530 Zanzibar, Morro Bay, California 93442, Morro Bay, 93442 - 3 bed, 2 bath
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Morro Bay, California 93442
This Coastal Value-Add Residence is a High-Potential Investment Opportunity listed at $759,000—positioned well below the $782,548 Fair Market Value by 3%. This valuation gap offers $23,548 in Instant Equity. While the property carries a Condition Rating of 4 and requires cosmetic updates, it features Stunning Ocean Views and additional uncounted living space via a lower-level suite. Located in the Coast Unified district near top-rated schools, it balances lifestyle appeal with forced appreciation potential. This is an ideal acquisition for Owner-Occupants or Buy-and-Hold Investors.
Comparables within 1 miles sold in recently
| Address | Sold Price | Beds | Baths | Sq Ft | $/Sqft | Distance |
|---|---|---|---|---|---|---|
★ 530 Zanzibar Subject | $729,000* List Price | 3 | 2 | 1,066 | $712 | - |
A 466 Zanzibar Street Sold | $715,000 | 3 | 2 | 1,056 | $677 | 0.1 mi |
B 449 Panay Sold | $839,000 | 3 | 3 | 1,240 | $677 | 0.2 mi |
C 436 Zanzibar Street Sold | $770,000 | 2 | 2 | 1,133 | $680 | 0.1 mi |
D 431 Nevis Street Sold | $680,000 | 2 | 1 | 952 | $714 | 0.3 mi |
E 428 Zanzibar Street Sold | $775,928 | 3 | 2 | 1,353 | $573 | 0.1 mi |
F 3219 Tide Sold | $750,000 | 2 | 2 | 1,005 | $746 | 0.3 mi |
* Subject property listed price vs sold prices of comps.
Property is moderate renovation needed.
Built in 1962, the property is well-maintained but largely outdated. The kitchen features older white appliances and cabinetry, and the overall interior—including the bathrooms, flooring, and the spiral staircase—reflects styles from several decades ago. While the home is functional and offers desirable ocean views, it requires cosmetic updates and modernization to meet current quality standards.
The property features large windows specifically designed to capture amazing views of the Pacific Ocean, providing a premium coastal atmosphere at a competitive price point.
A lower-level addition with a private bathroom and direct yard access offers versatile extra space not included in the official square footage, ideal for a guest suite or home office.
Located within the Coast Unified district, the property is served by well-rated schools including Del Mar Elementary and Morro Bay High, both holding a rating of 7.
Bedroom count discrepancy between mls listing and other public or private record. mls listing bedroom count = 3, other record bedroom count = 2.
The lower-level room and bathroom are not included in the official 1,066 square footage, which may complicate appraisals and traditional financing valuations.
Access to the lower level is limited to a spiral staircase, which may pose mobility challenges for some residents and complicates the movement of large furniture.
Are you wanting a home with amazing views of the ocean but want it at a reasonable price? Well this is the one you have been looking for. This home has large windows to take in the views. 2 bedrooms and 1 bathroom on the main level. Down a spiral staircase there is an additional room and a bathroom that are not counted in the square footage. The lower room leads out with a glass door to a yard area.
No exterior & parking available.
Grades K-5 • 0.8 mi
Grades 6-8 • 6.1 mi
Grades 9-12 • 1.9 mi
No sensitive facilities data found.
| Feature | Subject | Average Home | Neighborhood Ranking (50 Listings) |
|---|---|---|---|
| Beds | 3.0 | 3.0 | 50% |
| Baths | 2.0 | 2.0 | 50% |
| Square foot | 1,066 | 1,477 | 27% |
| Lot Size | 3,152 | 4,000 | 39% |
| Price | $729.0K | $950.0K | 18% |
| Price per sq ft | $684 | $680 | 51% |
| Built year | 1962 | 1972 | 33% |
| HOA | $0 | $0 | 50% |
| Days on market | 40 | 186 | 6% |
Apr 14, 2026
$729,000
$759,000
-4% Price Drop
Initial Listing
Mar 13, 2026
$759,000
Initial Listing
Mar 14, 2017
$495,000
Public Record