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Description

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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Market Activity 93401