0 W Mary Avenue W
Nipomo, CA 93444

$1,425,000

Description

The property has current approvals for a 40 unit senior independent living facility. Improvements consisting of finished sidewalks, lighting, curbs, gutters and street paving, along with utility main service lines along the frontage have already been installed. Additionally, all Nipomo Community Service District (NCSD) water and sewer connection fees totaling approximately $125,000 have been prepaid. The larger 2.58 acre parcel that fronts Hwy 101 is designated as open space, but will be incorporated into the project to add walking trails and seating/gathering areas to complement the project. An adjoining off site retention pond serves the property. The project also has access to an additional 10 parking spaces within the adjacent assisted living facility. The current zoning is Commercial Retail which allows for a variety of retail and commercial uses, along with limited residential uses. The property appraised for $1,500,000 in October of 2016. Senior housing is booming in the state of California, with many new assisted living facilities and independent living projects having been built throughout the state in the past 5 years. Nipomo, located in the beautiful Central Coast, is a highly attractive area for retirement. Demand for senior housing is expected to grow throughout the state, and within areas considered affordable like Nipomo. Furthermore, the project benefits from its proximity to local shopping and the assisted living facility on the adjoining parcel.

Details

MLS#PI17238590
Sub-TypeResale
StatusActive
Days On Site220

Features

ZoningCR
Property ViewYes

Market Activity 93444

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Area Information

StateCA
CountySan Luis Obispo
CityNipomo
Zip Code93444
AreaNPMO - Nipomo
Listing VS Median (in 93444)
Price:
$1,425,000
low | high
Med:
$650,000
100% of Average
On Site:
220
low | high
Med:
16
100% of Average
Nearby Listings (Within 1/4 mile)
Price: $1.68M - $1.781M
SqFt: 0 - 0
Listing Updated: 05/25/2018
MLS Number: PI17238590
Listing Provided By:
Jason Hart  of  Hart Commercial Real Estate
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