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    Prime Commercial Land Near Highway 1 Title is generated by Realmo AI

    298 Atascadero Road, Morro Bay, CA 93442

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    1.63-acre commercial land for lease near Highway 1.

    Type:Land
    Lot size:
    1.63 Acres
    Added:
    Mar 5, 2026
    Days on Market:
    82
    Last Refresh:
    Apr 5 at 11:56 pm

    Property Features for 298 Atascadero Road

    General Information

    Standard status
    Active
    Lot size
    1.63 Acres
    Property subtype
    Land

    Spaces For Lease

    at 298 Atascadero Road Contact us

    We can help!

    Listing Contact
    Luis Vazquez
    Luis Vazquez

    Listing agent Luis Vazquez License #CalDRE #00841513

    Listing office Sperry Commercial Global Affiliates Irvine

    Listing date Mar 5, 2026

    Source Sperrycga

    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 Sperry Commercial Global Affiliates Irvine

    HighLights

    • 1.63‑acre flat lot with street‑level exposure.
    • Visitor‑Serving Commercial (C‑VS) zoning with multiple potential uses (detailed in enclosed C‑VS Zoning).
    • Prime location off Hwy 1 in Morro Bay, a popular coastal tourist destination.
    • Proximity to Morro Rock, Morro Bay State Park, and the Embarcadero (1‑mile walk).
    • Potential for City water, sewer, gas, and electrical connections.
    • Located near newer developments: Hampton Inn Morro Bay and a renovated Motel 6.

    Overview

    This 1.63-acre property is available for lease, with rental rates and terms to be negotiated. Zoned Visitor-serving commercial (C-VS) district, the property offers several potential uses as detailed in the C-VS zoning. The flat lot has potential access to city water, sewer, gas, and electrical, as it once served as a warehouse location. Situated in a picturesque coastal setting that attracts visitors and businesses, the property is conveniently located off Hwy 1 in Morro Bay's coastal fishing village. Landmarks such as Morro Rock, Morro Bay State Park, and the Embarcadero are nearby. The location benefits from a steady flow of tourists and locals. The restaurants and shops at Morro Rock and the Embarcadero are just a scenic, one-mile walk away. The property is next door to a Motel 6 being renovated and across the street from the newly constructed Hampton Inn Morro Bay. The property is near newer developments across the street, including Morro Bay Hampton Inn, Morro Bay High School and a Motel 6 under renovation. The property also features street-level exposure.
    Property Profile Location Intelligence

    Current Use by Public Records

    Motel 6 Morro ... Hotel & Motel

    Suggested Use

    Restaurant Real Estate Agency Law Firm Building Supply Spa & Massage Center Big Box & Wholesale Store Auto Repair Shop Hair Salon Nail Salon Pharmacy

    Zoning and permitted uses should be independently verified with local authorities.

    Location Insight

    • Map
    • Local Demand
    City
    Morro Bay
    County
    San Luis Obispo
    State
    California
    Longitude
    -120.854
    Latitude
    35.3801

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      Prime Commercial Land in Morro Bay

      1.63-acre commercial land for lease near Highway 1.
      298 Atascadero Road, Morro Bay, CA 93442
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    FAQs

    What type of property is this?
    Commercial land - 1.63-acre commercial land for lease near Highway 1.
    Where is this commercial land located?
    The property is located at 298 Atascadero Road Morro Bay, CA.
    What are key features of this property?
    This property features: 1.63‑acre flat lot with street‑level exposure.; Visitor‑Serving Commercial (C‑VS) zoning with multiple potential uses (detailed in enclosed C‑VS Zoning).; Prime location off Hwy 1 in Morro Bay, a popular coastal tourist destination.
    (310) 704-9109
    We can help!
    Listing Contact
    Luis Vazquez
    Luis Vazquez
    Real Estate License ID: CalDRE #00841513
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    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

    More about this property
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    298 Atascadero Road, Morro Bay, CA 93442
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