Haven Properties
805-592-2050
info@san-luis-obispo-realty.com
San Luis Obispo Office:
441 Marsh Street
San Luis Obispo, CA 93401
Morro Bay Office:
805 Main Street
Morro Bay, CA 93442


CA DRE# 01935192

 

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