For Sale
$600,000

148 Ocean AveCayucos, CA 93430

NNN Lease, 77 Years Remaining

Overview

Added:
Dec 11, 2024
Days on market:
114
This exceptional investment opportunity presents a 3,000 square foot storefront located at 148 N Ocean Ave, Cayucos, CA 93430. The property is situated on a 0.09-acre lot and boasts a 99.1-year triple net (NNN) lease with 77.2 years remaining, commencing January 15, 2003, and expiring January 14, 2102. The current tenant maintains 100% occupancy, generating a Net Operating Income (NOI) of $21,222 annually. The asking price is $600,000, translating to $200 per square foot. This single-tenant retail space benefits from annual CPI rent increases, offering a stable and predictable cash flow stream. Its prime location along Ocean Avenue, just a block from Cayucos Beach and Pier, within the thriving San Luis Obispo County tourist area (7 million annual visitors), ensures high visibility and foot traffic. The property's proximity to Morro Bay and San Luis Obispo, along with its adjacency to the iconic Highway 1, further enhances its appeal. This presents a rare opportunity to acquire a long-term, low-risk, high-return investment in a desirable coastal California location. The property's strong operating history (22+ years) and below-market rent provide significant upside potential. The absolute NNN lease structure eliminates landlord responsibilities, making this an ideal passive income investment.

Highlights

  • Rare 100-year ground lease (77+ years remaining), fee simple ownership, absolute NNN.
  • Attractive price point: $600,000, with annual CPI increases; excellent inflation hedge.
  • Trophy downtown location, steps from the Pacific Ocean and pier in an affluent resort town.
  • 22+ year operating history, below-market rent, low downside risk, stable cash flow.
  • San Luis Obispo MSA, strong real estate fundamentals, high barriers to entry.
  • Prime tourist destination, south of Big Sur and Hearst Castle, diverse lodging and entertainment options.

Property Details for 148 Ocean Ave

Property type
Retail properties, Retail space
Square Feet
3,000 SF
Lot Size (sq. ft)
3,920 SF

Location Insight

City
Cayucos
County
San Luis Obispo
State
California
Latitude
35.4493868
Longitude
-120.9048281
148 Ocean Ave, Cayucos, California

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148 Ocean Ave
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