Residential Income Property with Hill
New
For Sale
$298,500
515 Aleppo Drive 14, Morro Bay, CA 93442
Three-bedroom residence with a front porch, updated primary bathroom, hardwood floors, and access to shared community amenities.
Property Size1,294 SF
Price / SF$230.68
Days on Market3
Property Features for 515 Aleppo Drive 14
General Information
Standard status
Active
Size
1,294 SF
Property subtype
Manufactured In Park
Additional Details
Multifamily Units
1
Amenities
front porch
storage sheds
raised turf area
clubhouse
ping pong table
pool table
community center
horseshoes
outdoor patio
Building Details
Year Built
1999
Buildings
1
Listing Agency:
Compass
(805) 544-7000
Listed By:
Molly Trapp
Source:
Kaleorealestate
Added: Sep 22
Changed: Sep 23
Last Checked: Sep 24 at 8:37AM
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 Compass
Investment Insights
Based on property information with market context.
This three-bedroom residential income property at 515 Aleppo Drive features elevated hill views, a front porch, fresh paint, and hardwood floors. The updated primary bathroom includes a soaking tub and separate shower. Two rear storage sheds and a raised turf area provide additional outdoor utility. Built in 1999, the residence is located within Bay Pines, a 55+ community requiring park residency approval.
Residents have access to a shared clubhouse with a full kitchen, ping pong table, pool table, community center, horseshoes, and an outdoor patio with hillside views. Downtown Morro Bay is five minutes away, Morro Rock is under ten minutes away, and San Luis Obispo is fifteen minutes away. Nearby recreational options include trails, beaches, kayaking, fishing, and the State Marine Preserve.
Residents have access to a shared clubhouse with a full kitchen, ping pong table, pool table, community center, horseshoes, and an outdoor patio with hillside views. Downtown Morro Bay is five minutes away, Morro Rock is under ten minutes away, and San Luis Obispo is fifteen minutes away. Nearby recreational options include trails, beaches, kayaking, fishing, and the State Marine Preserve.
Key Highlights
- Three‑bedroom residence with elevated hill views
- Updated primary bathroom with soaking tub and separate shower
- Front porch, hardwood floors, and fresh interior paint
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
$24,981
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
8.37%
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%
$499,620
$499.6K
Cap Rate 7%
$356,871
$356.9K
Cap Rate 9%
$277,567
$277.6K
Market Conditions
NOI Build-Up for 1,294 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
$46.6K $36.00/SF
− Vacancy
−$1.2K −$0.90/SF
EGI
$45.4K $35.10/SF
− OpEx
−$20.4K −$15.80/SF
NOI
$25.0K $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 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%
$499,620
Cap Rate 7%
$356,871
Cap Rate 9%
$277,567
Alternative Uses
Best Use
Apartment 5plus
$356.9K
$312.3K – $416.4K
NOI $24,981 @ 7.0% cap · market cap 8.37%
Second Best
—
—
no second resolved use
Theoretical Best
Healthcare Medical
$508.9K
$445.3K – $593.7K
NOI $35,624 @ 7.0% cap · market cap 11.93%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Open Analytics
Current Use
Lease Details
1
Residential units
Location Intelligence
Trade Area within ½ mile
31
Businesses Nearby
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Business Placement
Demographics for 93442, CA
11,390
Population
6,537
Households
1.7
Avg Household Size
54
Median Age
45%
College-Educated
93%
High-School Grad
44.5 sq mi
ZIP Area
256
Density / Sq Mi
$92,163
Median Household Income
$50,651
Median Earnings
$1,815
Median Rent
$870,600
Median Home Value
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Frequently Asked Questions
What type of property is this?
Residential income property - Three-bedroom residence with a front porch, updated primary bathroom, hardwood floors, and access to shared community amenities.
Where is this residential income property located?
The property is located at 515 Aleppo Drive 14 Morro Bay, CA.
What is the asking price?
The asking price for this property is $298,500.
What are key features of this property?
This property features: Three‑bedroom residence with elevated hill views; Updated primary bathroom with soaking tub and separate shower; Front porch, hardwood floors, and fresh interior paint
