NOT LISTED FOR SALE

554 Madera Ave Morro Bay, CA 93442

Estimated Value: $1,059,000 - $1,225,491

4 Beds
2 Baths
1,912 Sq Ft
$609/Sq Ft Est. Value

Last Sold February 02, 2022

Last sale price $870,000 $455 Per Sq Ft

Est. 34% increase in value since last sale

Current estimated payment $6,932/month

16 Days on Market

Highlights

  • Ocean View
  • No HOA
  • Laundry Room
  • Del Mar Elementary School Rated A-
  • Hiking Trails
  • Forced Air Heating System

About This Home

As of February 2022

Great location, easy walk to downtown Morro Bay and Black Mountain. This two unit complex looks way better than the photos. Each unit has it's own one car garage and laundry. Third garage is rented for $250 per month. Nice back yard and landscaping. Upstairs has tremendous views and down stairs will be vacant January 1. Perfect for an owner occupy.

Last Agent to Sell the Property

Dean Marchant

Morro Shores Real Estate License #01064170 Listed on: 11/19/2021

Last Buyer's Agent

Dean Marchant

Morro Shores Real Estate License #01064170 Listed on: 11/19/2021

Property Details

Home Type

  • Multi-Family

Year Built

  • Built in 1978

Lot Details

  • 5,074 Sq Ft Lot
  • No Common Walls
  • Density is up to 1 Unit/Acre

Parking

  • 3 Open Parking Spaces
  • 3 Car Garage

Interior Spaces

  • 1,912 Sq Ft Home
  • 2-Story Property
  • Ocean Views

Bedrooms and Bathrooms

  • 4 Bedrooms
  • 2 Bathrooms

Laundry

  • Laundry Room
  • Laundry in Garage

Utilities

  • Forced Air Heating System
  • Natural Gas Connected

Listing and Financial Details

  • Tenant pays for electricity, gas, trash collection
  • Legal Lot and Block 19 / 6
  • Assessor Parcel Number 066164010

Community Details

Overview

  • No Home Owners Association
  • 2 Units
  • Morro Heights Subdivision

Recreation

  • Hiking Trails
  • Bike Trail

Building Details

  • 2 Leased Units
  • 2 Separate Electric Meters
  • 2 Separate Gas Meters
  • 1 Separate Water Meter
  • Insurance Expense $968
  • Water Sewer Expense $3,420
  • Operating Expense $4,388
  • Gross Income $45,000
  • Net Operating Income $40,612

Property Details

Home Type

Multi-Family

Year Built

Built in 1978

Lot Details

0

Parking

3

Listing Details

  • Property Attached: No
  • Subdivision Name Other: Morro Heights (810)
  • View: Yes
  • Water Sewer Expenses: 3420.00
  • Zoning: R1
  • Property Type: Residential Income
  • Parcel Number: 066164010
  • Year Built: 1978
  • Special Features: None
  • Property Sub Type: MultiFamily

Interior Features

  • Fireplace: No
  • Stories: 2
  • Common Walls: No Common Walls
  • Levels: Two
  • Price Per Square Foot: 455.02

Exterior Features

  • View: Ocean
  • Pool Private: No

Garage/Parking

  • Garage Spaces: 3.00
  • Total Parking Spaces: 6.00
  • Uncovered Spaces: 3.00

Utilities

  • Utilities: Electricity Connected, Natural Gas Connected, Sewer Connected, Water Connected
  • Heating: Yes
  • Laundry: Yes
  • Heating Type: Forced Air
  • Laundry Features: In Garage
  • Sewer: Public Sewer
  • Water Source: Public

Condo/Co-op/Association

  • Association: No
  • Senior Community: No
  • Community Features: Biking, Hiking

Lot Info

  • Additional Parcels: No
  • Land Lease: No
  • Lot Features: 0-1 Unit/Acre
  • Lot Size Sq Ft: 5074.00
  • Lot Size Acres: 0.1165

Rental Info

  • Garage Rental Rate: 250.00
  • Tenant Pays: Electricity, Gas, Trash Collection

Multi Family

  • Gross Income: 45000.00
  • Gross Scheduled Income: 45000.00
  • Insurance Expense: 968.00
  • Lot Size Area: 5074.0000 Square Feet
  • Net Operating Income: 40612.00
  • Number Of Rented Garages: 1
  • Number Of Separate Electric Meters: 2
  • Number Of Separate Gas Meters: 2
  • Number Of Separate Water Meters: 1
  • Number Of Units Leased: 2
  • Number Of Units Total: 2
  • Operating Expense: 4388.00
  • Rent Control: No
  • Total Actual Rent: 3850.00
  • Total Expenses: 4388.00

Tax Info

  • Tax Block: 6
  • Tax Census Tract: 106.02
  • Tax Lot: 19

Ownership History

Date Name Owned For Owner Type

Purchase Details

Listed on
Nov 19, 2021
Closed on
Jan 25, 2022
Sold by
Marchant Family Trust
Bought by
Bensons Realty Dynamics Llc
Seller's Agent
Dean Marchant
Morro Shores Real Estate
Buyer's Agent
Dean Marchant
Morro Shores Real Estate
List Price
$899,000
Sold Price
$870,000
Premium/Discount to List
-$29,000
-3.23%
Current Estimated Value
$1,163,873

