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Property profile & analytics
OFF-MARKET
Estimated value
$1,625,000
Retail space
1215 Embarcadero Morro Bay, CA 93442-2041
Entity Owned
4-yr Hold
~
Est. High Equity
Property ID
US09-2092787
Property summary
AI-generated overview
This exceptional investment opportunity presents a thriving Morro Bay, CA marina, boasting a recently constructed, 5,239 square foot multi-tenant retail building situated on the Embarcadero at 1215 Embarcadero, zip code 93442, in San Luis Obispo County. The property generates a gross annual income exceeding $500,000 from three distinct revenue streams: the retail building, 25 boat slips, and kayak/paddleboard storage lockers. The leasehold interest offers 36 years remaining on the current lease, with an exclusive right to renegotiate. This NNN-leased, multi-tenant property is priced to yield a 6 cap rate, reflecting a compelling return on investment. The property's prime waterfront location in the desirable Morro Bay market ensures strong tenant demand and consistent income generation. The modern building and well-maintained facilities contribute to the property's high-performing operational efficiency. This turnkey investment is an ideal opportunity for those seeking a stable, high-yielding asset in a sought-after coastal location. The property's strong cash flow and long-term lease provide a secure and attractive investment prospect. Serious inquiries are encouraged.
Property profile
Verified
Property type
Retail space
Use group
RETAIL STORES (PERSONAL SERVICES)
Year built
2020
Construction
WOOD
Total area
5,648 SF
APN
940-000-146
UPID
US09-2092787
Cap rate & NOI
Priority signal for investors
Implied cap rate, NOI & suggested price
Cap rate vs submarket · NOI estimate · 3 price anchors
Implied cap rate, NOI & suggested price
Cap vs submarket · NOI estimate · 3 price anchors
Current use
Occupant on record · Public records
-
Morro Bay Landing Tour Operator Travel Agency
-
Morro Grill Restaurant
-
Public Restroom Public Bathroom
-
Chablis Cruises Travel Agency Tour Operator
-
Grassy Bar Oyster Company Factory Production Facility
Value estimations
Realmo proprietary · 4 methods
AI Approach
AI
by Request
CAP Approach
CAP
$1.41M
Comparable Approach
Comparable
$1.83M
Blend (final)
Blend
$1.63M
Owner & transaction history
Mmbs LLC · 4 yrs held
Mmbs LLC
since 2022
3 recorded transactions
Zoning & alternative use
Permitted uses
Permitted uses
Allowed · conditional · prohibited
Top alternative use upside
Auto repair, garage
$2.6M
+41.0%
Medical building
$2.3M
+26.7%
Apartment house (5+ units)
$2.1M
+14.3%
Cap rate
Implied · in-place · derived from last sale + estimated NOI
Implied Cap rate
#1
Implied · in-place · NOI ÷ last sale
In-place · derived from last sale + estimated NOI
Cap rate, NOI & submarket benchmark
Implied cap rate vs Morro Bay submarket · NOI estimate · Typical band, median & reading
Implied cap rate, NOI & submarket benchmark
Cap vs Morro Bay submarket · NOI estimate · typical band, median & reading
Refine your cap rate
8-question underwriting flow
1.
Property current status — Going-In vs Stabilized
2.
Price for denominator — asking / offer / market
3.
Leasing status & lease structure (NNN / Gross)
4.
Tenant risk profile & vacancy assumption
5.
Upload T12 / rent roll / OM (optional)
Refine in 60 seconds, get exact suggested price
T12 upload · Submarket benchmarks · Sensitivity grid
Suggested price · 3 cap rate anchors
Income approach @ 5% / 7% / 9% — aggressive / typical / conservative
Suggested price at 5% / 7% / 9% cap
Aggressive / typical / conservative · Implied $/SF per anchor · Sensitivity grid
Suggested price at 5% / 7% / 9% cap
Aggressive / typical / conservative · implied $/SF · sensitivity
Value
AI, CAP & Alternative Use estimations · Realmo proprietary blendValue Estimations
Based on Realmo’s proprietary methodology
AI Approach
Method
Estimation
Statistic approach
by Request
ML approach
by Request
CAP Approach
CAP Return
Estimation
6%
$1,530,000
6.5%
$1,410,000
7%
$1,310,000
Alternative Use
Use
Estimation
RETAIL STORES
$1,830,000
Current use
AUTO REPAIR, GARAGE
$2,580,000
Change: +41% · Conversion: Difficult
MEDICAL BUILDING
$2,320,000
Change: +27% · Conversion: Difficult
APARTMENT HOUSE (5+ UNITS)
$2,095,000
Change: +14% · Conversion: Difficult
INDUSTRIAL (GENERAL)
$1,815,000
Change: -1% · Conversion: Difficult
Blend value · Realmo final
$1.63M
Range $1.46M – $1.79M · ±10%
Realmo estimate · informational only.
