Very rare investment opportunity in downtown San Luis obispo. Historically operated as a boutique motel in a prime location just a few short blocks away from restaurants, shopping, theaters, city services and all downtown has to offer. This property consists of a total of thirteen standalone units including a 2 bedroom home with two car garage and twelve separate cottages. The individual furnished cottages consist of eight 1 bedroom units and four studios. This unique corner lot of almost 1/2 acre offers residents very close proximity to all of the downtown amenities and Cal Poly along with the onsite conveniences of a separate laundry facility and designated parking. The current below market rents present a huge short term upside opportunity for any experienced investor. Additionally, the long term redevelopment potential of this property would be highly desirable to any opportunistic investor or developer. The new owners can choose to operate this asset as either a motel, Airbnb, long term rental or combination thereof, laying the foundation for the ultimate operational flexibility in maximizing cash flow while they plan for the future redevelopment. Don’t let this once in a lifetime investment opportunity slip through your fingers as these types of properties do not come available often.
Property Details
Price:
$3,200,000
MLS #:
PI25097884
Status:
Active
Baths:
0
Address:
652 Morro Street
Type:
Residential Income
Subtype:
Commercial/Residential
Subdivision:
San Luis Obispo380
Neighborhood:
slosanluisobispo
City:
San Luis Obispo
Listed Date:
May 2, 2025
State:
CA
ZIP:
93401
Lot Size:
21,750 sqft / 0.50 acres (approx)
Year Built:
1948
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Schools
Interior
Exterior
Community Features
Sidewalks, Storm Drains, Street Lights
Garage Spaces
2.00
Lot Features
Up Slope from Street
Parking Features
Assigned, Garage, On Site
Parking Spots
17.00
Pool Features
None
Sewer
Public Sewer
Stories Total
1
Water Source
Public
Financial
Map
Community
- Address652 Morro Street San Luis Obispo CA
- AreaSLO – San Luis Obispo
- SubdivisionSan Luis Obispo(380)
- CitySan Luis Obispo
- CountySan Luis Obispo
- Zip Code93401
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652 Morro Street
San Luis Obispo, CA
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