Building Details

Tenancy Multi

Listing Agency: Douglas Elliman of California, Inc. Show Phone

Listed By: Aaron Schulman · License #01830189 Show Phone

Source: Exprealty

Added: Jul 30 Changed: Sep 8 Last Checked: Sep 21 at 11:00AM

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Displayed information is deemed reliable but is not guaranteed and should be independently verified. All listing content including descriptions, pricing, images are the copyrighted material of Douglas Elliman of California, Inc.

Investment Insights

Based on property information with market context.

This four-unit property includes side-by-side one-bedroom, one-bath residences on approximately 0.56 acre. Public records report 2,160 square feet, while the seller estimates each unit at approximately 540 square feet. Three residences have been extensively updated and are operated as furnished short-term rentals; the fourth is unfinished and under renovation. The completed units are offered with furnishings and equipment subject to written inventory and seller exclusions.

Property improvements include updated insulation, drywall, electrical and plumbing systems, renovated interiors, air-conditioning units, wall furnaces, Starlink internet, EERO mesh Wi-Fi and Yale smart locks. A six-camera Swann security system provides local and cloud backup, while ample parking and additional outdoor space support the property’s rural setting. The property is located along Highway 166 near the Carrizo Plain National Monument, Los Padres National Forest, the Cuyama Badlands, Blue Sky Center, Rancho Trujillo and Cuyama Buckhorn. Available records identify DR-6 zoning.

Key Highlights

• Four side‑by‑side one‑bedroom, one‑bath units
• Approximately 0.56 acre with 2,160 square feet reported in public records
• Three remodeled units operate as furnished short‑term rentals

Financial Insights

Estimated NOI and Cap Rate

NOI = area × lease_rate × (100 − vacancy) / 100 × (1 − expense_ratio). Net Operating Income — what the owner takes home each year before mortgage payments and income tax. Effective rent (asking rent minus vacancy losses) minus operating costs (taxes, insurance, maintenance, management).

NOI / Yr

$47,455

Cap rate = NOI / list price × 100. Capitalization rate — annual return on a fully cash purchase, before financing. NOI divided by price. Higher means more income per dollar invested, but usually also more risk or older condition. 5–8% is typical for stabilized commercial property; double digits often signal distressed deals.

Cap Rate

7.92%

Suggested Prices Based on Cap Rates Cap rates vary significantly by property type, market, and asset quality. Typical U.S. stable-market ranges: Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+) Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand) Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically) Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher) Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk) Self-Storage — 5.5% to 7.5% Medical Office — 6.0% to 7.5% Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term Rules of thumb: Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%). Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C. Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI. Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.

Cap Rate 5%

$949,100 $949.1K

Cap Rate 7%

$677,929 $677.9K

Cap Rate 9%

$527,278 $527.3K

Market Conditions

NOI Build-Up for 2,160 SF Vacancy — income lost from leasable area expected to sit empty during the year, subtracted from gross rent. EGI (Effective Gross Income) — gross rent minus vacancy losses, the realistic income before paying operating costs. OpEx (Operating Expenses) — recurring costs to operate the property (property tax, insurance, utilities, maintenance, management); excludes financing and capital improvements. NOI (Net Operating Income) — income a property generates after operating costs but before financing and taxes.

Gross rent

$70.0K $32.40/SF

− Vacancy

−$2.2K −$1.01/SF

EGI

$67.8K $31.39/SF

− OpEx

−$20.3K −$9.42/SF

NOI

$47.5K $21.97/SF

Area

Santa Barbara County, CA

Vacancy

3.13%

Lease Rate

$32.40 /SF/Yr

Expense Ratio

30.00%

Simulate Cap Rate and NOI

Suggested Prices Based on Cap Rates Cap rates vary significantly by property type, market, and asset quality. Typical U.S. stable-market ranges: Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+) Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand) Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically) Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher) Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk) Self-Storage — 5.5% to 7.5% Medical Office — 6.0% to 7.5% Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term Rules of thumb: Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%). Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C. Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI. Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.

Cap Rate 5%

$949,100

Cap Rate 7%

$677,929

Cap Rate 9%

$527,278

Alternative Uses

Best Use

Multifamily LT 5

$677.9K

$593.2K – $790.9K (±1% cap)

NOI $47,455 @ 7.0% cap · market cap 7.92%

Second Best

Apartment 5plus

$610.5K

$534.2K – $712.3K (±1% cap)

NOI $42,735 @ 7.0% cap · market cap 7.13%

Theoretical Best

—

—

same as Best Use

Zoning and permitted uses should be independently verified with authorities.

Property Analytics

Current Use

Quadplexes

Suggested Use

Top Pick Building Supply Daycare Center Hotel & Motel

Score = modeled unmet demand for each use within ~1 mi (higher = bigger opportunity). Zoning and permitted uses should be independently verified with local authorities.

Lease Details

Multi-tenant

Tenancy

Yes

Highway access

Yes

Paved road access

Location Intelligence

Trade Area within ½ mile

12

Businesses Nearby

Explore this area Business Placement

Demographics for 93254, CA

780

Population

462

Households

1.7

Avg Household Size

39

Median Age

31%

College-Educated

83%

High-School Grad

200.9 sq mi

ZIP Area

4

Density / Sq Mi

$53,603

Median Household Income

$43,833

Median Earnings

$216,400

Median Home Value

Market

Vacancy Rate% for Multifamily in West region

7% 2022

7.8% 2023

8.6% 2024

8.6% 2025

Questions? Ask Rey

Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.

What type of property is this? Where is this quadplexes located? What is the asking price? Find similar properties What are key features of this property?

Frequently Asked Questions

What type of property is this?

Quadplex - Four side-by-side units include three furnished short-term rentals and one unit undergoing renovation.

Where is this quadplex located?

The property is located at 1-4-2968 Washington Street Cuyama, CA.

What is the asking price?

The asking price for this property is $599,000.

What are key features of this property?

This property features: Four side‑by‑side one‑bedroom, one‑bath units; Approximately 0.56 acre with 2,160 square feet reported in public records; Three remodeled units operate as furnished short‑term rentals