Residential Income Property with
For Sale
$399,000
1121 Orcutt Rd 50B, San Luis Obispo, CA 93401
Manufactured home with updated interior finishes, a covered carport, and placement in an all-age, pet-friendly community.
Property Size1,020 SF
Price / SF$391.18
Days on Market71
Property Features for 1121 Orcutt Rd 50B
General Information
Standard status
Active
Size
1,020 SF
Total Parking Spaces
1
Property subtype
Commercial
Additional Details
Multifamily Units
1
Building Details
Building Size
1,020 SF
Year Built
2026
Buildings
1
Construction
manufactured home
Listing Agency:
Advantage Homes
Listed By:
Todd Su · License #01355922
(408) 316-9854
Source:
Elliman
Added: Jun 25
Changed: Aug 29
Last Checked: Sep 1 at 8:43PM
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 Advantage Homes
Investment Insights
Based on property information with market context.
This 1,020-square-foot manufactured home is located within Oceanaire Village Mobile Home Park and offers two bedrooms and two bathrooms. Built in 2026, the home includes a kitchen with major appliances and a primary suite with a private bathroom featuring a custom tile walk-in shower. A covered carport provides sheltered vehicle parking, while the interior’s modern finishes support immediate residential use.
The property is located at 1121 Orcutt Rd 50B in San Luis Obispo, California. Oceanaire Village Mobile Home Park is identified as an all-age, pet-friendly community. Walk Score is 24, Bike Score is 32, and Transit Score is 30, indicating a car-dependent setting with some transit and biking access.
The property is located at 1121 Orcutt Rd 50B in San Luis Obispo, California. Oceanaire Village Mobile Home Park is identified as an all-age, pet-friendly community. Walk Score is 24, Bike Score is 32, and Transit Score is 30, indicating a car-dependent setting with some transit and biking access.
Key Highlights
- 1,020‑square‑foot manufactured home with 2 bedrooms and 2 bathrooms
- Built in 2026 within Oceanaire Village Mobile Home Park
- Primary suite bathroom includes a custom upgraded tile walk‑in shower
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
$19,691
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
4.94%
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%
$393,820
$393.8K
Cap Rate 7%
$281,300
$281.3K
Cap Rate 9%
$218,789
$218.8K
Market Conditions
NOI Build-Up for 1,020 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
$36.7K $36.00/SF
− Vacancy
−$918 −$0.90/SF
EGI
$35.8K $35.10/SF
− OpEx
−$16.1K −$15.80/SF
NOI
$19.7K $19.31/SF
Area
San Luis Obispo County, CA
Vacancy
2.50%
Lease Rate
$36.00 /SF/Yr
Expense Ratio
45.00%
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%
$393,820
Cap Rate 7%
$281,300
Cap Rate 9%
$218,789
Alternative Uses
Best Use
Apartment 5plus
$281.3K
$246.1K – $328.2K
NOI $19,691 @ 7.0% cap · market cap 4.94%
Second Best
—
—
no second resolved use
Theoretical Best
Healthcare Medical
$401.2K
$351.0K – $468.0K
NOI $28,081 @ 7.0% cap · market cap 7.04%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
1
Residential units
Location Intelligence
Trade Area within ½ mile
759
Businesses Nearby
Explore this area
Business Placement
Demographics for 93401, CA
29,877
Population
14,363
Households
2.1
Avg Household Size
39
Median Age
57%
College-Educated
96%
High-School Grad
64.2 sq mi
ZIP Area
465
Density / Sq Mi
$95,386
Median Household Income
$47,898
Median Earnings
$1,859
Median Rent
$943,500
Median Home Value
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Residential income property - Manufactured home with updated interior finishes, a covered carport, and placement in an all-age, pet-friendly community.
Where is this residential income property located?
The property is located at 1121 Orcutt Rd 50B San Luis Obispo, CA.
What is the asking price?
The asking price for this property is $399,000.
What are key features of this property?
This property features: 1,020‑square‑foot manufactured home with 2 bedrooms and 2 bathrooms; Built in 2026 within Oceanaire Village Mobile Home Park; Primary suite bathroom includes a custom upgraded tile walk‑in shower
