1097 Grieb Drive, Arroyo Grande, California 93420, Arroyo Grande, 93420 - 2 bed, 3 bath
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Arroyo Grande, California 93420
This two-story townhome represents a Prime Investment Opportunity, listed at a List Price of $590,000—positioned well below the $603,878 Fair Market Value by 2%. This valuation gap offers $13,878 in Instant Equity. With a Fair Condition Rating and a tenant in place through January 2027, this Buy-and-Hold Asset provides immediate rental income. The functional layout, proximity to Highway 101, and access to the Lucia Mar Unified School District make this an ideal acquisition for Buy-and-Hold Investors or long-term landlords.
Comparables within 1 miles sold in recently
| Address | Sold Price | Beds | Baths | Sq Ft | $/Sqft | Distance |
|---|---|---|---|---|---|---|
★ 1097 Grieb Drive Subject | $590,000* List Price | 2 | 3 | 1,312 | $460 | - |
A 1119 James Way Sold | $600,000 | 2 | 2 | 1,320 | $455 | 0.1 mi |
B 1095 Grieb Drive Active | $590,000 List Price | 2 | 3 | 1,312 | $450 | 0.0 mi |
* Subject property listed price vs sold prices of comps.
Property is moderate renovation needed.
Built in 1979, this property is over 45 years old and remains largely in its original state. While functional and tenant-occupied, the interior features dated elements including popcorn ceilings, original-style dark wood cabinetry, and tile countertops in the kitchen and bathrooms. It requires cosmetic updates and minor repairs to meet modern standards, aligning with the 'Fair' criteria for properties over 20 years old that are dated but functional.
The property is tenant-occupied through January 2027, providing immediate rental income, with the unique opportunity to purchase the adjoining unit for a multi-unit investment portfolio.
The 1,312 sq. ft. floor plan is well-designed with a primary suite featuring a private balcony, a dedicated laundry room, a walk-in pantry, and an attached garage for maximum convenience.
Situated in East Arroyo Grande, the home offers excellent proximity to Highway 101, local shopping, and highly-rated schools, including Ocean View Elementary.
The property has a small lot size, more than 70 percent of which is taken by its living area. lot size in square feet = 1500, living area = 1312.
The existing lease agreement through early 2027 makes this property unsuitable for buyers looking for a primary residence to occupy in the near future.
The property is noted as having no views and was built in 1979, which may require further cosmetic updates to compete with more modern or scenic listings in the area.
This two-story townhome in east Arroyo Grande offers a functional layout and a central location, making it an excellent choice for a primary residence or an investment property. The neighboring unit at 1095 Grieb is also for sale, offering an opportunity to own two adjoining units! The main floor features a living room centered around a gas fireplace, flowing into the kitchen and dining area. Practical amenities on this level include a walk-in pantry, a dedicated laundry room, an updated half bath, and direct access to an outdoor patio and one-car attached garage. The upper level contains both bedrooms for added privacy. The primary suite includes a private balcony, a walk-in closet, and a large en suite bathroom. A guest bedroom is situated near the second full bathroom, which offers a tub/shower combination and additional storage. Residents enjoy access to the community clubhouse and a location that provides proximity to shopping, gyms, and Highway 101. This low-maintenance property is currently tenant-occupied through January 2027 for immediate rental income!
No exterior & parking available.
Grades K-6 • 0.8 mi
Grades 7-8 • 2.3 mi
Grades 8-12 • 2.0 mi
No sensitive facilities data found.
| Feature | Subject | Average Home |
|---|---|---|
| Beds | 2.0 | 4.0 |
| Baths | 3.0 | 3.0 |
| Square foot | 1,312 | 2,434.5 |
| Lot Size | 1,500 | 19,593.3 |
| Price | $590.0K | $1.15M |
| Price per sq ft | $450 | $545 |
| Built year | 1979 | 1997 |
| HOA | $246.0 | $152 |
| Days on market | 13 | 49 |
Jul 9, 2026
$590,000
Initial Listing
Aug 15, 2001
$192,500
Public Record