520 Bonita, Morro Bay, California 93442, Morro Bay, 93442 - 2 bed, 2 bath
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Morro Bay, California 93442
This Flexible Coastal Residential Asset is listed at $879,000, representing a strategic acquisition in the high-demand North Morro Bay market. While the price sits above the $767,745 Fair Market Value, the property’s Detached Studio ADU offers immediate rental income potential or a private workspace to offset carrying costs. Maintaining a Condition Rating of 4, the home preserves its original 1950s character and includes a private patio. Proximity to 7/10 rated schools like Del Mar Elementary and Morro Bay High ensures long-term desirability. This is a prime choice for Owner-Occupants seeking a house-hack or Multi-generational Buyers.
Comparables within 1 miles sold in recently
| Address | Sold Price | Beds | Baths | Sq Ft | $/Sqft | Distance |
|---|---|---|---|---|---|---|
★ 520 Bonita Subject | $879,000* List Price | 2 | 2 | 884 | $868 | - |
A 2270 Ironwood Avenue Sold | $767,000 | 2 | 1 | 764 | $1,004 | 0.1 mi |
B 2931 Hemlock Avenue Sold | $710,000 | 2 | 1 | 930 | $763 | 0.6 mi |
C 2455 Ironwood Sold | $835,000 | 2 | 2 | 1,139 | $733 | 0.1 mi |
D 460 Jamaica Active | $785,000 List Price | 2 | 1 | 748 | $1,049 | 0.9 mi |
* Subject property listed price vs sold prices of comps.
Property is moderate renovation needed.
Built in 1955, this bungalow is well-maintained but largely original in its core finishes. While it features updated laminate flooring and fresh interior paint, the kitchen remains vintage with 1950s-style wood cabinetry, tile countertops, and older appliances. The presence of popcorn ceilings and painted wall paneling indicates that while the home is move-in ready and functional, it requires aesthetic and likely system updates to meet modern standards.
The inclusion of a detached studio ADU provides exceptional versatility, offering the potential for rental income, guest accommodations, or a private home office separate from the main residence.
Situated in North Morro Bay, the property is just minutes from the coast, providing easy access to the Embarcadero, downtown amenities, and local beaches.
With a flexible layout and a history of rental use, this property represents a strong long-term hold or multi-generational living opportunity at a competitive price point for the area.
Living area discrepancy between mls listing and other public or private record. mls listing living area = 884, other record living area = 800. Bedroom count discrepancy between mls listing and other public or private record. mls listing bedroom count = 2, other record bedroom count = 1.
The main home consists of only 884 square feet on a modest 3,500 square foot lot, which may feel restrictive for buyers requiring more interior or exterior space.
Built in 1955 and retaining its original character, the property likely requires updates to its core systems and finishes to meet modern efficiency and aesthetic standards.
Classic Morro Bay bungalow with built-in flexibility just minutes from the coast. The main home offers 2 bedrooms, 1 bathroom, and approximately 884± sq ft of living space, with a functional layout, natural light, and that original 1950s character throughout. Out back, a detached studio adds serious versatility—ideal for rental income, guests, extended family, or a private workspace. With its own setup and separation from the main home, it opens up multiple use options that are hard to find at this price point. Set on a roughly 3,500± sq ft lot, the property offers both front and backyard space, plus a patio area for outdoor living. Located in an established Morro Bay neighborhood with easy access to downtown, the Embarcadero, and local beaches. Opportunities like this don’t come around often in Morro Bay. If you’re looking for flexibility, strong income history, or just a smart long-term hold, this one is worth a look.
No exterior & parking available.
Grades K-5 • 0.7 mi
Grades 6-8 • 4.6 mi
Grades 9-12 • 0.5 mi
No sensitive facilities data found.
| Feature | Subject | Average Home | Neighborhood Ranking (50 Listings) |
|---|---|---|---|
| Beds | 2.0 | 3.0 | 41% |
| Baths | 2.0 | 2.0 | 50% |
| Square foot | 884 | 1,477 | 16% |
| Lot Size | 3,554 | 4,000 | 45% |
| Price | $879.0K | $950.0K | 47% |
| Price per sq ft | $994 | $680 | 84% |
| Built year | 1955 | 1972 | 22% |
| HOA | $0 | $0 | 50% |
| Days on market | 12 | 186 | 2% |
Apr 10, 2026
$879,000
Initial Listing
Sep 30, 2020
$511,000
Public Record