Investment opportunity in Cambria. Kingston Bay is offering its 1.25-acre site in Cambria, Ca. for sale. The property is zoned for multi-family and consists of 7 contiguous parcels. The property has been designed as a 31-unit, 41 bed assisted living and memory care facility. However, there is no restriction on project type as long as it falls within the allowable uses of the RMF zone. The subject property is uniquely positioned for development in a significantly underserved and affluent market. The community of Cambria-by-the-sea is located on California's central coast between Morro Bay and San Simeon. Housing in this area is scarce and professionally operated senior housing, specifically assisted-living & memory care is non-existent. It has secured 11.78 EDU's of water, though prior payment of a water conservation fee. These parcels hold the Number 1 and Number 9 Cambria Community Services District Wait List positions for new water and sewer connections. People's Self-Help Housing also owns zoned property in Cambria, possess a Will-Serve letter and holds District Wait-List positions for a housing project. Their 33-unit Schoolhouse Lane apartment project was approved by the San Luis Obispo Planning Commission on January 10, 2019.
Listing courtesy of Scott Maples from Keller Williams Realty Central Coast
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