894 Monterey Street

    San Luis Obispo, CA 93401
    • $4,150,000
    • STATUS: Active
    • ON SITE: 262 days
    • ID#: SP18298064
    UPDATED: 36 min ago
    $4,150,000
    • 0
      BEDS
    • 0.18
      ACRES
    • 0
      BATHS
    • 0
      1/2 BATHS
    • 9,992
      SQFT
    • $415
      $/SQFT
    Neighborhood:
    Type:
    Commercial
    Built:
    1924
    County:

    School Ratings & Info

    Description

    Price Reduction! Owner will carry 1st up to $2.4m for 5-years! 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

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    Based on information from California Regional Multiple Listing Service, Inc. as of 2019-09-23T13:39:00.11. 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 RE/MAX Parkside Real Estate. Licensed in the State of California, USA.
    www.discoverslocountyrealestate.com/homes/90564638

    894 Monterey Street San Luis Obispo, CA 93401

    • Price: $4,150,000
    • Status: Active
    • Updated: 36 min ago
    • ID#: SP18298064
    0
    Beds
    0
    Baths
    0
    ½ Baths
    0.18
    Acres
    9,992
    SQFT
    $415
    $/SQFT
    1924
    Built
    Neighborhood:
    SLO - San Luis Obispo
    County:
    San Luis Obispo
    Area:
    SLO - San Luis Obispo
    Property Description
    Price Reduction! Owner will carry 1st up to $2.4m for 5-years! 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
    Exterior Features

    Lot Features Corner LotValue In Land Lot Size Source Assessor Lot Size Units Square Feet

    Interior Features

    Condo Area Units Square Feet Laundry Features None

    Property Features

    Additional Parcels YN No Building Area Units Square Feet Building Status Existing Country Us Current Use Comments Mixed Use Office & Retail Investment Property YN Yes Land Use Multi-FamilyOffice Laundry YN No Leasable Area Units Square Feet Max Total Area Units Square Feet Min Total Area Units Square Feet Number Of Units Leased 8 Property Sub Type Retail Special Listing Conditions Standard Water Source Public

    Listing provided courtesy of Kevin King of King Properties


    Based on information from California Regional Multiple Listing Service, Inc. as of 2019-09-23T13:39:00.11. 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 RE/MAX Parkside Real Estate. Licensed in the State of California, USA.
     
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    711 12th Street
    Paso Robles CA, 93446