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Pismo Cove 172 Ocean View Ave 8 Unit Apartment Building $2,750,000 ($343,750/Unit) 4.02% Cap Rate Pismo Beach, CA 93449
INVESTMENT HIGHLIGHTS
- Beautiful Gardens & Outdoor Patio with Grill
- Laundry Room &Storage Spaces
- Relaxed Beachside Lifestyle
- Walking Distance to Beach
- Renovated in 2007
- 3 Garage Spaces & 5 Uncovered Spaces
EXECUTIVE SUMMARY
Pismo Cove Apartments is an 8-unit property located just ½ block from beach & 3 blocks south of Pismo Pier. Property spans from Ocean View Ave thru to Park St. Mix of mix of (2) 2Bed, (5) 1Bed, & (1) studio units.
Layout includes 2-story duplex built above (3) garages, laundry room, & storage space; a single story 4plex; & 2 detached cottages - all around a private courtyard. Renovated in 2007, property continues to offer tenants a relaxed beachside lifestyle.
Amenities include large communal patio w/ BBQ, tables, chairs, & umbrellas, surrounded by mature palm trees, plus beach shower. Add’l features include laundry room, storage area, & owner’s room with potential for ADU conversion (buyer to verify). On-site parking includes (3) 1-car garages & (5) uncovered spaces.
Zoned R4, property may offer potential for short-term rentals (buyer to confirm w/ City). With its unbeatable location & enduring tenant appeal, Pismo Cove presents both stable income & long-term upside for investors.
Layout includes 2-story duplex built above (3) garages, laundry room, & storage space; a single story 4plex; & 2 detached cottages - all around a private courtyard. Renovated in 2007, property continues to offer tenants a relaxed beachside lifestyle.
Amenities include large communal patio w/ BBQ, tables, chairs, & umbrellas, surrounded by mature palm trees, plus beach shower. Add’l features include laundry room, storage area, & owner’s room with potential for ADU conversion (buyer to verify). On-site parking includes (3) 1-car garages & (5) uncovered spaces.
Zoned R4, property may offer potential for short-term rentals (buyer to confirm w/ City). With its unbeatable location & enduring tenant appeal, Pismo Cove presents both stable income & long-term upside for investors.
PROPERTY FACTS Under Contract
| Price | $2,750,000 | Apartment Style | Garden |
| Price Per Unit | $343,750 | Building Class | C |
| Sale Type | Investment | Lot Size | 0.22 AC |
| Cap Rate | 4.02% | Building Size | 3,837 SF |
| Gross Rent Multiplier | 14.06 | Average Occupancy | 100% |
| No. Units | 8 | No. Stories | 2 |
| Property Type | Multifamily | Year Built | 1928 |
| Property Subtype | Apartment | Parking Ratio | 2.08/1,000 SF |
| Zoning | R4 - Residential | ||
| Price | $2,750,000 |
| Price Per Unit | $343,750 |
| Sale Type | Investment |
| Cap Rate | 4.02% |
| Gross Rent Multiplier | 14.06 |
| No. Units | 8 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Garden |
| Building Class | C |
| Lot Size | 0.22 AC |
| Building Size | 3,837 SF |
| Average Occupancy | 100% |
| No. Stories | 2 |
| Year Built | 1928 |
| Parking Ratio | 2.08/1,000 SF |
| Zoning | R4 - Residential |
AMENITIES
SITE AMENITIES
- Laundry Facilities
UNIT MIX INFORMATION
| DESCRIPTION | NO. UNITS | AVG. RENT/MO | SF |
|---|---|---|---|
| Studios | 1 | - | - |
| 1+1 | 5 | - | - |
| 2+2 | 2 | - | - |
1 1
Walk Score®
Very Walkable (71)
PROPERTY TAXES
| Parcel Number | 005-161-004 | Improvements Assessment | $133,968 |
| Land Assessment | $2,364,723 | Total Assessment | $2,498,691 |
PROPERTY TAXES
Parcel Number
005-161-004
Land Assessment
$2,364,723
Improvements Assessment
$133,968
Total Assessment
$2,498,691
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Pismo Cove | 172 Ocean View Ave
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