356 N Chorro, San Luis Obispo, California 93405

$4,200,000

Property Type

Residential Income

Building Size

9,360 sqft

City

San Luis Obispo

Status

Active

Welcome to Leland Lofts, a 14-unit multifamily property in the heart of San Luis Obispo. Across three buildings, the property offers 12 studios, 2 one-bedroom residences with 1 1/2 baths, on-site laundry, storage and 16 parking spaces and 5 storage spaces. The location puts residents within a short walk or bike ride to Cal Poly, the Foothill shopping and dining district and downtown San Luis Obispo. The current tenant culture consists of working professionals, some of whom work at Cal Poly. In recent years current ownership has invested in the property with new windows, new roof, exterior painting, fencing, landscaping and site improvements, new commercial laundry equipment and renovations in multiple units. The property is currently fully occupied with month to month leases. Leland Lofts offers strong current income with potential to raise rents and from unrented storage units. Explore future improvements with the City for additional units subject to independent feasibility review and required approvals. Note: Unit #14 is not included in the list, as the listing only provides space for 13 units. Unit #14 is a 1 bedroom/1.5 bath unit with a current rent of $2,000/month. AGENT Broker makes no claim in regards to market rents or construction enhancements. All information dispersed is deemed reliable, but not guaranteed. Buyer and buyer's agent or broker to confirm all facts relating to the property. Contact us for the property fact sheet, rent roll and detailed financial information.