Remodeled Duplex with Two
For Sale
$599,000
346 12th, San Miguel, CA 93451
Two remodeled duplex units total just under 1,400 sq ft, with the main unit scheduled to be vacant February 15.
Property Size1,388 SF
Price / SF$427.86
Days on Market129
Property Features for 346 12th
General Information
Standard status
Active
Size
1,388 SF
Property subtype
Investment
Zoning
residential multifamily
Additional Details
Business Included
Yes
Highway Access
Yes
Multifamily Units
2
Building Details
Building Size
1,388 SF
Year Built
1942
Stories
1
Units
2
Tenancy
Multi
Listing Agency:
Karlie Montgomery, Broker
(805) 391-0241
Listed By:
Karlie Montgomery · License #01905914
(805) 391-0241
Source:
Elliman
Added: Apr 27
Changed: Aug 22
Last Checked: Sep 1 at 9:37PM
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 Karlie Montgomery, Broker
Investment Insights
Based on property information with market context.
This well-maintained duplex features two fully remodeled units. The main unit is a 2-bedroom, 1-bath layout with contemporary upgrades and a generous utility room that could support a third-bedroom, home office, or additional storage. The second unit is a 1-bedroom, 1-bath that has also been refreshed. The main 2-bedroom unit is scheduled to become vacant as of February 15, offering an opportunity to customize before a new tenant occupies the space.
The property is zoned for residential multifamily use and is located in San Miguel, California, right off Highway 101 for access to Paso Robles. The seller notes a history of strong, reliable rents and previously reported a gross ROI just over 8%.
The property is zoned for residential multifamily use and is located in San Miguel, California, right off Highway 101 for access to Paso Robles. The seller notes a history of strong, reliable rents and previously reported a gross ROI just over 8%.
Key Highlights
- Two fully remodeled duplex units totaling just under 1,400 sq ft
- 2‑bedroom, 1‑bath main unit with contemporary upgrades and a generous utility room
- Second unit is a 1‑bedroom, 1‑bath, also refreshed with modern finishes
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
$29,274
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
4.89%
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%
$585,480
$585.5K
Cap Rate 7%
$418,200
$418.2K
Cap Rate 9%
$325,267
$325.3K
Market Conditions
NOI Build-Up for 1,400 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
$42.8K $30.60/SF
− Vacancy
−$1.0K −$0.73/SF
EGI
$41.8K $29.87/SF
− OpEx
−$12.5K −$8.96/SF
NOI
$29.3K $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%
$585,480
Cap Rate 7%
$418,200
Cap Rate 9%
$325,267
Alternative Uses
Best Use
Multifamily LT 5
$418.2K
$365.9K – $487.9K
NOI $29,274 @ 7.0% cap · market cap 4.89%
Second Best
Apartment 5plus
$386.1K
$337.8K – $450.5K
NOI $27,027 @ 7.0% cap · market cap 4.51%
Theoretical Best
Healthcare Medical
$550.6K
$481.8K – $642.4K
NOI $38,542 @ 7.0% cap · market cap 6.43%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
Multi-tenant
Tenancy
Turnkey business
Opportunity
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
111
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 Multifamily in West region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Duplex - Two remodeled duplex units total just under 1,400 sq ft, with the main unit scheduled to be vacant February 15.
Where is this duplex located?
The property is located at 346 12th San Miguel, 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: Two fully remodeled duplex units totaling just under 1,400 sq ft; 2‑bedroom, 1‑bath main unit with contemporary upgrades and a generous utility room; Second unit is a 1‑bedroom, 1‑bath, also refreshed with modern finishes
