
Morro Bay, California 93442
This Versatile Coastal Condominium is a Prime Investment Opportunity, listed at $489,000—positioned well below the $512,033 Fair Market Value by 4%. This valuation gap provides $23,033 in Instant Equity. Currently configured as two separate rental units, the property features a Condition Rating of 4 with stunning Ocean and Morro Rock views. Residents enjoy resort-style amenities and proximity to Top-Rated Schools in the San Luis Coastal Unified district. This is an ideal acquisition for Owner-Occupants seeking to offset costs or Buy-and-Hold Investors targeting high-demand coastal rentals.
Comparables within 1 miles sold in recently
| Address | Sold Price | Beds | Baths | Sq Ft | $/Sqft | Distance |
|---|---|---|---|---|---|---|
★ 3329 Panorama Drive 30 Subject | $465,000* List Price | 2 | 2 | 1,080 | $453 | - |
A 3058 Main Street Sold | $584,000 | 2 | 2 | 1,080 | $541 | 0.6 mi |
* Subject property listed price vs sold prices of comps.
Property is moderate renovation needed.
Built in 1972, this property is well-maintained and functional but shows clear signs of its age. While it features some updates such as newer laminate flooring and neutral paint, the overall architectural style, exterior condition, and lack of a comprehensive modern renovation to the kitchen and bathrooms align with the 'fair' criteria. It is move-in ready but would benefit from cosmetic and system updates to meet current modern standards.
The property is uniquely configured into two separate 1-bedroom, 1-bathroom units, offering exceptional flexibility for rental income, multi-generational living, or house-hacking to offset mortgage costs.
Situated just an 8-minute walk from the Pacific Ocean, the home features stunning views of Morro Rock and the coastline from the primary suite and private balcony.
Residents enjoy access to a comprehensive community clubhouse, spa, and swimming pool, providing a high-quality lifestyle within a desirable North Morro Bay neighborhood.
The unit includes only one dedicated carport space, which may be insufficient for a dual-occupancy setup, and additional spaces are subject to availability and extra fees.
Built in 1972, the property may require ongoing updates to its original infrastructure or systems to meet modern efficiency standards compared to newer developments.
Welcome to your opportunity to own an affordable coastal retreat in the highly desirable North Morro Bay neighborhood! Located on a corner lot just blocks to the Pacific Ocean, this unique condominium offers flexibility, views, and strong income potential—all in one of the Central Coast’s most charming seaside communities. This well-maintained 2-bedroom, 2-bath condominium features a comfortable floor plan with a light and airy coastal feel. The property has been thoughtfully configured into two separate 1-bedroom, 1-bath units and has been successfully rented out, making it an excellent option for investors, multi-generational living, or those seeking to offset their mortgage with rental income. Enjoy beautiful views from multiple vantage points—wake up to ocean and Morro Rock views from the upstairs primary suite, complete with its own private balcony, while the second bedroom offers peaceful hillside and wildlife scenery. A view deck provides additional space to relax and take in the coastal air. Additional highlights include a dedicated carport parking space and convenient outdoor storage. Additional carport spaces may be available for fee. The home is part of a resort-style community featuring a clubhouse, spa, and swimming pool—perfect for unwinding after a day at the beach. Located just minutes from the Embarcadero’s shops and dining, scenic bike trails, golf courses, and the harbor, you’ll experience the best of Morro Bay living—mild weather, abundant outdoor recreation, and a laid-back coastal lifestyle. Plus, California Polytechnic State University is only about a 15-minute drive away. Don’t miss this rare chance to secure a versatile, income-producing property in beautiful Morro Bay!
No exterior & parking available.
Grades K-5 • 0.7 mi
Grades 6-8 • 6.0 mi
Grades 9-12 • 1.8 mi
No sensitive facilities data found.
| Feature | Subject | Average Home | Neighborhood Ranking (50 Listings) |
|---|---|---|---|
| Beds | 2.0 | 2.0 | 50% |
| Baths | 2.0 | 2.0 | 50% |
| Square foot | 1,080 | 1,143 | 50% |
| Lot Size | 1,080 | 1,143 | 50% |
| Price | $465.0K | $632.8K | 38% |
| Price per sq ft | $431 | $564 | 13% |
| Built year | 1972 | 1987 | 25% |
| HOA | $480.0 | $520 | 50% |
| Days on market | 30 | 114 | 13% |
Apr 10, 2026
$465,000
$489,000
-5% Price Drop
Initial Listing
Mar 23, 2026
$489,000
Initial Listing
Mar 18, 2016
$315,000
Public Record
Jun 10, 2014
$225,000
Public Record
Sep 29, 1998
$85,000
Public Record