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Matt O'Brien

matt@homecrave.com +1(619) 302-3010

$ 1,499,000

Est. payment | -/mo

4 Beds

4 Baths

2,060 SqFt

Save

$ 1,499,000

Est. payment | -/mo

Save

4 Beds

4 Baths

2,060 SqFt

Key Details

Property Type Multi-Family

Sub Type Mixed Use

Listing Status Active

Purchase Type For Sale

Square Footage 2,060 sqft

Price per Sqft $727

Subdivision West Of 101(1000)

MLS Listing ID PI26063326

Bedrooms 4

Full Baths 4

HOA Y/N No

Year Built 1955

Lot Size 0.498 Acres

Property Sub-Type Mixed Use

Property Description

1/2-acre Mixed-Use property with 3 residential units and 1 commercial unit located directly off Grand Ave in the heart of Arroyo Grande. Property is a long strip 70 ft wide and the length of a football field. At the front of the property, directly across the street from Starbucks, is a 350 sq ft commercial building with paver parking lot. This space has been freshly refinished and can potentially be utilized for a wide range of businesses activities including retail, food & beverage, office space, personal services, or even lodging. Heading up the driveway are 3 residential units, each with their own dedicated parking and patio areas. The front home is a 2 bedroom 1 bath unit and overlooks a private fenced front yard. It has a stacked washer/dryer setup in the bathroom. The back 2 units are both 1 bedroom 1 bath and have been fully refinished with all new cabinets, counters, flooring, fixtures, tile showers, etc. They share a common laundry room that is accessed from each of their respective covered patios. The 3 residences are currently rented for $7,700 per month, and the commercial space is estimated to be able to rent for $2,300 per month, bringing the total gross rents possible on existing units to approximately $10,000 per month.

The back 1/4-acre of the property feels like it could be its own lot, and largely represents a blank slate for the new owner. Currently it includes a large gravel parking area and a small bonus structure with wrap around lanai. There are RV hookups and a large yard with lots of storage. The top part of the property has ground level ocean views and could potentially be built out with a new single family home or multiple additional rental units. Seller says 3 ADUs at back of property are doable vs building a large multi-family structure (buyer to confirm with city). Alternatively the back 1/2 of the property could be utilized to support one's business ventures, by building a shop or storing equipment, as the zoning allows for many potential uses in addition to the existing residences. This is a must see to appreciate kind of property! The back half is set back far enough from Grand Ave that you actually get a great sense of quite, peacefulness and privacy while maintaining the central in-town feel and convenience. One could potentially come setup their RV and build a downtown ocean-view primary home in the back while letting the existing cash-flowing rentals in the front pay the mortgage bill.

Location

State CA

County San Luis Obispo

Area Arrg - Arroyo Grande

Zoning GC

Rooms

Main Level Bedrooms 4

Interior

Interior Features All Bedrooms Down

Cooling None

Fireplaces Type None

Fireplace No

Laundry Laundry Room, Stacked

Exterior

Fence Chain Link, Wood

Pool None

Community Features Curbs, Storm Drain(s), Street Lights, Sidewalks

View Y/N Yes

View Ocean

Roof Type Composition

Private Pool No

Building

Lot Description Garden, Gentle Sloping, Rectangular Lot

Dwelling Type Mixed Use

Story 1

Entry Level One

Sewer Public Sewer

Water Public, See Remarks

Level or Stories One

New Construction No

Schools

School District Lucia Mar Unified

Others

Senior Community No

Tax ID 077101020

Acceptable Financing Cash to New Loan, Conventional

Listing Terms Cash to New Loan, Conventional

Special Listing Condition Standard

CRMLS Full IDX Feed (MAIN Website Search)

Listed by Brenda Auer Auer Real Estate Inc. 805-801-6694, DRE #01984685

NEARBY SCHOOL & BUSINESS

+1(619) 302-3010

matt@homecrave.com

San Diego, CA, 92124

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1220 E Grand AVE Arroyo Grande, CA 93420