Three-Unit Triplex with Detached
For Sale
$1,549,000
1929 Chorro, San Luis Obispo, CA 93401
Three independent residences provide flexible occupancy options with off-street parking, separate outdoor areas, and additional storage.
Property Size2,358 SF
Lot Size0.17 Acres
Days on Market10
Property Features for 1929 Chorro
General Information
Standard status
Active
Size
2,358 SF
Lot size
0.17 Acres
Property subtype
Investment
Occupancy
100%
Site & Location
Road Access
Yes
Public Transit
Yes
Units
Unit Mix
1 x 3BR/2BA, 2 x 1BR/1BA
Multifamily Units
3
Additional Details
Gross Income
$76,272
Amenities
laundry room
Building Details
Building Size
2,358 SF
Year Built
1910
Buildings
3
Stories
1
Units
3
Tenancy
Multi
Listing Agency:
Patterson Realty
(805) 544-8662
Listed By:
Sarah Weber · License #01077788
Source:
Elliman
Added: Aug 18
Changed: Aug 19
Last Checked: Aug 26 at 12:24PM
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 Patterson Realty
Investment Insights
Based on property information with market context.
Built in 1910, this triplex includes a primary three-bedroom, two-bath residence of approximately 1,095 square feet plus two detached one-bedroom units, each measuring approximately 607 square feet. The main home features a kitchen with hardwood cabinetry, stainless steel appliances, and tile countertops, along with an interior laundry area and a private front yard. One detached unit includes a 419-square-foot storage room, while the other offers a kitchen view toward Cerro San Luis and a small breakfast bar. A detached 80-square-foot laundry room serves both units.
The property occupies a 7,500-square-foot parcel at 1929 Chorro Street in San Luis Obispo, near downtown restaurants, shops, and daily conveniences. Off-street parking serves all three residences, with a garage and additional storage area also included. The site has 2 gas meters, 1 water meter, and 3 electric meters.
The property occupies a 7,500-square-foot parcel at 1929 Chorro Street in San Luis Obispo, near downtown restaurants, shops, and daily conveniences. Off-street parking serves all three residences, with a garage and additional storage area also included. The site has 2 gas meters, 1 water meter, and 3 electric meters.
Key Highlights
- Three separate residences: one three‑bedroom home and two detached one‑bedroom units
- Primary residence offers approximately 1,095 sf with 3 bedrooms and 2 bathrooms
- Two detached units each provide approximately 607 sf of living space
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
$49,306
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
3.18%
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%
$986,120
$986.1K
Cap Rate 7%
$704,371
$704.4K
Cap Rate 9%
$547,844
$547.8K
Market Conditions
NOI Build-Up for 2,358 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
$72.2K $30.60/SF
− Vacancy
−$1.7K −$0.73/SF
EGI
$70.4K $29.87/SF
− OpEx
−$21.1K −$8.96/SF
NOI
$49.3K $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%
$986,120
Cap Rate 7%
$704,371
Cap Rate 9%
$547,844
Alternative Uses
Best Use
Multifamily LT 5
$704.4K
$616.3K – $821.8K
NOI $49,306 @ 7.0% cap · market cap 3.18%
Second Best
Apartment 5plus
$650.3K
$569.0K – $758.7K
NOI $45,521 @ 7.0% cap · market cap 2.94%
Theoretical Best
Healthcare Medical
$927.4K
$811.5K – $1.08M
NOI $64,916 @ 7.0% cap · market cap 4.19%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
3
Residential units
100%
Occupancy
Multi-tenant
Tenancy
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
2,494
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
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 - Three independent residences provide flexible occupancy options with off-street parking, separate outdoor areas, and additional storage.
Where is this triplex located?
The property is located at 1929 Chorro San Luis Obispo, CA.
What is the asking price?
The asking price for this property is $1,549,000.
What are key features of this property?
This property features: Three separate residences: one three‑bedroom home and two detached one‑bedroom units; Primary residence offers approximately 1,095 sf with 3 bedrooms and 2 bathrooms; Two detached units each provide approximately 607 sf of living space
