1220 E Grand Avenue

1/2-acre Mixed-Use property with 3 residential units and 1 commercial unit located directly off Grand Ave in the heart of Arroyo Grande. Property is a long strip 70 ft wide and the length of a football field. At the front of the property, directly across the street from Starbucks, is a 350 sq ft commercial building with paver parking lot. This space has been freshly refinished and can potentially be utilized for a wide range of businesses activities including retail, food & beverage, office space, personal services, or even lodging. Heading up the driveway are 3 residential units, each with their own dedicated parking and patio areas. The front home is a 2 bedroom 1 bath unit and overlooks a private fenced front yard. It has a stacked washer/dryer setup in the bathroom. The back 2 units are both 1 bedroom 1 bath and have been fully refinished with all new cabinets, counters, flooring, fixtures, tile showers, etc. They share a common laundry room that is accessed from each of their respective covered patios. The 3 residences are currently rented for $7,700 per month, and the commercial space is estimated to be able to rent for $2,300 per month, bringing the total gross rents possible on existing units to approximately $10,000 per month. The back 1/4-acre of the property feels like it could be its own lot, and largely represents a blank slate for the new owner. Currently it includes a large gravel parking area and a small bonus structure with wrap around lanai. There are RV hookups and a large yard with lots of storage. The top part of the property has ground level ocean views and could potentially be built out with a new single family home or multiple additional rental units. Seller says 3 ADUs at back of property are doable vs building a large multi-family structure (buyer to confirm with city). Alternatively the back 1/2 of the property could be utilized to support one's business ventures, by building a shop or storing equipment, as the zoning allows for many potential uses in addition to the existing residences. This is a must see to appreciate kind of property! The back half is set back far enough from Grand Ave that you actually get a great sense of quiet, peacefulness and privacy while maintaining the central in-town feel and convenience. One could potentially come setup their RV and build a downtown ocean-view primary home in the back while letting the existing cash-flowing rentals in the front pay the mortgage bill.

Property Details

Location

Legal

The multiple listing data appearing on this website, or contained in reports produced therefrom, is owned and copyrighted by California Regional Multiple Listing Service, Inc. ("CRMLS") and is protected by all applicable copyright laws. Information provided is for viewer's personal, non-commercial use and may not be used for any purpose other than to identify prospective properties the viewer may be interested in purchasing. All listing data, including but not limited to square footage and lot size is believed to be accurate, but the listing Agent, listing Broker and CRMLS and its affiliates do not warrant or guarantee such accuracy. The viewer should independently verify the listed data prior to making any decisions based on such information by personal inspection and/or contacting a real estate professional.

Based on information from California Regional Multiple Listing Service, Inc. as of the most recent time synced and /or other sources. All data, including all measurements and calculations of area, is obtained from various sources and has not been, and will not be, verified by broker or MLS. All information should be independently reviewed and verified for accuracy. Properties may or may not be listed by the office/agent presenting the information

Provided By
Listed by Brenda Auer (#PI01310530)
Listing Office: Auer Real Estate Inc. (#PI2894)