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Listing 4 out of 42
$3,450,000 For Sale

218 Pacific
Morro Bay, CA 93442

8 units | Multi Family Home
18748 sq ft - MLS# SC19074578
Property Photo
1/75

Description

Pacific Street Cottages, a 5 Star eight-unit residential complex overlooking picturesque Morro Bay harbor, Embarcadero, and Rock. An incredible sited parcel with 4 APNs conveniently close to world-class dining, Marina Square, shopping, beaches, and downtown. Only a half block to the Embarcadero and harbor. This eight-residence group offers a true coastal hideaway of unsurpassed natural beauty. Individually licensed as Vacation Rentals with increasing monthly year over year income. Immediate receivable 2019 cash flow with future booked reservations. The eight residences comprised of a triplex, duplex, two single family residences and a one-bedroom unit. All refreshed from floor to ceiling, carefully furnished, and being enjoyed daily by vacationers from around the globe. Each residence offers comfortable living, bedroom space and full kitchen. Patios, decks, and large private courtyard encourage an outdoor living environment. Three on site laundry facilities and 10 onsite parking spaces, sufficient for staff and guests needs. Zoned CVS – Community Visitor Serving, the property is primed positioned to continue as a successful Vacation Rental or the location invites redevelopment into a modern Bayside resort. A Premier Partner on VRBO and Superhost on Airbnb. Booking.com has recently been added to book guests. This offering has a great track record and is a growing turn-key business opportunity for those looking to invest in a legacy property with expanding future potential.

Features

  • Property Type: Multi Family Home
  • Sub Type: Multi Family Home
  • Listing Status: Active
  • Zip Code: 93442
  • Year Built: 1946
  • Subdivision/Neighborhood: Embarcadero(750)
  • Style: Cottage
  • Stories: One
  • Units: 8 units
  • # of Parking Spaces: 10.00
  • Fireplace: Living Room, Yes
  • Lot Size: 18748 sq ft
  • Accessibility: Parking
  • View: Dunes,Bay,Coastline,Landmark,Marina,Ocean,Panoramic,White Water, Yes
  • Waterfront: See Waterfront Details
  • Area: MRBY - Morro Bay
  • Appliances: Barbecue, Dishwasher, Electric Range, Gas Range, Microwave, Refrigerator, Water Heater
  • Appliances YN: Yes
  • Average 2 Bed Area Units: Square Feet
  • Average 3 Bed Area Units: Square Feet
  • Average Studio Area Units: Square Feet
  • Building Area Total: 4560.00
  • Building Area Units: Square Feet
  • Cable Tv Expense: 8246.00
  • Cap Rate: 5.30
  • Co-Listing Agent License: 02021448
  • Co-Listing Office License: 01937353
  • Common Walls: 1 Common Wall
  • Community Features: Biking, Curbs, Dog Park, Fishing, Foothills, Golf, Hiking, Gutters, Park, Hunting, Watersports, Preserve/Public Land, Storm Drains, Street Lights
  • Construction Materials: Stucco, Wood Siding
  • Country: US
  • Directions: Pacific Street between Market Ave and Embarcadero on South side of the street.
  • Electric: Standard
  • Electric Expense: 2984.00
  • Fence YN: Yes
  • Fencing: Wood
  • Flooring: Carpet, Laminate, Tile
  • Fuel Expense: 2146.00
  • Garage Spaces: 3.00
  • Gardener Expense: 4030.00
  • Gross Income: 367638.00
  • Gross Scheduled Income: 367638.00
  • Heating: Wall Furnace
  • Heating YN: Yes
  • Insurance Expense: 6079.00
  • Interior Features: Ceiling Fan(s), Formica Counters, Furnished, Granite Counters, High Ceilings, Living Room Deck Attached, Open Floorplan, Pantry, Tile Counters, Track Lighting
  • Laundry Equipment Own Lease: Own
  • Laundry Features: Common Area, Dryer Included, Individual Room, Inside, Stackable, Washer Included
  • Laundry YN: Yes
  • Listing Agent License: 01412309
  • Listing Office License: 01937353
  • Lot Features: Landscaped, Near Public Transit
  • Lot Size Area: 18750.0000
  • Lot Size Source: Assessor
  • Lot Size Units: Square Feet
  • MLS: CRM
  • Maintenance Expense: 14548.00
  • Net Operating Income: 183134.00
  • New Taxes Expense: 37950.00
  • Number Of Buildings: 5
  • Number Of Separate Electric Meters: 4
  • Number Of Separate Gas Meters: 4
  • Number Of Separate Water Meters: 4
  • Number With Carpet: 8
  • Number With Dishwasher: 3
  • Number With Patio: 9
  • Number With Range: 7
  • Number With Refrigerator: 8
  • Operating Expense: 184504.00
  • Other Expense: 77499.00
  • Other Expense Description: VR
  • Parking Features: Assigned, Paved, Garage, Garage - Single Door, Garage Door Opener
  • Parking YN: Yes
  • Property Attached YN: Yes
  • Road Frontage Type: City Street
  • Road Surface Type: Paved
  • Roof: Composition, Rolled/Hot Mop
  • Room Type: All Bedrooms Down, Bonus Room, Great Room, Jack & Jill, Kitchen, Laundry, Living Room, Main Floor Bedroom, Main Floor Master Bedroom, Master Bathroom, Master Bedroom, Master Suite, Sun, Utility Room
  • Security Features: Carbon Monoxide Detector(s), Smoke Detector(s)
  • Sewer: Public Sewer
  • Stories Total: 1
  • Total Expenses: 184504.00
  • Trash Expense: 1884.00
  • Utilities: Cable Connected, Electricity Connected, Natural Gas Connected, Sewer Connected, Water Connected
  • Water Sewer Expense: 9239.00
  • Water Source: Public
  • Waterfront Details: Across the Road from Lake/Ocean,Marina in Community,Ocean Access,Ocean Side Of Highway 1
  • Year Built Source: Assessor
Courtesy of Ciano Real Estate Inc., Frankie Ciano



Mary Mitchell | 805-550-7168 | Email Me
1015 Nipomo Street, Suite #230 - San Luis Obispo, CA 93401
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