Medical/Professional Office Building For
For Sale
$1,790,000
8655 Morro Rd, Atascadero, CA 93422
Medical/Professional office building with five suites, excellent visibility.
Property Size4,800 SF
Lot Size0.42 Acres
Days on Market268
Property Features for 8655 Morro Rd
General Information
Standard status
Active
Size
4,800 SF
Lot size
0.42 Acres
Property subtype
Commercial
Building Details
Building Size
4,800 SF
Year Built
1981
Listing Agency:
(805) 215-9533
Listed By:
Darrel Kullman · License #01257879
(805) 215-9533
Source:
Elliman
Added: Nov 28, 2025
Changed: Aug 23
Last Checked: Aug 22 at 7:30AM
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 Darrel Kullman
Investment Insights
Based on property information with market context.
This medical/professional office building, consisting of approximately 4,800 square feet, is located along the highly visible and heavily traveled Morro Road corridor in Atascadero. The property offers flexibility and long-term value for an owner-user or investor. The building features five separate suites, each with private entrances, ideal for medical or professional office use. Interior non-load-bearing walls allow for easy reconfiguration or conversion to single-tenant occupancy. Each suite is individually metered for utilities and served by a private on-site parking lot. The property offers excellent Morro Road frontage with prime signage visibility, high traffic counts, and convenient access to Highway 101. There are no HOA dues, CAM fees, or landlord restrictions. The building will be delivered vacant and is ready for immediate occupancy.
Key Highlights
- High‑visibility location on heavily traveled Morro Road with excellent frontage and signage, offering prime exposure.
- Five separate suites with private entrances, ideal for medical or professional office use, providing flexible leasing options.
- Delivered vacant and ready for immediate occupancy, allowing for quick setup and revenue generation.
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
$132,144
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
7.38%
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%
$2,642,880
$2.6M
Cap Rate 7%
$1,887,771
$1.9M
Cap Rate 9%
$1,468,267
$1.5M
Market Conditions
NOI Build-Up for 4,800 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
$227.5K $47.40/SF
− Vacancy
−$7.3K −$1.52/SF
EGI
$220.2K $45.88/SF
− OpEx
−$88.1K −$18.35/SF
NOI
$132.1K $27.53/SF
Area
San Luis Obispo County, CA
Vacancy
3.20%
Lease Rate
$47.40 /SF/Yr
Expense Ratio
40.00%
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%
$2,642,880
Cap Rate 7%
$1,887,771
Cap Rate 9%
$1,468,267
Alternative Uses
Best Use
Healthcare Medical
$1.89M
$1.65M – $2.20M
NOI $132,144 @ 7.0% cap · market cap 7.38%
Second Best
Office B
$1.28M
$1.12M – $1.49M
NOI $89,338 @ 7.0% cap · market cap 4.99%
Theoretical Best
—
—
same as Best Use
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
411
Businesses Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Demographics for 93422, CA
33,041
Population
13,702
Households
2.4
Avg Household Size
42
Median Age
31%
College-Educated
93%
High-School Grad
68.8 sq mi
ZIP Area
480
Density / Sq Mi
$89,916
Median Household Income
$46,939
Median Earnings
$1,841
Median Rent
$692,100
Median Home Value
Market
Vacancy Rate% for Office in West region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Similar Off Market Nearby
- Dr. Sharon Klintworth, DVM — 8165 Morro Rd A, B, C, & D, Atascadero, CA 93422
Frequently Asked Questions
What type of property is this?
Medical Office Space - Medical/Professional office building with five suites, excellent visibility.
Where is this medical office space located?
The property is located at 8655 Morro Rd Atascadero, CA.
What is the asking price?
The asking price for this property is $1,790,000.
What are key features of this property?
This property features: High‑visibility location on heavily traveled Morro Road with excellent frontage and signage, offering prime exposure.; Five separate suites with private entrances, ideal for medical or professional office use, providing flexible leasing options.; Delivered vacant and ready for immediate occupancy, allowing for quick setup and revenue generation.
