Creative Studio with Clerestory
For Sale
$589,000
Pending
1245 Mission Street, San Miguel, CA 93451
CR-zoned studio property with a fenced lot, alley access, and a connected garage-shop for flexible commercial use.
Property Size1,522 SF
Days on Market227
Property Features for 1245 Mission Street
General Information
Standard status
Pending
Size
1,522 SF
Total Parking Spaces
2
Property subtype
Commercial Sale / Mixed Use
Zoning
CR
Additional Details
Road Access
Yes
Building Details
Year Built
1992
Buildings
2
Abandoned
No
Listing Agency:
RE/MAX Parkside Real Estate
(530) 210-3405
Listed By:
Leslie Anderson Mills · License #02099335
(530) 210-3405
Source:
Compass
Added: Jan 15
Changed: Aug 30
Last Checked: Aug 30 at 7:50AM
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 RE/MAX Parkside Real Estate
Investment Insights
Based on property information with market context.
Located at 1245 Mission Street in San Miguel, this 1,522-square-foot creative space is currently configured as an artist’s studio. The main room features tall ceilings, exposed wood rafters, clerestory windows, and painted concrete floors. An enclosed patio links the primary building with the garage-shop, adding a separated outdoor area between the two structures. The property was built in 1992 and sits on a fully fenced lot with alley access that supports parking or deliveries. Zoning is CR; allowable uses should be confirmed with the county. The existing combination of open studio space, workshop area, and enclosed outdoor connection provides a distinctive setting for a range of creative or commercial activities.
Key Highlights
- 1,522‑square‑foot creative space currently used as an artist’s studio
- Tall ceilings, wood rafters, clerestory windows, and painted concrete floors
- Enclosed patio connects the main building to the garage‑shop
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
$28,327
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
4.81%
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%
$566,540
$566.5K
Cap Rate 7%
$404,671
$404.7K
Cap Rate 9%
$314,744
$314.7K
Market Conditions
NOI Build-Up for 1,522 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
$40.2K $26.40/SF
− Vacancy
−$2.4K −$1.58/SF
EGI
$37.8K $24.82/SF
− OpEx
−$9.4K −$6.20/SF
NOI
$28.3K $18.61/SF
Area
San Luis Obispo County, CA
Vacancy
6.00%
Lease Rate
$26.40 /SF/Yr
Expense Ratio
25.00%
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%
$566,540
Cap Rate 7%
$404,671
Cap Rate 9%
$314,744
Alternative Uses
Best Use
Office B
$404.7K
$354.1K – $472.1K
NOI $28,327 @ 7.0% cap · market cap 4.81%
Second Best
Mixed Use
$247.9K
$216.9K – $289.2K
NOI $17,351 @ 7.0% cap · market cap 2.95%
Theoretical Best
Healthcare Medical
$598.6K
$523.8K – $698.4K
NOI $41,901 @ 7.0% cap · market cap 7.11%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
114
Businesses Nearby
Explore this area
Business Placement
Demographics for 93451, CA
4,820
Population
1,671
Households
2.9
Avg Household Size
34
Median Age
24%
College-Educated
79%
High-School Grad
447.2 sq mi
ZIP Area
11
Density / Sq Mi
$91,250
Median Household Income
$43,353
Median Earnings
$1,956
Median Rent
$582,200
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.
Frequently Asked Questions
What type of property is this?
Creative space - CR-zoned studio property with a fenced lot, alley access, and a connected garage-shop for flexible commercial use.
Where is this creative space located?
The property is located at 1245 Mission Street San Miguel, CA.
What is the asking price?
The asking price for this property is $589,000.
What are key features of this property?
This property features: 1,522‑square‑foot creative space currently used as an artist’s studio; Tall ceilings, wood rafters, clerestory windows, and painted concrete floors; Enclosed patio connects the main building to the garage‑shop
