12-Unit Apartment
For Sale
$3,900,000
505 Brizzolara St, San Luis Obispo, CA 93401
Private parking, on-site laundry, and a shared patio serve a centrally located multifamily property.
Property Size7,894 SF
Price / SF$494.05
Days on Market41
Property Features for 505 Brizzolara St
General Information
Standard status
Active
Size
7,894 SF
Property subtype
Multi-Family
Units
Unit Mix
10 x 2BR/1BA, 2 x studio
Multifamily Units
12
Amenities
private parking lot
on-site laundry
communal patio area
Building Details
Year Built
1963
Listing Agency:
Radius Group Commercial RE
Listed By:
Steven Golis · License #00772218
(805) 965-5500
Source:
Livebre
Added: Aug 28
Changed: Oct 1
Last Checked: Oct 5 at 9:01PM
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 Radius Group Commercial RE
Investment Insights
Based on property information with market context.
The property at 505 Brizzolara Street contains 12 apartment units: ten two-bedroom, one-bath apartments and two studios. Select upstairs residences feature exposed wood-beamed ceilings, while the property also includes a private parking lot, on-site laundry, and a communal patio. Unit 12 was converted from an office into a studio in 2024; the conversion was not permitted.
Capital improvements include replacement of the Zinsco electrical system and installation of a new main panel in 2020, a new roof and gutters in 2020, exterior repainting in 2023, and replacement of the back fence along the creek in 2024. Downtown shopping, dining, and entertainment are within walking distance, and Cal Poly is two miles away.
Capital improvements include replacement of the Zinsco electrical system and installation of a new main panel in 2020, a new roof and gutters in 2020, exterior repainting in 2023, and replacement of the back fence along the creek in 2024. Downtown shopping, dining, and entertainment are within walking distance, and Cal Poly is two miles away.
Key Highlights
- 12‑unit property with ten two‑bedroom/one‑bath apartments and two studios
- Unit 12 converted from an office to a studio in 2024; work was not permitted
- New roof and gutters installed in 2020
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$152,394
Cap Rate
3.91%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$3,047,880
$3.0M
Cap Rate 7%
$2,177,057
$2.2M
Cap Rate 9%
$1,693,267
$1.7M
Market Conditions
NOI Build-Up for 7,894 SF
Gross rent
$284.2K $36.00/SF
− Vacancy
−$7.1K −$0.90/SF
EGI
$277.1K $35.10/SF
− OpEx
−$124.7K −$15.80/SF
NOI
$152.4K $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 Rate 5%
$3,047,880
Cap Rate 7%
$2,177,057
Cap Rate 9%
$1,693,267
Alternative Uses
Best Use
Apartment 5plus
$2.18M
$1.90M – $2.54M
NOI $152,394 @ 7.0% cap · market cap 3.91%
Second Best
—
—
no second resolved use
Theoretical Best
Healthcare Medical
$3.10M
$2.72M – $3.62M
NOI $217,321 @ 7.0% cap · market cap 5.57%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
12
Residential units
Location Intelligence
Trade Area within ½ mile
2,726
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
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Market
Vacancy Rate% for Multifamily in West region
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Frequently Asked Questions
What type of property is this?
Apartment building - Private parking, on-site laundry, and a shared patio serve a centrally located multifamily property.
Where is this apartment building located?
The property is located at 505 Brizzolara St San Luis Obispo, CA.
What is the asking price?
The asking price for this property is $3,900,000.
What are key features of this property?
This property features: 12‑unit property with ten two‑bedroom/one‑bath apartments and two studios; Unit 12 converted from an office to a studio in 2024; work was not permitted; New roof and gutters installed in 2020
