894 Monterey Street, San Luis Obispo, CA 93401 (MLS # SP18298064)

894 Monterey Street, San Luis Obispo, CA 93401 (MLS # SP18298064)

Price $4,150,000
Status Active
Size 9,992 sq ft
Lot Size n/a
Days on Market 171
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
Property Type(s): Commercial
Last Updated 5/1/2019 Year Built 1924
Community SLO - San Luis Obispo County San Luis Obispo

Price History

Prior to Mar 19, '19 $5,250,000
Mar 19, '19 - Apr 22, '19 $4,425,000
Apr 22, '19 - May 1, '19 $4,295,000
May 1, '19 - Today $4,150,000

Additional Details

AREA SLO - San Luis Obispo
WATER Public

Location

 

Contact us about this Property

 / 
We respect your online privacy and will never spam you. By submitting this form with your telephone number you are consenting for Dale Kaiser to contact you even if your name is on a Federal or State "Do not call List".

Listing provided by : Kevin King CalDRE: 01013696, King Properties

The multiple listing data appearing on this website, or contained in reports produced therefrom, is owned and copyrighted by California Regional Multiple Listing Service, Inc. ("CRMLS") and is protected by all applicable copyright laws. Information provided is for viewer's personal, non-commercial use and may not be used for any purpose other than to identify prospective properties the viewer may be interested in purchasing. All listing data, including but not limited to square footage and lot size is believed to be accurate, but the listing Agent, listing Broker and CRMLS and its affiliates do not warrant or guarantee such accuracy. The viewer should independently verify the listed data prior to making any decisions based on such information by personal inspection and/or contacting a real estate professional.

Based on information from California Regional Multiple Listing Service, Inc. as of 6/20/19 6:07 AM PDT and /or other sources. All data, including all measurements and calculations of area, is obtained from various sources and has not been, and will not be, verified by broker or MLS. All information should be independently reviewed and verified for accuracy. Properties may or may not be listed by the office/agent presenting the information

This IDX solution is (c) Diverse Solutions 2019.

Email a Friend