MLS® ID: SP18298064

894 Monterey Street

San Luis Obispo, California, 93401

$4,150,000 Active
  • - SQFT
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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Listing courtesy of King Properties

Amenities

  • Full baths
    0
  • Half baths
    0
  • Three-quarter Baths
    0
  • Total Baths
    0
  • Zip
    93401
  • Office name
    King Properties
  • SQFT
    0
  • Bedrooms
    0
  • Property type
    Retail
  • Year built
    1924
  • Lot size
    8040.00
  • Tax year
    0
  • Agent name
    Kevin King
  • Tax amount
    $ 0.0
  • Purchase Type
    Active
  • Price Range
    $2m+
  • Square Feet Range
    < 1000 sq ft.
  • Year Built Range
    1989 (and earlier)
  • Office ID
    SL30
  • Agent ID
    SLP1013696

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