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$4,295,000 For Sale

894 Monterey Street
San Luis Obispo, CA 93401


9,992 sq ft

Commercial: Retail - MLS# SP18298064
Property Photo
1/3

Description

Price Reduction! Owner will carry 2nd! Very rare opportunity to own a large retail/office building in the heart of charming downtown San Luis Obispo with onsite parking. Property addresses are 888, 890, & 894 Monterey. Opportunity for an investor to create value by enhancing the units/property and stabilizing the property rents to market, and also development potential building out over the parking lot and possibly going up and adding residential units. Building out over the parking lot would increase the property size over 50% and deemed likely to be approved with three parking structures within a 1/2 mile of the building. The property is on the busy corner of Monterey St and Morro St, one block from the iconic Mission San Luis Obispo de Tolosa, next to the new Downtown Center and the brand new Hotel SLO. Monterey Street is one of the main thoroughfares in the city and is a heavy foot-traffic area in the downtown core. This is an opportunity to buy a generational investment that is surely to provide handsome appreciation for many decades to come. The property currently has an income of $163,380 with an unrented owners space. Per property appraisal, at market rents gross income should be approx $270,000. With substantial upside in rents and future development potential this is a fantastic investment opportunity that does not come around often. See attached brochure for additional photos and current and projected financial information

Features

  • Property Type: Commercial
  • Sub Type: Retail
  • Listing Status: Active
  • Zip Code: 93401
  • Year Built: 1924
  • Sq.Ft.: 9,992 sq ft
  • Area: SLO - San Luis Obispo
  • Building Area Units: Square Feet
  • Building Status: Existing
  • Condo Area Units: Square Feet
  • Country: US
  • Directions: Corner of Monterey and Morro
  • Investment Property YN: Yes
  • Land Use: Multi-Family, Office
  • Listing Agent License: 01013696
  • Listing Office License: 01932713
  • Lot Size Source: Assessor
  • MLS: CRM
  • Max Total Area Units: Square Feet
  • Min Total Area Units: Square Feet
  • Number Of Buildings: 1
  • Number Of Units Leased: 8
  • Water Source: Public
Courtesy of King Properties, Kevin King

and our Morro Bay Affiliate & second location

Morro Bay Real Estate Partner

San Luis Obispo Realty
805-544-9161
info@san-luis-obispo-realty.com
441 Marsh Street
San Luis Obispo, CA 93401

CA BRE# 00577121

 

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