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495 Morro Bay Morro Bay, CA

$3,200,000

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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.

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Property Information

  • Address: 495 Morro Bay, Morro Bay, CA 93442. 
  • Price: $3,200,000 
  • MLS #: PI21099481 
  • Year Built: 1977 
  • Listing Courtesy of: Hart Commercial Real Estate 
  • City: Morro Bay 
  • Postal Code: 93442 
  • County: San Luis Obispo 

Other

  • 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. 
  • List Date: May 10, 2021 
  • Status: Active 
  • Directions: Hwy 101 to Morro Bay Blvd 

Other

  • Listing Agent State License: 01334694 
  • Listing Office State License: 01334694 

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Based on information from California Regional Multiple Listing Service, Inc. as of September 20th, 2021 at 02:45:08AM UTC. 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 usually deemed reliable but is NOT guaranteed accurate by the MLS. Buyers are responsible for verifying the accuracy of all information and should investigate the data themselves or retain appropriate professionals. Information from sources other than the Listing Agent may have been included in the MLS data. Unless otherwise specified in writing, Broker/Agent has not and will not verify any information obtained from other sources. The Broker/Agent providing the information contained herein may or may not have been the Listing and/or Selling Agent.