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495 Morro Bay Boulevard

Morro Bay, CA 93442
  • $3,200,000
  • STATUS: Active
  • ON SITE: 84 days
  • MLS #: PI21099481
$3,200,000
  • 0
    BEDS
  • 0.14
    ACRES
  • 0
    BATHS
  • 0
    1/2 BATHS
Neighborhood:
Type:
Commercial
Built:
1977
County:

School Ratings & Info

Description

This centrally located retail property in downtown Morro Bay has just undergone a $1.4 million renovation. The tenant will execute a brand new 10-year sale leaseback at the close of escrow with 4 (5-year) option periods to extend, resulting in a 6.0% initial cap rate. The lease will feature 10% rental increases in Year 6 and at the beginning of each option period.

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Based on information from California Regional Multiple Listing Service, Inc. as of 2021-08-03T00:37:00.417. This information is for your personal, non-commercial use and may not be used for any purpose other than to identify prospective properties you may be interested in purchasing. Display of MLS data is deemed reliable but is not guaranteed accurate by the MLS or Desert Area Homes For Sale | Premier Properties. Licensed in the State of California, USA.
www.desertareahomesforsale.com/homes/116974922
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495 Morro Bay Boulevard Morro Bay, CA 93442

  • Price: $3,200,000
  • Status: Active
  • MLS #: PI21099481
0
Beds
0
Baths
0
½ Baths
0.14
Acres
1977
Built
Neighborhood:
MRBY - Morro Bay
County:
San Luis Obispo
Area:
MRBY - Morro Bay
Property Description
This centrally located retail property in downtown Morro Bay has just undergone a $1.4 million renovation. The tenant will execute a brand new 10-year sale leaseback at the close of escrow with 4 (5-year) option periods to extend, resulting in a 6.0% initial cap rate. The lease will feature 10% rental increases in Year 6 and at the beginning of each option period.
Exterior Features

Lot Features Corner Lot

Property Features

Additional Parcels YN No Cap Rate 6 Common Interest None Laundry Features None Listing Agreement Exclusive Right To Sell Listing Terms Lease Back Net Operating Income 192000 Property Sub Type Retail Special Listing Conditions Standard Water Source Public

Listing provided courtesy of Jason Hart of Hart Commercial Real Estate


Based on information from California Regional Multiple Listing Service, Inc. as of 2021-08-03T00:37:00.417. This information is for your personal, non-commercial use and may not be used for any purpose other than to identify prospective properties you may be interested in purchasing. Display of MLS data is deemed reliable but is not guaranteed accurate by the MLS or Desert Area Homes For Sale | Premier Properties. Licensed in the State of California, USA.
 
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