1391 Grand Ave Grover Beach, CA 93433-2248

This exceptional Grover Beach investment opportunity presents a meticulously maintained, mixed-use property situated on a highly visible corner lot at 1391 W. Grand Ave, 93433. The 1,894 square foot building, constructed in 1959, comprises two structures on a 5,875 square foot lot. The property features three units: a vacant commercial space ideal for retail or office use, and two occupied one-bedroom apartments, each with a private garage. The apartments offer strong potential for Accessory Dwelling Unit (ADU) conversion by utilizing the existing garages. Recent improvements include a new roof (2020) and fresh interior and exterior paint. The property boasts a current Net Operating Income (NOI) of $61,884, representing a 6.20% capitalization rate. Pro forma NOI is projected at $68,868, yielding a 6.90% cap rate. Currently, the occupancy rate stands at 75%. This versatile property offers a blend of commercial and residential income streams in a desirable location with high foot traffic, making it an attractive investment for owner-users seeking a value-add opportunity. The property's prime location and recent updates make it a compelling investment prospect.