1840 Ocean Street

Oceano, CA 93445

$860,000
Last Sold Price
2
Beds
8
Baths
3,408 Sq. Ft.
$252 / Sq. Ft.
3,408
Sq. Ft.
$252
per Sq. Ft.

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...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.
  1. Listed by Kevin King • DRE #01013696 • Brokerage DRE #01932713 • King Properties

Property Details for 1840 Ocean Street

Parking Spaces Total
8
Private Pool
No
Total Units
4.0
Building Type
Attached
Lot Size Source
Assessor
Living Area
3408
Assessor Parcel Number
062086027
Property Attached YN
true

Location

Listing Courtesy of King Properties, Kevin King, DRE #01013696

Sold By King Properties, Kevin King, DRE #01013696

Add your commute
LISTING UPDATED: 03/17/2021 01:05 AM

Property Details for 1840 Ocean Street

StatusClosed
MLS #SP20200000
Days on Market82
Taxes-
HOA Fees-
Condo/Co-op Fees-
Compass TypeMulti Family
MLS TypeResidential Income
Year Built1983
Lot Size0.16 AC / 7,000 SF
CountySan Luis Obispo County

Location

Listing Courtesy of King Properties, Kevin King, DRE #01013696

Sold By King Properties, Kevin King, DRE #01013696

Add your commute

Building Information for 1840 Ocean Street

Stories2Residences-Year Built1983Building Size-Lot Size0.16 AC / 7,000 SF

Payment Calculator

$5,588 per month

30 year fixed, 7.25% Interest

Principal and Interest

$4,693

Property Taxes

$895

HOA Dues

$0

The Payment Calculator is for illustrative purposes only.

Property Information for 1840 Ocean Street

Rental Info
Rental Info
  • Tenant Pays: Electricity, Gas
Income / Expense / Tax Details
Income Details
  • Gross Income: $63,600
  • Gross Scheduled Income: $63,600
  • Net Operating Income: $37,958
  • Gross Multiplier: 15.0
  • Financing: Cash To Existing Loan
Expense Details
  • Operating Expense: $26,002
  • New Taxes Expense: $10,725
  • Insurance Expense: $1,500
  • Trash Expense: $709
  • Water Sewer Expense: $2,992
  • Total Expenses: $25,540
Tax / Assessment Info
  • Tax Block: 27
  • Tax Census Tract: 122.00
  • Tax Lot: 5
Community / Development
Community / Development
  • Community Features: Biking, Fishing, Golf, Hiking, Watersports, Sidewalks
Property / Structure Info
Interior Features
  • Laundry: Yes
  • Laundry Features: Inside
  • Heating: Natural Gas
Exterior Features
  • Roof: Composition
  • Foundation Details: Slab
  • Pool Features: None
  • Pool Description: None
  • Pool: N/K
Land/Lot Info
  • Lot Features: 2-5 Units/Acre
  • Number Of Units: 4
  • Land Lease: No
  • Land Lease Type: Fee
  • Levels: Two
  • Sewer: Public Sewer
  • Water Source: Public
Parking Info
  • Garage Spaces: 0
  • Uncovered Spaces: 8
  • Open Other Spaces Total: 8
  • Parking Garage Spaces: 0
  • Carport Spaces: 0
Property / Structure Info
  • Builders Tract Name: Oceano
  • Builders Tract Code: Oceano(350)
Unit Information
Unit 1
  • Unit Type Units Total: 4
  • Unit Type Beds Total: 2
  • Unit Type Baths Total: 2
  • Unit Type Furnished: Unfurnished
  • Unit Type Garage Spaces: 0
  • Unit Type Actual Rent: $5,300
  • Unit Type Total Rent: $63,600
  • Unit Type Pro Forma: 72000
  • Unit Type Type: 1
Unit Information
  • Number Of Units Leased: 4
  • Rent Controlled: No
  • Number Of Buildings: 1
  • Number Of Separate Electric Meters: 4
  • Number Of Separate Gas Meters: 4
  • Number Of Separate Water Meters: 1

Property History for 1840 Ocean Street

DateEvent & SourcePriceAppreciation
DateEvent & SourcePrice

For completeness, Compass often displays two records for one sale: the MLS record and the public record.

Public Records for 1840 Ocean Street

Taxable ValueLand$312,120Additions$582,624Total$894,744
Tax Record2023$10,744 ($895 / month)
Home Facts
Total Finished SqFt3,408 SqFtAbove Grade Finished SqFt3,408 SqFtLot Size7,000 SqFtStyleQuadraplexYear Built1983ZoningRMFCountySAN LUIS OBISPOAPN062-086-027

Schools near 1840 Ocean Street

This home is within Lucia Mar Unified School District.
Rating
School
Type
Grades
Distance
Public - K to 6
Public - 7 to 8
Public - 8 to 12
Public - 9 to 12
Rating
School
Distance
Oceano Elementary School
PublicK to 6

Judkins Middle School
Public7 to 8

Arroyo Grande High School
Public8 to 12

Lopez Continuation High School
Public9 to 12

School ratings and boundaries are provided by GreatSchools.org and Pitney Bowes. This information should only be used as a reference. Proximity or boundaries shown here are not a guarantee of enrollment. Please reach out to schools directly to verify all information and enrollment eligibility.

Similar Homes

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Similar Sold Homes

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Listing Courtesy of King Properties, Kevin King, DRE #01013696

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