These numbers are calculated by our models from public records and may not reflect actual market value.
Not an appraisal.
Verify with a licensed appraiser before transacting. Realmo accepts no liability for divergence from real-world outcomes.
View the full estimation — every method, every assumption
Confidence drivers & risk notes · Custom comparable set · Free for first 3 / day
Full estimation methodology
Every method · every assumption · confidence drivers
Price per SF
Sale + rent benchmarks
Subject property
$288 / SF
Submarket sale & rent benchmarks
Median sale $/SF · Asking & closed rent · Submarket vacancy
Submarket sale & rent benchmarks
Median sale $/SF · asking & closed rent · submarket vacancy
Property tax & assessments
Tax year 2024Property tax & assessments
Tax year 2024
Tax billed
$25,053
Tax year 2024
Assessed value
$2,266,963
Assessed 2024
Previous assessed
$2,266,963
+0.0% YoY
Effective rate
1.11%
On assessed value
Assessed land
$386,323
Assessed improvement
$1,880,640
Applied tax rate
6.0000
Comparables
6 recent transactions · within 1.5 miComparable in this city
6 recent transactions
Comparable in this City
Similar Nearby for Sale
Similar Nearby for Lease
Recent comparable sales
Sale price & price/SF · Sale date & distance · Adjustments & confidence
Recent comparable sales
Sale price & $/SF · sale date & distance · adjustments
Property description
Physical attributes from public recordsBuilding & lot
Public records
Property type
Retail space
Use group
RETAIL STORES (PERSONAL SERVICES)
Status
Off-Market
Year built
2020
Construction
WOOD
Heating
NONE
Total area
5,648 SF
APN
940-000-146
UPID
US09-2092787
Jurisdiction
SAN LUIS OBISPO
Zoning & alternative use
Zoning · permitted uses
Permitted & conditional uses
Allowed uses · Special-permit conditions · Prohibited uses
Permitted & conditional uses
Allowed · special-permit conditions · prohibited
Alternative use value scenarios
Repositioning upside vs current use
RETAIL STORES Current
Est. value
$1.8M
AUTO REPAIR, GARAGE
Est. value
$2.6M
MEDICAL BUILDING
Est. value
$2.3M
APARTMENT HOUSE (5+ UNITS)
Est. value
$2.1M
INDUSTRIAL (GENERAL)
Est. value
$1.8M
RETAIL STORES Current
AUTO REPAIR, GARAGE
MEDICAL BUILDING
APARTMENT HOUSE (5+ UNITS)
INDUSTRIAL (GENERAL)
Alternative use deep dive — conversion cost, permits, timeline
Conversion cost estimate · Permit path & risks · Stabilized NOI per option
Alternative use deep dive
Conversion cost · permit path · stabilized NOI per option
Building & site characteristics
From public records
Year built
2020
Construction
WOOD
Heating
NONE
Current owner
From public records · entity-resolved
Mmbs LLC
Entity
Mailing address
PO BOX 1008, SANTA MARGARITA, CA 93453-1008
Ownership since
2022
Owner contacts — direct phone, email, and related entities
Decision-maker phone · Verified email · Related entities & filings
Owner contacts
Email · phone · related entities
Sales History
3 recorded events · public records
Date
Price
Buyer
Seller
Deed Type
Mortgage
Apr 29, 2022
—
Mmbs LLC
—
Deed
related
$1,200,000 · Provident Trust Group
Jul 10, 2019
—
Mmbs LLC
—
Deed
related
$500,000 · John A JR Turnbull
—
—
Mmbs LLC
—
Deed Of Trust
related
$500,000 · John A JR Turnbull
Coming soon
Costs & Benchmarks
Operating expenses, capex projections, utility benchmarks, and submarket comparables — all in one view.
Coming soon
Risks
Flood, climate, environmental, title, and tenant-concentration risk — surfaced with mitigations and source citations.
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