Mixed-Use Property with Ocean
For Sale
$1,649,000
1187 Main, Morro Bay, CA 93442
Three-unit configuration includes residential space, a leased office, and two garages.
Property Size2,975 SF
Price / SF$554.29
Days on Market113
Property Features for 1187 Main
General Information
Standard status
Active
Size
2,975 SF
Total Parking Spaces
4
Property subtype
Multi-Family
Units
Unit Mix
1 x 3BR/2BA, 1 x 1BR/1BA
Multifamily Units
2
Office Units
1
Additional Details
Floor
Downstairs
Amenities
balcony
Building Details
Year Built
2006
Buildings
1
Tenancy
Multi
Listing Agency:
Property Pros
Listed By:
Lisa Sokolowski · License #01211718
(805) 975-7631
Source:
Livebre
Added: Jun 26
Changed: Oct 13
Last Checked: Oct 7 at 1:02PM
Displayed information is deemed reliable but is not guaranteed and should be independently verified. All listing content including descriptions, pricing, images are the copyrighted material of Property Pros
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Investment Insights
Based on property information with market context.
This mixed-use property contains three separate units within a 2006-built asset. The upper residence offers three bedrooms, two bathrooms, a balcony, and coastal views from both the living room and kitchen. A one-bedroom, one-bath residential unit provides an additional living arrangement. The lower-level office is occupied by a long-term tenant. Two garages, each accommodating two cars, provide dedicated parking and storage for the residential units.
The property is at 1187 Main St in Morro Bay, within walking distance of the Morro Bay Embarcadero, downtown shops, and restaurants. The combination of residential accommodations, office space, garages, and ocean and rock views creates a clearly defined mixed-use configuration in a coastal setting.
The property is at 1187 Main St in Morro Bay, within walking distance of the Morro Bay Embarcadero, downtown shops, and restaurants. The combination of residential accommodations, office space, garages, and ocean and rock views creates a clearly defined mixed-use configuration in a coastal setting.
Key Highlights
- Three separate units: a 3‑bedroom, 2‑bath residence, a 1‑bedroom, 1‑bath unit, and a commercial office
- Upper residence includes a private balcony with ocean and rock views
- Downstairs office is occupied by a long‑term tenant
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$57,432
Cap Rate
3.48%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$1,148,640
$1.1M
Cap Rate 7%
$820,457
$820.5K
Cap Rate 9%
$638,133
$638.1K
Market Conditions
NOI Build-Up for 2,975 SF
Gross rent
$107.1K $36.00/SF
− Vacancy
−$2.7K −$0.90/SF
EGI
$104.4K $35.10/SF
− OpEx
−$47.0K −$15.80/SF
NOI
$57.4K $19.31/SF
Area
San Luis Obispo County, CA
Vacancy
2.50%
Lease Rate
$36.00 /SF/Yr
Expense Ratio
45.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap Rate 5%
$1,148,640
Cap Rate 7%
$820,457
Cap Rate 9%
$638,133
Alternative Uses
Best Use
Apartment 5plus
$820.5K
$717.9K – $957.2K
NOI $57,432 @ 7.0% cap · market cap 3.48%
Second Best
Office B
$791.0K
$692.1K – $922.9K
NOI $55,371 @ 7.0% cap · market cap 3.36%
Theoretical Best
Healthcare Medical
$1.17M
$1.02M – $1.37M
NOI $81,902 @ 7.0% cap · market cap 4.97%
Zoning and permitted uses should be independently verified with authorities.
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Property Analytics
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Open Analytics
Current Use
Lease Details
1
Office units
2
Residential units
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
1,247
Businesses Nearby
Explore this area
Business Placement
Demographics for 93442, CA
11,390
Population
6,537
Households
1.7
Avg Household Size
54
Median Age
45%
College-Educated
93%
High-School Grad
44.5 sq mi
ZIP Area
256
Density / Sq Mi
$92,163
Median Household Income
$50,651
Median Earnings
$1,815
Median Rent
$870,600
Median Home Value
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Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Office in West region
Frequently Asked Questions
What type of property is this?
Mixed-use property - Three-unit configuration includes residential space, a leased office, and two garages.
Where is this mixed-use property located?
The property is located at 1187 Main Morro Bay, CA.
What is the asking price?
The asking price for this property is $1,649,000.
What are key features of this property?
This property features: Three separate units: a 3‑bedroom, 2‑bath residence, a 1‑bedroom, 1‑bath unit, and a commercial office; Upper residence includes a private balcony with ocean and rock views; Downstairs office is occupied by a long‑term tenant
