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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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Hello ,

thought you might be interested in the following property:

894 Monterey Street

San Luis Obispo, CA 93401

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Hello ,

thought you might be interested in the following property:

894 Monterey Street

San Luis Obispo, CA 93401

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894 Monterey Street

San Luis Obispo, CA 93401

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894 Monterey Street

San Luis Obispo, CA 93401

$4,425,000

Listed On 12/31/2018

Status: Active

9,992 Square Feet

Listing #SP18298064 (CRMLS MLS)

LONDON PROPERTIES, LTD.

REALTOR® / Lic. #00463722

559.436.4071

info@londonproperties.com

Presented By:

London Properties, Ltd.

(559) 436-4071

Email London


[GET DIRECTIONS]

894 Monterey Street

San Luis Obispo, CA 93401

894 Monterey Street

San Luis Obispo, CA 93401

[GET DIRECTIONS]


Presented By:

London Properties, Ltd.

(559) 436-4071

Email London

Presented By:

London Properties, Ltd.

(559) 436-4071

Email London

$4,425,000 9,992 Square Feet Status: Active Listing #SP18298064 (CRMLS MLS) Listed On 12/31/2018

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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General Information
Property Type Commercial Sale Property Subtype(s) Retail
Price Per Sq. Ft. $442.85 Days On Market 86
APN 002 416 033 Year Built 1924
County San Luis Obispo Water Source Public
Directions Corner of Monterey and Morro    
Property Type Commercial Sale
Property Subtype(s) Retail
Price Per Sq. Ft. $442.85
Days On Market 86
APN 002 416 033
Year Built 1924
County San Luis Obispo
Water Source Public
Directions Corner of Monterey and Morro

Nearby Amenities

Restaurants

Groceries

Nightlife

Shopping

Arts & Entertainment


Exterior
Spa No Pool No
Spa No
Pool No

Miscellaneous Data
REO/Bank Owned No    
REO/Bank Owned No

Courtesy of Kevin King, King Properties

The data relating to real estate for sale on this web site comes in part from the Internet Data eXchange (IDX) of the Multiple Listing Service. Real estate listings are marked with the IDX logo and detailed information about them includes the name of the listing broker and the name of the listing agent. The information being provided is for consumers' personal, non-commercial use and may not be used for any purpose other than to identify prospective properties consumer may be interested in purchasing. Information herein deemed reliable but not guaranteed, representations are approximate, individual verification recommended.

 

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