2481 Nutmeg Avenue, Morro Bay, California 93442, Morro Bay, 93442 - 4 bed, 4 bath
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2481 Nutmeg Avenue
Morro Bay, California 93442
ACTIVE
CONDITION: POOR
4Beds
4Baths
1,788Sq Ft
4,000Lot Size
Property Price
LIST PRICE$799,000
EST. MARKET VALUE
$909,354
12% BelowMARKET VALUE
SUMMARY
This property presents a High-Potential Investment Opportunity with a List Price of $799,000—positioned well below the $909,354 Fair Market Value by 12%. This valuation gap offers $110,354 in Instant Equity for buyers. Featuring a Condition Rating of 5, the main residence requires significant rehabilitation, while the attached ADU provides immediate utility. With Panoramic Ocean Views and proximity to San Luis Coastal Unified schools, this is a strategic acquisition for Buy-and-Hold Investors or Owner-Occupants seeking to build long-term value through renovation.
Estimated Market Value
$909,354+$110,354 Equity Potential
Based on Realkey algorithm analyzing recent comparable sales in Morro Bay.
Comparable Sales Map
Comparables within 1 miles sold in recently
Map unavailable.
| Address | Sold Price | Beds | Baths | Sq Ft | $/Sqft | Distance |
|---|---|---|---|---|---|---|
★ 2481 Nutmeg Avenue Subject | $799,000* List Price | 4 | 4 | 1,788 | $509 | - |
A 2990 Fir Sold | $955,000 | 3 | 3 | 1,662 | $575 | 0.6 mi |
B 2670 Koa Avenue Active Under Contract | $975,000 List Price | 3 | 4 | 2,064 | $472 | 0.2 mi |
* Subject property listed price vs sold prices of comps.
Condition Analysis
See Full ReportOVERALL CONDITION SCORE
Poor
TeardownExcellent
Property is extensive renovation needed.
The main residence, built in 1987, is explicitly described as a fixer-upper and shows significant wear. Interior images reveal a kitchen with missing cabinet doors and drawers, dated tile countertops, and original 1980s bathrooms that require full rehabilitation. While the attached ADU is in better condition, the primary structure's age and state of neglect necessitate major updates to systems and finishes.
PROSSTRENGTHS & OPPORTUNITIES
- Panoramic Ocean Views
The property boasts exceptional, sweeping views of the Pacific Ocean stretching from Montaña de Oro to Cayucos, providing a premium coastal atmosphere that commands high market value.
- Income-Producing ADU
The attached 1-bedroom, 1-bath ADU is in excellent condition, offering immediate rental income potential or a comfortable living space while the main residence is being renovated.
- Significant Equity Potential
As a fixer-upper in a prime Morro Bay location, this property presents a rare opportunity for investors or homeowners to build substantial equity through custom renovations.
CONSRISKS & DEFICIENCIES
- MLS Listing Discrepancy
Bedroom count discrepancy between mls listing and other public or private record. mls listing bedroom count = 4, other record bedroom count = 3.
- Fixer-Upper Condition
The main 3-bedroom residence requires extensive work, which will necessitate a significant additional capital investment and time commitment from the buyer.
- Compact Lot Size
The 4,000 square foot lot is relatively small for a property with two living units, potentially limiting outdoor privacy and yard space for the occupants.
About 2481 Nutmeg Avenue
Rare opportunity to own a Morro Bay property with panoramic ocean views of Morro Rock. The main home features 3 bedrooms and 3 bathrooms and is a fixer-upper, offering an exciting opportunity to create your dream coastal residence. The property also includes an attached 1-bedroom, 1-bath ADU in excellent condition. The ADU provides the perfect place to live comfortably while renovations are completed on the main home, or can be used for guests, extended family, or potential rental income. Enjoy breathtaking coastal scenery, beautiful sunsets, and sweeping Pacific Ocean views from this exceptional location. With its combination of incredible views, flexible living arrangements, and renovation potential, this property offers a unique opportunity to create something truly special in Morro Bay.
Property Details
Public Facts
- Property Type
- Single Family Residence
- Year Built
- 1987
- Lot Size
- 4,000 Sq. Ft.
Interior
- Total Bedrooms
- 4
- Total Bathrooms
- 4 (4 Full, 0 Half)
Exterior & Parking
No exterior & parking available.
Utilities & Misc
- HOA Fee
- $0 / Month
Neighborhood Insights
Morro Bay Unified Schools
Del Mar Elementary School
Grades K-5 • 0.7 mi
7/10
Los Osos Middle School
Grades 6-8 • 4.7 mi
7/10
Morro Bay High School
Grades 9-12 • 0.7 mi
7/10
Sensitive Facilities
No sensitive facilities data found.
Neighborhood Comparison
| Feature | Subject | Average Home |
|---|---|---|
| Beds | 4.0 | 2.9 |
| Baths | 4.0 | 2.3 |
| Square foot | 1,788 | 1,586 |
| Lot Size | 4,000 | 4,168.955 |
| Price | $799.0K | $1.03M |
| Price per sq ft | $447 | $618 |
| Built year | 1987 | 1983 |
| HOA | $0 | $135 |
| Days on market | 14 | 57 |
Pricing History
Listed for Sale
Aug 26, 2026
$799,000
Initial Listing
Sold
Feb 23, 2001
$380,000
Public Record