3100 Main StMorro Bay, CA 93442

Property Details for 3100 Main St

Year built

1972

Property type

Apartment buildings

Description

This exceptional 9-unit apartment building presents a compelling investment opportunity in the desirable coastal city of Morro Bay, California. Situated on a 14,400 sq ft lot, this two-building, two-story complex boasts 7,200 sq ft of net rentable space and features nine 2-bedroom, 1-bathroom apartments. Each unit is enhanced with remodeled kitchens and bathrooms, including granite countertops, shaker cabinets, and modern appliances. Residents enjoy the convenience of in-unit laundry, private garages with automatic openers and storage, and additional carport parking. The property's attractive landscaping includes drip irrigation and features queen palms, birds of paradise, and succulents, complementing the Spanish-style architecture. Three ground-floor units offer private patios, while upper units provide ocean views, with one boasting a spacious private deck overlooking Morro Rock. A well-equipped owner's workshop/garage, complete with plumbing, natural gas, and electrical, offers potential for expansion, such as an Accessory Dwelling Unit (ADU). The property's current NOI is $142,510, with a pro-forma NOI of $189,059, resulting in a 4.20% cap rate and a pro-forma cap rate of 5.58%. The asking price is $3,390,000, representing a price per unit of $376,667. Located near the ocean, downtown, and the Embarcadero, this property benefits from its proximity to beaches, restaurants, shopping, and the San Luis Obispo and Paso Robles wine regions. The permitted zoning is Neighborhood Commercial. Built in 1972, this stabilized investment offers significant potential for future growth and income. The possibility of adding two additional ADUs (subject to city approval) further enhances its long-term value.

Location Insight

City

Morro Bay

County

San Luis Obispo

State

California

Latitude

35.3987

Longitude

-120.862

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