218-- 240 Pacific

    Morro Bay, CA 93442
    • $3,425,000
    • STATUS: Active
    • ON SITE: 94 days
    • ID#: SC19083828
    Price Reduced
    UPDATED: 32 min ago
    $3,425,000
    • 0
      BEDS
    • 0.43
      ACRES
    • 0
      BATHS
    • 0
      1/2 BATHS
    • 4,560
      SQFT
    • $751
      $/SQFT
    Neighborhood:
    Type:
    Commercial
    Built:
    1946
    County:

    School Ratings & Info

    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 +GG 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.

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    Based on information from California Regional Multiple Listing Service, Inc. as of 2019-07-16T20:43:05.173. 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. Licensed in the State of California, USA.
    www.discoverslocountyrealestate.com/homes/93675591

    218-- 240 Pacific Morro Bay, CA 93442

    • Price: $3,425,000
    • Status: Active
    • Updated: 32 min ago
    • ID#: SC19083828
    0
    Beds
    0
    Baths
    0
    ½ Baths
    0.43
    Acres
    4,560
    SQFT
    $751
    $/SQFT
    1946
    Built
    Neighborhood:
    MRBY - Morro Bay
    County:
    San Luis Obispo
    Area:
    MRBY - Morro Bay
    Property 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 +GG 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.
    Exterior Features

    Construction Materials StuccoWood Siding Fence YN Yes Fencing Wood Lot Features LandscapedNear Public Transit Lot Size Source Assessor Lot Size Units Square Feet Parking Total 13.00 Roof CompositionRolled/Hot Mop Waterfront Features Across The Road From Lake/OceanMarina in CommunityOcean AccessOcean Side Of Highway 1

    Interior Features

    Condo Area Units Square Feet Cooling None Cooling YN No Heating Wall Furnace Heating YN Yes Laundry Features Common AreaDryer IncludedIndividual RoomInsideStackableWasher Included

    Property Features

    Additional Parcels Description 066301017066301038066301018 Additional Parcels YN Yes Building Area Units Square Feet Building Status Existing Business Type Parking Cap Rate 5.30 Country Us Electric Standard Electric Expense 2984.00 Gross Scheduled Income 367638.00 Insurance Expense 6079.00 Investment Property YN Yes Land Lease YN No Laundry Equipment Own Lease Own Laundry YN Yes Leasable Area Units Square Feet Maintenance Expense 14548.00 Max Total Area Units Square Feet Min Total Area Units Square Feet Net Operating Income 183134.00 Operating Expense 184504.00 Other Expense 77499.00 Professional Management Expense 29842.00 Property Sub Type Hotel/Motel Security Features Carbon Monoxide Detector(S)Smoke Detector(S) Special Listing Conditions Standard Supplies Expense 8901.00 Total Expenses 184504.00 Trash Expense 1884.00 Utilities Cable ConnectedElectricity ConnectedNatural Gas ConnectedSewer ConnectedWater Connected Water Sewer Expense 9239.00 Water Source Public Year Built Source Assessor

    Listing provided courtesy of Frankie Ciano of Ciano Real Estate Inc. and Patrick Mulholland of Ciano Real Estate Inc.


    Based on information from California Regional Multiple Listing Service, Inc. as of 2019-07-16T20:43:05.173. 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. Licensed in the State of California, USA.
     
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