Description
20 units in San Luis Obispo County, consisting of a 4 bedroom house, 6 apartments, and 13 Mobile Home Spaces on a little less than 5 acres. Property is located between Avila Beach and San Luis Obispo. The property has been approved for replacement of the gas and electric lines scheduled to be replaced in 2nd half of 2023. Cost to the owner will be less than $20,000 due to the CPUC Program. The roads are in bad shape but makes no sense to replace now since they will be digging new lines underground. 3 of the mobile home spaces are subject to rent control and the apartments and house are subject to the State Rent Control. The property is currently on a lease but the price includes the land and will be delivered fee simple. The seller removed three old homes and is currently renting those spaces to trailers. After the replacement of the lines those trailers can be replaced with brand new homes allowing for a substantial profit. In addition an ADU can be put on the property further increasing cash flow. Obviously there is rarely a time when a unit is empty for more than a week.
Location
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