Greg Malik Real Estate
1173 Fair Oaks Avenue
Arroyo Grande, CA 93420

Description

Marketing Remarks: The property consists of 5 buildings, each two story with wood frame and stucco construction. The property has been well maintained and has had recent improvements to both the exterior and interiors. The individual units are well sized with one bedroom and two bedroom units. Common areas include storage, a swimming pool, laundry facility, and a stand alone leasing office. There is abundant off street parking both covered and uncovered. The property includes a greenbelt at rear of property, with potential for additional units. Owner had approved plans for an additional 8 units on back greenbelt, laundry room expansion, and hot tub installation (Plans need update, use permit expired). The property is conveniently located near parks, schools, major retail, and employment. Rents are being raised substantially on turned over units, but there is still significant upside in rents. Selling at $187,500 per unit where single family homes in the neighborhood are selling above $500,000.

Details

MLS#SP1067816
Sub-TypeResale
StatusActive
Year1980
Days On Site609

Features

SQ Feet23,370
Units28
Building(s)1

Market Activity 93420

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Area Information

StateCA
CountySan Luis Obispo
CityArroyo Grande
Zip Code93420
AreaARRG - Arroyo Grande
Listing VS Median (in 93420)
Price:
$5,250,000
low | high
Med:
$699,900
100% of Average
SqFt:
23,370
low | high
Med:
2,069
100% of Average
$ / SqFt:
$225
low | high
Med:
$338
2% of Average
On Site:
609
low | high
Med:
4
100% of Average
Listing Updated: 11/14/2018
MLS Number: SP1067816
Listing Provided By:
Kevin King  of  King Properties
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