Seller's Agent in 2020
Frankie Ciano
Ciano Real Estate, Inc.
(805) 748-1026
12 in this area
60 Total Sales
218 Pacific St Morro Bay, CA 93442
Estimated Value: $1,052,000 - $1,191,392
4
Beds
3
Baths
1,580
Sq Ft
$691/Sq Ft
Est. Value
Highlights
- White Water Ocean Views
- Golf Course Community
- Across the Road from Lake or Ocean
- Del Mar Elementary School Rated A-
- Fishing
- 3-minute walk to Morro bay dog park
About This Home
As of July 2020A 5 Star three-unit residential complex overlooking picturesque Morro Bay harbor, Embarcadero, and Rock. An incredible sited parcel conveniently close to world-class dining, Marina Square, shopping, beaches, and downtown. Only a half block to the Embarcadero and harbor. This three-residence group offers a true coastal hideaway of unsurpassed natural beauty. Individually licensed as Vacation Rentals with increasing monthly year over year income. Immediate receivable 2020 cash flow with future booked reservations. Comprised of a 2 bedroom 1 bath, and two studio units. All refreshed from floor to ceiling, carefully furnished, and being enjoyed daily by vacationers from around the globe. Each residence offers comfortable living, bedroom space and full kitchen. Patios, decks, and large private courtyard encourage an outdoor living environment. Zoned CVS – Community Visitor Serving, the property is primed positioned to continue as a successful Vacation Rental, full time rental, or the location invites modern redevelopment. A Premier Partner on VRBO and Superhost on Airbnb. This offering has a great track record and is a growing turn-key business opportunity for those looking to invest in a property with expanding future potential.
Last Agent to Sell the Property
Ciano Real Estate, Inc. License #01412309 Listed on: 05/14/2020
Property Details
Home Type
- Multi-Family
Year Built
- Built in 1946
Lot Details
- 2,800 Sq Ft Lot
- Two or More Common Walls
- Wood Fence
- Landscaped
Property Views
- White Water Ocean
- Marina
- Coastline
- Bay
- Panoramic
- Views of a landmark
- Dune
Home Design
- Triplex
- Cottage
- Turnkey
- Rolled or Hot Mop Roof
- Stucco
Interior Spaces
- 1,580 Sq Ft Home
- 1-Story Property
- Furnished
- Ceiling Fan
- Track Lighting
- Living Room with Attached Deck
Kitchen
- Gas Range
- Microwave
- Dishwasher
- Granite Countertops
- Tile Countertops
Flooring
- Carpet
- Laminate
- Tile
Bedrooms and Bathrooms
- 4 Bedrooms
- 3 Bathrooms
Home Security
- Carbon Monoxide Detectors
- Fire and Smoke Detector
Parking
- Parking Available
- Paved Parking
- Parking Lot
- Assigned Parking
Accessible Home Design
- Accessible Parking
Outdoor Features
- Ocean Side of Highway 1
- Exterior Lighting
- Outdoor Grill
- Rain Gutters
Location
- Across the Road from Lake or Ocean
- Property is near public transit
Utilities
- Wall Furnace
- Natural Gas Connected
- Water Heater
- Cable TV Available
Listing and Financial Details
- Assessor Parcel Number 066301033
Community Details
Overview
- No Home Owners Association
- 3 Units
- Foothills
- Property is near a preserve or public land
Recreation
- Golf Course Community
- Fishing
- Park
- Dog Park
- Water Sports
- Hiking Trails
- Bike Trail
Building Details
- 3 Separate Electric Meters
- 3 Separate Gas Meters
- 3 Separate Water Meters
- Operating Expense $60,949
- Gross Income $110,534
- Net Operating Income $49,585
Ownership History
Date
Name
Owned For
Owner Type
Purchase Details
Listed on
May 14, 2020
Closed on
Jun 9, 2020
Sold by
Pacific Street Cottages Llc
Bought by
Chea Tech S and Chea Betty J
Seller's Agent
Frankie Ciano
Ciano Real Estate, Inc.
Buyer's Agent
Frankie Ciano
Ciano Real Estate, Inc.
List Price
$795,000
Sold Price
$850,000
Premium/Discount to List
$55,000
6.92%
Current Estimated Value
Home Financials for this Owner
Home Financials are based on the most recent Mortgage that was taken out on this home.
