The subject Property is located at 390 Morro Bay Boulevard, at the intersection of Morro Bay Boulevard and Monterey Avenue. The Site lies roughly a quarter mile east of the bay in the City’s Downtown area. It is accessible via State Route 1 (SR-1), which is less than a half mile to the northeast. The Property is currently improved with an 8,451 square foot building that formerly housed a Morro Bay Banking Center. The building consists of two stories, with 6,451 square feet on the ground floor and 2,000 square feet on the second floor. A large surface parking lot occupies the area behind the building. Total land area of the Property is 32,135 square feet (0.74 acres).
Location. Ideally located in Downtown Morro Bay, along a vibrant commercial corridor. Popular destination with tourists and residents alike, attracting visitors throughout California and beyond.
Redevelopment Opportunity. Located along commercial strip ripe for redevelopment. City of Morro Bay has focused efforts on beautifying area and bringing in new commercial and visitor serving uses.
Flexibility. Existing zoning allows for a wide variety of commercial uses including retail, restaurant, office, and hospitality uses. Zoning update will allow for even greater flexibility and intensity of uses on the property.
Market. Highly educated residents with strong and growing buying power. Demand for high quality retail, especially for new housing developments coming to market.