1173 Fair Oaks, Arroyo Grande

$5,250,000
MLS: SP1067816

List Price: $5,250,000
MLS Number: SP1067816
Property Class: ResidentialIncome
1173 Fair Oaks, Arroyo Grande, 93420

Year Built: 1980
Square Footage: 60984
County: San Luis Obispo
MLS Area Major: ARRG – Arroyo Grande

Property Description

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.

Subdivision Name: West of 101(1000)
Year Built: 1980
Square Footage: 60984
Days On Market: 456
Foundation Details: Slab
Levels: Two
Lot Features: Paved
Lot Size Area: 1
Roof: Shingle
Utilities: Phone Connected,Cable Available
Zoning: APT
Number Of Units Total: 28

Heating: Forced Air
Community Features: Sidewalks,Curbs,Street Lighting
ParkingFeatures: Covered Parking
Parking YN: 1
Laundry Equipment Own Lease: Own

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