Estimated Appreciation
$242,098
Avg. Annual Appreciation
4.52%
Original Mortgage
$560,000
Outstanding Balance
$495,462
Interest Rate
3.1%
Mortgage Type
New Conventional
Estimated Equity
$596,636
Purchase Details
Closed on
Nov 16, 2017
Sold by
Mulholland Gary and Freiberg Gary
Bought by
Pacific Street Cottages Llc
Purchase Details
Closed on
Mar 25, 2016
Sold by
Salven James E and Salwasser Charlotte E
Bought by
Mulholland Gary and Freiberg Gary
Home Financials for this Owner
Home Financials are based on the most recent Mortgage that was taken out on this home.
Original Mortgage
$1,450,000
Interest Rate
3.59%
Mortgage Type
Commercial
Purchase Details
Closed on
Sep 23, 2003
Sold by
Hischier Michael E and Hischier Phyllis R
Bought by
Salwasser George and Salwasser Charlotte
Home Financials for this Owner
Home Financials are based on the most recent Mortgage that was taken out on this home.
Original Mortgage
$280,000
Interest Rate
4%
Mortgage Type
Purchase Money Mortgage
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Home Values in the Area
Average Home Value in this Area
Purchase History
| Date | Buyer | Sale Price | Title Company |
|---|---|---|---|
| Chea Tech S | $850,000 | First American Title Company | |
| Pacific Street Cottages Llc | -- | None Available | |
| Mulholland Gary | $1,650,000 | Fidelity National Title Co | |
| Salwasser George | $350,000 | Chicago Title Company |
Source: Public Records
Mortgage History
| Date | Status | Borrower | Loan Amount |
|---|---|---|---|
| Open | Chea Tech S | $560,000 | |
| Previous Owner | Mulholland Gary | $1,450,000 | |
| Previous Owner | Salwasser George | $280,000 |
Source: Public Records
Property History
| Date | Event | Price | List to Sale | Price per Sq Ft |
|---|---|---|---|---|
| 07/13/2020 07/13/20 | Sold | $850,000 | +6.9% | $538 / Sq Ft |
| 05/29/2020 05/29/20 | Pending | -- | -- | -- |
| 05/14/2020 05/14/20 | For Sale | $795,000 | -- | $503 / Sq Ft |
Source: California Regional Multiple Listing Service (CRMLS)
Tax History
| Year | Tax Paid | Tax Assessment Tax Assessment Total Assessment is a certain percentage of the fair market value that is determined by local assessors to be the total taxable value of land and additions on the property. | Land | Improvement |
|---|---|---|---|---|
| 2025 | $9,969 | $920,066 | $541,216 | $378,850 |
| 2024 | $9,789 | $902,026 | $530,604 | $371,422 |
| 2023 | $9,789 | $884,340 | $520,200 | $364,140 |
| 2022 | $9,175 | $867,000 | $510,000 | $357,000 |
| 2021 | $9,029 | $850,000 | $500,000 | $350,000 |
| 2020 | $4,599 | $432,971 | $378,850 | $54,121 |
| 2019 | $4,552 | $424,482 | $371,422 | $53,060 |
| 2018 | $4,462 | $416,160 | $364,140 | $52,020 |
| 2017 | $4,375 | $408,000 | $357,000 | $51,000 |
| 2016 | $4,507 | $420,357 | $360,310 | $60,047 |
| 2015 | $3,966 | $370,000 | $315,000 | $55,000 |
| 2014 | $3,414 | $340,000 | $290,000 | $50,000 |
Source: Public Records
Agents Affiliated with this Home
-
Frankie Ciano
-
Patrick Mulholland
P
Seller Co-Listing Agent in 2020
Patrick Mulholland
Compass
(805) 423-6390
3 in this area
13 Total Sales
Map
Source: California Regional Multiple Listing Service (CRMLS)
MLS Number: SC20091628
APN: 066-301-033
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Based on information from California Regional Multiple Listing Service, Inc. and /or other sources. All data, including all measurements and calculations of area, is obtained from various sources and has not been, and will not be, verified by broker or MLS. All information should be independently reviewed and verified for accuracy. Properties may or may not be listed by the office/agent presenting the information
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