Greg Malik Real Estate

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.

  • IQWeb_MLS SP1067816
  • IQWeb_Subtype Resale
  • IQWeb_Status Active
  • IQWeb_Year 1980
  • IQWeb_Days_on_Site 517
IQWeb_SQ_Feet 23,370
IQWeb_Units 28
IQWeb_Buildings 1
IQWeb_Listing_Provided_By:
Kevin King  IQWeb_of  King Properties
 
 
 
 
this listing $5,250,000
600.00%
$750,000 in 93420
this listing 23,370 SqFt
1,375.38%
1,584 SqFt in 93420
this listing $225 $/SqFt
52.55%
$473 $/SqFt in 93420
this listing 517 on site
1,278.67%
37.5 on site in 93420

IQWeb_Location

IQWeb_State CA
IQWeb_County San Luis Obispo
IQWeb_City Arroyo Grande
IQWeb_Zip_Code 93420
IQWeb_Area ARRG - Arroyo Grande

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