$925,000

1840 Ocean Street

Oceano CA, 93445

Description

Very solid 4-plex in the town of Oceano. These units always stay rented and when a vacancy occurs the time for rent-up is faster than the owner can turnover the unit. All 2-bed/1.5-bath townhomes. There are new furnaces and stoves in all units. Tenants pay electric and gas. There is ample off street parking both in front and back of the units, which the back units are accessed by an ally way. There is also an abundant amount of on street parking. Rents have just been raised the allowable amounts which sets the income at $5,300 a month, $63,600 annually. Great investment, great location, easy access to beach and near highway 1. Oceano's beach is the Oceano Dunes State Vehicular Recreation Area, a 1,500 acres coastal sand dune. It is the only state park in California where visitors may drive vehicles on the beach, tourists are attracted from all over the United States. Activities on this beach include riding the sand dunes on all-terrain-vehicles, swimming, clamming, camping, surfing, surf fishing, hiking, and bird watching. At $286 a SqFt and 15 GRM, the price is inline with comps and an incredibly better bargain and return on investment compared to Arroyo Grande and Grover Beach recent sales. Expenses noted include projected new taxes. Expenses at 40% are high for a 4-unit property and should be able to be brought down by a savvy operator. Rents are low should be able to be raised by the yearly max for many years to come. See attached projected 5-year analysis.

Details

MLS#SP20200000
Listing TypeFor Sale
Sub-TypeResale
StatusActive
Year1983
Days On Site64

Features

SQ Feet3,408
Units4
Building(s)1

Market Activity 93445

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Area Information
StateCA
CountySan Luis Obispo
CityOceano
Zip Code93445
AreaOCNO - Oceano
Listing VS Median (in 93445)
Price:
$925,000
low | high
Med:
$475,000
98.648648648649% of Average
SqFt:
3,408
low | high
Med:
1,274
100% of Average
$ / SqFt:
$271
low | high
Med:
$395
4.591755894403% of Average
On Site:
64
low | high
Med:
37
100% of Average
Listing Updated: November 27, 2020 10:40:29 PM PST
Kevin King LogoMLS Number: SP20200000
Listing Provided By:
Kevin King  of  King Properties
MLS Internet Data Exchange (IDX) information is provided exclusively for consumers’ personal, non-commercial use and may not be used for any purpose other than to identify prospective properties consumers may be interested in purchasing, and that the data is deemed reliable but is not guaranteed accurate by the California Regional MLS.