1391 Grand AveGrover Beach, CA 93433
- Mixed-use properties
- 750 SF
Property Details for 1391 Grand Ave
- Year built
- 1959
- Construction
- WOOD
- Lot size
- 0.13 AC
- Property size (Sq ft)
- 750 SF
- Zone code
- CBD
- Property type
- Mixed-use properties
- Property subtype
- Other investment properties
- APN
- 060-243-011
- APU
- 60243011
Description
This exceptional Grover Beach investment opportunity presents a meticulously maintained, mixed-use property situated on a highly visible corner lot at 1391 W. Grand Ave, 93433. The 1,894 square foot building, constructed in 1959, comprises two structures on a 5,875 square foot lot. The property features three units: a vacant commercial space ideal for retail or office use, and two occupied one-bedroom apartments, each with a private garage. The apartments offer strong potential for Accessory Dwelling Unit (ADU) conversion by utilizing the existing garages. Recent improvements include a new roof (2020) and fresh interior and exterior paint. The property boasts a current Net Operating Income (NOI) of $61,884, representing a 6.20% capitalization rate. Pro forma NOI is projected at $68,868, yielding a 6.90% cap rate. Currently, the occupancy rate stands at 75%. This versatile property offers a blend of commercial and residential income streams in a desirable location with high foot traffic, making it an attractive investment for owner-users seeking a value-add opportunity. The property's prime location and recent updates make it a compelling investment prospect.
Location Insight
- City
- Grover Beach
- County
- San Luis Obispo
- State
- California
- Latitude
- 35.1215
- Longitude
- -120.614
- CBSA code
- 42020
- CBSA name
- SAN LUIS OBISPO-PASO ROBLES, CA METROPOLITAN STATISTICAL AREA
Property Tax & Assessments
Comparable in this City
Similar Nearby for Sale
Similar Nearby for Lease
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