1840 Ocean Street, Oceano, CA 93445

$975,000
3,408
SqFt
List Price
$975,000
Status
ACTIVE
MLS#
SP20200000
Year Built
1983
Living Sq. Ft
3,408
Lot Size
7,000
Acres
0.1607
Lot Location
2-5 Units/Acre
Days on Market
26
Property Type
Multifamily
Property Sub Type
Quadruplex
Stories
Two Levels
Builders Tract Code
Oceano(350)
Neighborhood
Oceano(350)

Property Description

Very solid 4-plex in the town of Oceano. These units always stay rented and when a vacancy occurs the time for rent-up is faster than the owner can turnover the unit. All 2-bed/1.5-bath townhomes. There are new furnaces and stoves in all units. Tenants pay electric and gas. There is ample off street parking both in front and back of the units, which the back units are accessed by an ally way. There is also an abundant amount of on street parking. Rents have just been raised the allowable amounts which sets the income at $5,300 a month, $63,600 annually. Great investment, great location, easy access to beach and near highway 1. Oceano's beach is the Oceano Dunes State Vehicular Recreation Area, a 1,500 acres coastal sand dune. It is the only state park in California where visitors may drive vehicles on the beach, tourists are attracted from all over the United States. Activities on this beach include riding the sand dunes on all-terrain-vehicles, swimming, clamming, camping, surfing, surf fishing, hiking, and bird watching. At $286 a SqFt and 15 GRM, the price is inline with comps and an incredibly better bargain and return on investment compared to Arroyo Grande and Grover Beach recent sales. Expenses noted include projected new taxes. Expenses at 40% are high for a 4-unit property and should be able to be brought down by a savvy operator. Rents are low should be able to be raised by the yearly max for many years to come. See attached projected 5-year analysis.

Additional Information

Lot Description
Biking, Fishing, Golf, Hiking, Watersports, Sidewalks
Pool Description
None
Roof
Composition
Sewer
Public Sewer
Water
Public
Attached Structure
Attached
Number Of Units Total
4
Gross Scheduled Income
$63,600
Operating Expense
26002
Unit One Total Units
4
Unit One Beds
2
Unit One Baths
2
Unit One Actual Rent
5300.00
Unit One Total Rent
63600.00
Unit One Pro Forma
72000
Unit One Furnished
Unfurnished

Mortgage Calculator

Amount of Loan
Annual Interest Rate
%
Term of Loan
Years

Does not include any taxes or fees.
Please consult a financial professional.
Calculator source: Real Geeks

Listing courtesy of Kevin King from King Properties

Based on information from California Regional Multiple Listing Service, Inc. as of . 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.