Triplex with Two
For Sale
$1,425,000
111 Boeker Avenue, Pismo Beach, CA 93449
Triplex offering two upper 1BR/1BA units and a downstairs studio, with two single-car garages and shared laundry.
Property Size2,114 SF
Days on Market46
Property Features for 111 Boeker Avenue
General Information
Standard status
Active
Size
2,114 SF
Total Parking Spaces
7
Property subtype
Residential Income
Net Operating Income
$54,144
Additional Details
Business Included
Yes
Highway Access
Yes
Multifamily Units
3
Amenities
Wall Furnace
Dishwasher, Gas Cooktop
Ocean
Garage, On Site, Paved
Balcony
Building Details
Building Size
2,114 SF
Year Built
1980
Buildings
1
Stories
2
Tenancy
Multi
Listing Agency:
(805) 801-7039
Listed By:
Christina Buchanan · License #01111911
(805) 801-7039
Source:
Evrealestate
Added: Jul 9
Changed: Aug 23
Last Checked: Aug 8 at 1:44PM
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 Christina Buchanan
Investment Insights
Based on property information with market context.
This turn-key triplex includes two upstairs one-bedroom, one-bathroom units and a downstairs studio unit with its own full bathroom. The upper residences feature private viewing balconies, and the property also includes on-site shared laundry facilities for residents. Parking is supported by two private single-car garages plus a dedicated parking lot that accommodates five additional off-street vehicles.
The property is located in Shell Beach, California, just steps from the Pacific Ocean and local dining, with convenient Highway 101 access nearby.
Storage is provided through multiple dedicated areas, including an exterior utility closet, an under-stair storage area inside one garage, and an oversized private locked storage room at the back of the second full-sized garage.
The property is located in Shell Beach, California, just steps from the Pacific Ocean and local dining, with convenient Highway 101 access nearby.
Storage is provided through multiple dedicated areas, including an exterior utility closet, an under-stair storage area inside one garage, and an oversized private locked storage room at the back of the second full-sized garage.
Key Highlights
- Triplex built in 1980 with two upper 1BR/1BA units and a downstairs studio unit with a full bath
- Two upper units feature panoramic ocean views with private viewing balconies
- Two private single‑car garages plus a dedicated parking lot for five additional off‑street vehicles
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
$44,204
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
3.10%
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%
$884,080
$884.1K
Cap Rate 7%
$631,486
$631.5K
Cap Rate 9%
$491,156
$491.2K
Market Conditions
NOI Build-Up for 2,114 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
$64.7K $30.60/SF
− Vacancy
−$1.5K −$0.73/SF
EGI
$63.1K $29.87/SF
− OpEx
−$18.9K −$8.96/SF
NOI
$44.2K $20.91/SF
Area
San Luis Obispo County, CA
Vacancy
2.38%
Lease Rate
$30.60 /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%
$884,080
Cap Rate 7%
$631,486
Cap Rate 9%
$491,156
Alternative Uses
Best Use
Multifamily LT 5
$631.5K
$552.6K – $736.7K
NOI $44,204 @ 7.0% cap · market cap 3.10%
Second Best
Apartment 5plus
$583.0K
$510.1K – $680.2K
NOI $40,811 @ 7.0% cap · market cap 2.86%
Theoretical Best
Healthcare Medical
$831.4K
$727.5K – $970.0K
NOI $58,198 @ 7.0% cap · market cap 4.08%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
3
Residential units
Multi-tenant
Tenancy
Turnkey business
Opportunity
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
202
Businesses Nearby
Explore this area
Business Placement
Demographics for 93449, CA
8,096
Population
6,060
Households
1.3
Avg Household Size
55
Median Age
50%
College-Educated
98%
High-School Grad
9.9 sq mi
ZIP Area
818
Density / Sq Mi
$112,913
Median Household Income
$62,440
Median Earnings
$2,298
Median Rent
$992,900
Median Home Value
Market
Vacancy Rate% for Multifamily in West region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Triplex - Triplex offering two upper 1BR/1BA units and a downstairs studio, with two single-car garages and shared laundry.
Where is this triplex located?
The property is located at 111 Boeker Avenue Pismo Beach, CA.
What is the asking price?
The asking price for this property is $1,425,000.
What are key features of this property?
This property features: Triplex built in 1980 with two upper 1BR/1BA units and a downstairs studio unit with a full bath; Two upper units feature panoramic ocean views with private viewing balconies; Two private single‑car garages plus a dedicated parking lot for five additional off‑street vehicles
