1173 Fair Oaks Avenue

  • Arroyo Grande

  • $5,250,000
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Residential Income Details

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.
Essential
MLS #SP1067816
Price$5,250,000
Number of Units28
StatusActive
Listing BrokerageKing Properties
Listing AgentKevin King
Listing Agent BRE #01013696
Interior
CoolingNone
HeatingForced Air
Exterior
ParkingCovered Parking
RoofingShingle
Community
AreaARRG - Arroyo Grande
TractWest of 101(1000)
CommunitySidewalks,Curbs,Street Lighting
Address1173 Fair Oaks Avenue
CityArroyo Grande
CountySan Luis Obispo
StateCA
ZipCode93420
School

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Based on information from California Regional Multiple Listing Service, Inc. as of Friday, March 10, 2017. 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.