Posted on June 7, 2022 / 193Listing ID: 409436APPLY FOR A REAL ESTATE LOAN
Cannabis & Hemp Insurance
Price : $8,000,000
Status : ACTIVE
Size : 19000
Lot Size (Acres) : 1/2
Cap Rate : 7-12
Cannabis or Hemp Use Allowed? : Cannabis and/or Hemp
License Type : Recreational
Year Built : 1964, Completely Renovated 2022
Utilities : Water, Electricity, Gas, Sewer, Trash
Company Name : Compass
Phone : 805-400-9677

Extremely rare opportunity to own a fully entitled turnkey Retail Cannabis Location.   San Luis Obispo City proper is a limited license market with only 3 licenses for Recreational sales available, two of which are currently active leaving only one still available.  San Luis Obispo also has very limited land use zoning for retail Cannabis operations, with two operators already in place this leaves very few options.  Situated on the Central coast of California San Luis Obispo is in a prime tourism destination as well as having Cal Poly State University located within the city.   This property sits in the most premiere location in town on one of the highest trafficked roads in the city and within very close proximity to the airport and downtown district. 

 Brand new and never been occupied, 2640 Broad was designed and constructed as the premier Cannabis Dispensary in California.  Completely remodeled down to the studs, Construction was completed in January of 2021 on this state of the art Retail Facility.  With a floor plan with the consumer in mind and no expense spared in the design, finishes and quality of construction over $3.5 million was spent in construction alone.  Sitting on a corner lot on Broad Street in San Luis Obispo the Retail space is strategically located on one of the most highly trafficked throughfares in San Luis Obispo. From the front door of the store front San Luis Obispo Downtown is a mere 1.5 Miles away as well as San Luis Obispo Regional airport and ACI Jet center 2 miles away.

 Upon entering the properties parking lot there are ample parking spaces to include 20 regular parking spots, two ADA parking space and two electric vehicle charging stations.  The side of the building boast a custom painted mural painted by Marmalade Mural Company visible from Broad Street.  The Mural was painted as a tribute to the county depicting all the various cities in San Luis Obispo County.  When first through the front doors of the main lobby customers are greeted with views of Madonna Mountain and Bishops peak, an elegant waiting area with a patron restroom with a water bottle fill station in front of the customer check in desk. 

Once through the store front door and into the main retail space are the first of four all glass display cases.  Situated directly in front of the first display and in the center of the room are smaller display cases which can be used to market specials or featured items.   Moving further into the store is a large center square display island to house ample offerings.  With multiple refrigeration units in the main display case and for backstock you can keep temperature controlled products at the proper temperature and in the customer’s view.  Behind all the display cases you have lockable wood storage cabinets with ample space to house all back stock items as well as display product.

The well thought out design of the center island offers multiple flex use spaces around the main retail square.  Directly in front of the main product display cases is a room designed for selling clones and seedlings and is equipped with proper grow lighting, individual climate control with humidity control and a sink.   Moving around the center island a lounge area was incorporated with TV’s couches and tables where patrons can comfortably wait to be helped, or shop for brand merchandise in the shelving that was installed on either side.  Various wall mounted shelves were installed around the exterior walls of the center retail square where brands can pay to spotlight their product creating an additional revenue stream for the business.  In the corner of the main retail space and closest to the exit an express checkout kiosk was built intended for customers wanting to order online in advance and pick up their products.

Once through the Main retail space you will find an elegant General Manager’s office with large glass walls and doors and adjacent conference room.  Directly across form the manager’s office is an employee break room, floor managers office and IT room. Past the manager’s office is a custom designed and climate control vault to house all back stock inventory that was constructed per city and state requirements meeting rigorous security standards.   Adjacent to the vault is a loading bay with removable parking bollards, a large roll up door to accommodate all size delivery vehicles, exhaust extraction system, and climate control.  

Included is a built in state of the art security systems which includes panic buttons, Ricotta face recognition cameras, key card access and the ability for remote control.  Well thought out audio visual components complement and help set the ambience for this beautifully laid out retail space.  With the ability to separately control all monitors throughout the building menu displays and product adds can be cycled through and changed as well as music and programing to set the days mood.  Included are 5 point of sale stations as well with the ability to have up to 10.

The property was design as a net zero project boasting low energy consumption high efficiency appliances, solar power, and Electric Vehicle car charging stations.  Included in the sale is another structure 2600 Broad which is adjacent to 2640.   This building has not been renovated and could be used for a variety of retail uses as well as cannabis uses and is poised to be built out custom for a new tenant or business.  Potential for a future Consumption lounge or the potential uses for delivery or distribution leave this building poised for added future revenue.

This spectacular property is truly a rare opportunity with very limited zoning for this use.  Don’t miss the opportunity to own a very rare piece of real estate unlike any other Cannabis property on the market!


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