Investment * Lifestyle * Income
8 Ocean View Apartments (5 with white water views!)
100% Occupied
Fully Furnished including Internet and TV, Keyless Entry.
Currently Professionally Managed.
Although
currently rented as long term apartments. These are Licensed & Permitted to operate as Apartments (30 days or longer) and/or Vacation Rentals (1-30 days) .
This is an extremely rare permit ability.
Current Rent Schedule
1 - One Bedroom $1,100
7 - Studios $1,000-$1,100
6.6% CAP Rate
9.13 GRM
Turn-key Condition * Super Stable Desirable Location
***See the Property Reports Section for the Investment Proforma/Income & Expense and other additional information*** or email
pam@farrellsmyth.com for a property information set up.
Location:
Located on the Scenic Central Coast, Cayucos is an Ocean Sports Paradise.
Kite Surfing, S.U.P., Wind Surfing, Surfing, Kayaking, Mountain Bike, Hike and More….
Small Town Atmosphere. Yet, only 20 minutes to America’s Happiest City of San Luis Obispo!
Long Stretches of Beautiful Beaches, Dog Friendly, Tons of Back Country to Explore.
Just 20 Minutes to San Luis Obispo and all services, Cal Poly, Cuesta College, Central Coasts most beautiful Beaches and so much more!
The subject property is located in the beautiful central California coastal town of Cayucos. Its specific location is within an established residential neighborhood just minutes to downtown Cayucos, a quick stroll to the beach, and within 20 minutes of San Luis Obispo.
Cayucos is known for its "banana belt" climate. Where neighboring Cambria to the North and Morro Bay to the South may be fogged in, Cayucos will have a lovely mild perfect climate. It is a well known and loved local secret. In addition to beautiful, peaceful qualify of living, Cayucos offers some of the best surf and longest stretches of beaches on the Central Coast. Uncrowded, unspoiled "Old Cali" at its finest.
The quality of the neighborhood and its close proximity to an unmatched Scenic Central Coast, Downtown San Luis Obispo, Cal Poly, and Cuesta College, All services, Hospitals, Fabulous Local Beaches, 1st class Recreation, Easy freeway access to both Hwy 1 and Hwy 101 make this a superior location with which to invest.
Completely Renovated – This is absolutely Turn-Key!
Turn-key condition - Extensive "down to the studs" Renovation!
Effective age 2007
As of Dec 2010 - New Fresh Exterior Paint and Red Tile like "Insulite" Roof In Process. Visit the website
http://www.insuliterooftile.com/gallery/home.php
Insulite Roof Tile Information can also be found within the property reports section.
Regarding the extensive renovation… Some of the capital improvements include: new electrical, new plumbing, new dual pane windows, new 8ft wide sliding glass doors, new kitchens and bathrooms, all new appliances, new parking lot asphalt, new deck & walk way surfacing, concrete sound proofing between floors, double 5/8” hotel/fire rated sheet rock between rooms and more…. Bottom line... this building was brought up to current code. Effective age of this building 2007!
Each unit has a keyless entry, is fully furnished, and includes wireless internet, TV, and all utilities paid (Units are separately metered for Electric). There is an ADA compliant unit, with extra wide doors, extra large bathroom with step in tub that has hand rails and fold down seat. Although not required, all of the units have been upgraded with extra wide doors, both the front and bathroom doors .
The unit mix consists of 7- fully furnished Studios with full kitchen and 3/4 bath and 1- One Bedroom, One Bath unit with attached (yet separate) reception room. Five of the studio units have expansive white water ocean views, balconies, and vaulted ceilings. The three lower units also have ocean views and a private balcony.
The building consists of 1 two- story wood frame and stucco building containing eight residential units. There are 8- parking spaces (3 of which are tuck-under). The roof is of pitched, composition shingle. The landscaping is lush and gorgeous and creates for lovely peaceful ambiance. Common area amenities include a (plumbed in) gas BBQ on the upper deck, and on-site laundry facilities.
The building is individually metered for Electric. One common water meter. One common gas meter which provides for Hot Water.
There is a workshop/maintenance room and an extra storage room.
There is an on-site laundry room with one Washer and one Dryer along with a dedicated Hot Water heater. The coin operated laundry equipment is owned.
Note: This is NOT a short sale or REO.
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