652 Morro Street Pending Save Request In-Person Tour Request Virtual Tour
San Luis Obispo,CA 93401
Key Details
Property Type Commercial
Sub Type Other
Listing Status Pending
Purchase Type For Sale
Square Footage 6,180 sqft
Price per Sqft $517
MLS Listing ID CRPI25097884
Year Built 1948
Lot Size 0.499 Acres
Property Sub-Type Other
Property Description
Very rare investment opportunity in downtown San Luis obispo. Historically operated as a boutique motel in a prime location just a few short blocks away from restaurants, shopping, theaters, city services and all downtown has to offer. This property consists of a total of thirteen standalone units including a 2 bedroom home with two car garage and twelve separate cottages. The individual furnished cottages consist of eight 1 bedroom units and four studios. This unique corner lot of almost 1/2 acre offers residents very close proximity to all of the downtown amenities and Cal Poly along with the onsite conveniences of a separate laundry facility and designated parking. The current below market rents present a huge short term upside opportunity for any experienced investor. Additionally, the long term redevelopment potential of this property would be highly desirable to any opportunistic investor or developer. The new owners can choose to operate this asset as either a motel, Airbnb, long term rental or combination thereof, laying the foundation for the ultimate operational flexibility in maximizing cash flow while they plan for the future redevelopment. Don't let this once in a lifetime investment opportunity slip through your fingers as these types of properties do not come avail
Location
State CA
County San Luis Obispo
Interior
Laundry Community Facility,In Garage
Building
Lot Description Sloped Up
Water Public