Home Financials for this Owner

Home Financials are based on the most recent Mortgage that was taken out on this home.
Estimated Appreciation
$293,873
Avg. Annual Appreciation
7.75%
Original Mortgage
$435,000
Outstanding Balance
$403,439
Interest Rate
3.45%
Mortgage Type
New Conventional
Estimated Equity
$760,434

Purchase Details

Closed on
Jun 14, 2021
Sold by
Marchant Dean C and Marchant Carly A
Bought by
Marchant Dean C and Marchant Carly A

Purchase Details

Closed on
Oct 2, 2018
Sold by
Marchant Carly Ann
Bought by
Marchant Dean and Marchant Carly Ann

Home Financials for this Owner

Home Financials are based on the most recent Mortgage that was taken out on this home.
Original Mortgage
$250,000
Interest Rate
4.5%
Mortgage Type
New Conventional

Purchase Details

Listed on
May 11, 2018
Closed on
Jun 15, 2018
Sold by
Marchant Dean
Bought by
Marchant Carly Ann
Seller's Agent
Wes Burk
Compass
Buyer's Agent
Dean Marchant
Morro Shores Real Estate
List Price
$725,000
Sold Price
$725,000

Home Financials for this Owner

Home Financials are based on the most recent Mortgage that was taken out on this home.
Avg. Annual Appreciation
6.49%

Purchase Details

Listed on
May 11, 2018
Closed on
Jun 6, 2018
Sold by
Morley William C and Trahan Caroline A
Bought by
Marchant Carly Ann
Seller's Agent
Wes Burk
Compass
Buyer's Agent
Dean Marchant
Morro Shores Real Estate
List Price
$725,000
Sold Price
$725,000

Purchase Details

Closed on
Feb 11, 1994
Sold by
Morley William C and Trahan Caroline A
Bought by
Morley William C and Trahan Caroline A

Home Financials for this Owner

Home Financials are based on the most recent Mortgage that was taken out on this home.
Original Mortgage
$72,000
Interest Rate
6.98%
Source: Public Records

Range of Values:

--
Value Increase
--
Percent Increase
--
Adjusted for Inflation
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List Price
Sold Price
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Home Values in the Area

Source: Public Records

Average Home Value in this Area

Source: Public Records

Purchase History

Date Buyer Sale Price Title Company
Bensons Realty Dynamics Llc $870,000 First American Title
Marchant Dean C -- None Available
Marchant Dean -- Fidelity National Title
Marchant Carly Ann -- Placer Title Co
Marchant Carly Ann $725,000 Placer Title Co
Morley William C -- First American Title Ins Co
Source: Public Records

Mortgage History

Date Status Borrower Loan Amount
Open Bensons Realty Dynamics Llc $435,000
Previous Owner Marchant Dean $250,000
Previous Owner Morley William C $72,000
Source: Public Records

Property History

Date Event Price List to Sale Price per Sq Ft Prior Sale
02/02/2022 02/02/22 Sold $870,000 -3.2% $455 / Sq Ft
12/05/2021 12/05/21 Pending -- -- --
11/19/2021 11/19/21 For Sale $899,000 +24.0% $470 / Sq Ft
06/18/2018 06/18/18 Sold $725,000 0.0% $379 / Sq Ft View Prior Sale
05/29/2018 05/29/18 Pending -- -- --
05/11/2018 05/11/18 For Sale $725,000 -- $379 / Sq Ft
Source: California Regional Multiple Listing Service (CRMLS)

Tax History Compared to Growth

Source: Public Records

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 $10,003 $923,250 $451,013 $472,237
2024 $9,822 $905,148 $442,170 $462,978
2023 $9,822 $887,400 $433,500 $453,900
2022 $8,226 $777,344 $375,270 $402,074
2021 $8,095 $762,103 $367,912 $394,191
2020 $8,012 $754,290 $364,140 $390,150
2019 $7,929 $739,500 $357,000 $382,500
2018 $2,392 $223,109 $53,533 $169,576
2017 $2,345 $218,735 $52,484 $166,251
2016 $2,299 $214,447 $51,455 $162,992
2015 $2,264 $211,227 $50,683 $160,544
2014 $2,079 $207,091 $49,691 $157,400
Source: Public Records

Agents Affiliated with this Home

  • D

    Seller's Agent in 2022

    Dean Marchant

    Morro Shores Real Estate

    Section Image

  • W

    Seller's Agent in 2018

    Wes Burk

    Compass

    Section Image
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Map

Source: California Regional Multiple Listing Service (CRMLS)

MLS Number: SC21235326

California Regional Multiple Listing Service (CRMLS)

APN: 066-164-010

California San Luis Obispo County Morro Bay 93442

554 Madera Ave, Morro Bay, CA

Not Listed for Sale

MultiFamily

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