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San Luis Obispo 93401
894 Monterey Street
$6,070,059*
Commercial - Off Market

894 Monterey Street

San Luis Obispo, CA 93401
bedrooms
Studio
bathrooms
0 Bath
$3,735,000 - $4,565,000
Reference Base Price*
46.27%
Since Jan 1, 2020
National-US
Primary Model

About This Property

Price Reduction! Owner will carry 1st up to $2.4m for 5-years! Very rare opportunity to own a large retail/office building in the heart of charming downtown San Luis Obispo with onsite parking.  Property addresses are 888, 890, & 894 Monterey.   Opportunity for an investor to create value by enhancing the units/property and stabilizing the property rents to market, and also development potential building out over the parking lot and possibly going up and adding residential units.  Building out over the parking lot would increase the property size over 50% and deemed likely to be approved with three parking structures within a 1/2 mile of the building.  The property is on the busy corner of Monterey St and Morro St, one block from the iconic Mission San Luis Obispo de Tolosa, next to the new Downtown Center and the brand new Hotel SLO.  Monterey Street is one of the main thoroughfares in the city and is a heavy foot-traffic area in the downtown core.  This is an opportunity to buy a generational investment that is surely to provide handsome appreciation for many decades to come.  The property currently has an income of $163,380 with an unrented owners space.  Per property appraisal, at market rents gross income should be approx $270,000.  With substantial upside in rents and future development potential this is a fantastic investment opportunity that does not come around often.  See attached brochure for additional photos and current and projected financial information
Unit Size
-
Days on Market
-
Land Size
-
Price per sqft
-
Property Type
Commercial
Property Taxes
-
HOA Dues
-
Year Built
-

Price History

Date / Event Date Event Price
Dec 21, 2019 No longer available -
No longer available
Aug 20, 2019 Relisted $4,150,000
Relisted
Aug 18, 2019 No longer available -
No longer available
May 3, 2019 Price Decreased $4,150,000
↓ $145K (3.4%)
Price Decreased
Apr 24, 2019 Price Decreased $4,295,000
↓ $130K (2.9%)
Price Decreased
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Property Highlights



Comparables

Unit
Status
Type
Beds
Baths
ft²
Price/ft²
Asking Price
Listed On
Closing Price
Sold On
HOA + Taxes

Past Sales

Date Unit Beds Baths Sqft Price Closed Owner Listed By
20211104
11/04/2021
Loft
-
9992 ft²
$4,499,000
bedrooms
Loft
bathrooms
-
square feet
9992 ft²
-
-
-
Kevin King
King Properties
20181231
12/31/2018
Studio
-
-
$5,250,000
bedrooms
Studio
bathrooms
-
-
-
-
-

Building Info

894 Monterey Street 894 Monterey Street, San Luis Obispo, CA 93401
More about this Building
894 Monterey Street
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About San Luis Obispo


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  • 1 Bed
  • 1 Bath
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623-683 Perkins Lane #623 Perkins, San Luis Obispo, CA, 93401 Listing by Manager


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