A distinctive opportunity for coastal living and investment, ideally situated just steps from the water and moments from Morro Bay’s vibrant Embarcadero and downtown. Captivating bay and ocean views bring the beauty and sounds of the waterfront to life, while inviting outdoor decks provide the perfect setting to relax and embrace the coastal lifestyle. Extensively renovated in 2019 and 2023, this versatile four-unit property seamlessly blends comfortable coastal living with established short-term rental accommodations and the potential for additional income. The property features a main-level, one-bedroom owner's residence with a full kitchen, living room, laundry room, storage, and bathroom. Upstairs, a second one-bedroom unit offers a full kitchen, living room, bathroom, sitting room (currently being used as a 2nd bedroom), and spectacular water views. Two additional upstairs studios each feature a kitchenette-style prep area and private bathroom. Three garages provide parking for up to five vehicles. Currently, the owners occupy one unit while operating the remaining three as short-term rentals, with an emphasis on providing a quiet, high-quality guest experience. The owner's residence presents an opportunity to generate additional rental income, offering flexibility for a future owner to enjoy the property as a personal coastal retreat, an income-producing investment, or a combination of both. Originally operated as a bed and breakfast, the property is situated within the C-VS (Visitor-Serving Commercial) and R-3 (Multifamily Residential) zoning districts. Short-term rental operations are permitted under applicable zoning provisions and are exempt from the City's residential short-term rental cap and waitlist, subject to City requirements. Upon acquisition, new owners must obtain their own City of Morro Bay business license and Transient Occupancy Tax (TOT) Certificate. The property is served by a single utility account, with one meter each for water, electricity, and gas. Buyers are advised to independently verify zoning, permitted uses, licensing requirements, and all regulations governing future rental operations with the City of Morro Bay.