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4/29/08
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Here’s news of an interesting listing for a coastal development site in California that we just learned about. The property is a 1.84-acre mixed-use development site in Pismo Beach, located just one block from the beach on the northbound side of Pacific Coast Highway. Situated about 13 miles south of San Luis Obispo, Pismo Beach is a smaller town of under 10,000 people that may be best known as the clam capital of California.
The development site consists of seven adjacent lots, nearly an entire city block, located at: 331 Wadsworth Ave; 340 San Luis Ave; 360 San Luis Ave; 366 San Luis Ave; 1190 Dolliver St; 1111 Price St; and 1191 Price St. The ready-to-build property includes 51 units of mixed-use development, include flats, townhomes and live/work units. The asking price is $12.25 mil.
Richard Ringer and Stephen Stein of Marcus & Millichap have the listing. According to Ringer, “This is an amazing opportunity for an investor to gain a strong presence in a growing coastal city with high barriers to entry.”
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