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5 Beds 2 Baths PI23090631 MLS
Incredible opportunity to own a multi-unit property in an OPPORTUNITY ZONE located in Oceano. This property is zoned R3 and consists of 4 rentable units: (Front Unit) 2 bedroom/ 1 bathroom, (Back Unit) 1 studio, a non-permitted ADU, and a "Hobby Room". This property also collects rent for RV space in the back. (See photo for breakdown of which unit is where). This property is near downtown shopping, dining, beaches, hiking trails, and just minutes away from the infamous Oceano Dunes! 100% occupied property with the opportunity for stabilized rent growth due to all month-to-month tenancies. A value-add business plan would bring current rents from an average of $5,900 (If all units were rented and paid in full) or $6,500 /month gross. Affordable Oceano submarket convenient access to wineries, employment opportunities, and a short commute to Pismo Beach (5 minutes) and to San Luis Obispo (30 minutes). A decrease in population growth states that Oceano has had an increase in economic opportunity since the most recent census (2023). Supply-constrained submarket with a 2.7% vacancy rate in the Oceano submarket, with a 8.73% asking rent growth in the past 12 months. Investment in these zones through special funds called Opportunity Funds will be allowed to defer or eliminate federal taxes on capital gains earned from the sale of stock, business assets, or property. Increase net operating income by bringing rents up to market from post-renovation of units. Don’t miss out on this investment opportunity in a growing rental market. Lastly this property can qualify to be turned into three separate condos or a multi-family unit that is multiple stories like the neighboring property. Check out supplemental information for more details.

2141 Cienaga Street, Oceano

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