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.

  • MLS# SP1067816
  • Sub-Type Resale
  • Status Active
  • Year 1980
  • Days On Site 438
SQ Feet 23,370
Units 28
Building(s) 1
Listing Provided By:
Kevin King  of  King Properties
 
 
 
 
this listing $5,250,000
622.15%
$727,000 in 93420
this listing 23,370 SqFt
1,151.74%
1,867 SqFt in 93420
this listing $225 $/SqFt
42.70%
$392 $/SqFt in 93420
this listing 438 on site
1,846.67%
22.5 on site in 93420

Location

State CA
County San Luis Obispo
City Arroyo Grande
Zip Code 93420
Area ARRG - Arroyo Grande

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