Two-Story Quadplex with
For Sale
Under Contract
$1,679,000
1470 Madonna Road, San Luis Obispo, CA 93405
San Luis Obispo, CA
Property Size5,023 SF
Lot Size0.23 Acres
Price / SF$334.26
Days on Market76
Property Features for 1470 Madonna Road
General Information
Property type
Residential Multi Family
Property subtype
Quadruplex
Bedrooms
9
Rooms
Bedroom 6, Bedroom 7, Bedroom 5, Bedroom 8, Bedroom 2, Bedroom 4, Laundry Room, Bedroom 3, Bedroom 9, Bedroom 1
Parking
1
Subdivision
San Luis Obispo(380)
Lot features
Lot 6500-9999, Level
Directions
LOVR to Madonna, units on the right.
Standard status
Active Under Contract
APN
053102029
Lot size
0.23 Acres
Utilities
Sewer type
Public Sewer
Water source
Public
Amenities
shared community laundry facility
Building Details
Year built
1972
Floors in Building
2
Number of units
4
Listing Agency:
Christie's International Real Estate Sereno
(805) 476-0104
Listed By:
Rob Rose · License #02035157
(805) 476-0104
Added: Jun 8
Changed: Aug 22
Last Checked: Aug 22 at 4:06PM
MLS# SC26144930
Copyright © 2026 California Regional Multiple Listing Service, Inc. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
Located at 1470 Madonna Road in San Luis Obispo, this four-unit residential income property was built in 1972 and is legally configured as two duplexes. The unit mix includes one three-bedroom, two-bath residence with a private one-car garage and three two-bedroom, two-bath residences. Each home uses a two-story layout, with living space on the main level and bedrooms above.
The property sits on a 0.2255-acre lot and provides eight unassigned parking spaces along with a shared community laundry facility. Public water and public sewer serve the property. The surrounding area includes shopping, schools, hiking and biking trails, public transportation, and major commuter routes.
Several residences may benefit from cosmetic work such as flooring and interior paint. The property information identifies the asset as a fourplex and describes the units as well-maintained, with opportunities for updates across portions of the interiors.
The property sits on a 0.2255-acre lot and provides eight unassigned parking spaces along with a shared community laundry facility. Public water and public sewer serve the property. The surrounding area includes shopping, schools, hiking and biking trails, public transportation, and major commuter routes.
Several residences may benefit from cosmetic work such as flooring and interior paint. The property information identifies the asset as a fourplex and describes the units as well-maintained, with opportunities for updates across portions of the interiors.
Key Highlights
- Four‑unit property legally configured as two duplexes
- Unit mix includes one 3‑bedroom, 2‑bath unit and three 2‑bedroom, 2‑bath units
- Private 1‑car garage associated with the 3‑bedroom residence
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
$105,032
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
6.26%
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%
$2,100,640
$2.1M
Cap Rate 7%
$1,500,457
$1.5M
Cap Rate 9%
$1,167,022
$1.2M
Market Conditions
NOI Build-Up for 5,023 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
$153.7K $30.60/SF
− Vacancy
−$3.7K −$0.73/SF
EGI
$150.0K $29.87/SF
− OpEx
−$45.0K −$8.96/SF
NOI
$105.0K $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%
$2,100,640
Cap Rate 7%
$1,500,457
Cap Rate 9%
$1,167,022
Alternative Uses
Best Use
Multifamily LT 5
$1.50M
$1.31M – $1.75M
NOI $105,032 @ 7.0% cap · market cap 6.26%
Second Best
Apartment 5plus
$1.39M
$1.21M – $1.62M
NOI $96,969 @ 7.0% cap · market cap 5.78%
Theoretical Best
Healthcare Medical
$1.98M
$1.73M – $2.30M
NOI $138,283 @ 7.0% cap · market cap 8.24%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
4
Residential units
Location Intelligence
Trade Area within ½ mile
464
Businesses Nearby
Explore this area
Business Placement
Demographics for 93405, CA
23,331
Population
9,687
Households
2.4
Avg Household Size
28
Median Age
52%
College-Educated
95%
High-School Grad
89.7 sq mi
ZIP Area
260
Density / Sq Mi
$52,481
Median Household Income
$12,402
Median Earnings
$1,936
Median Rent
$897,800
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?
Quadplex - Four-unit residential income property with varied layouts, shared laundry, and on-site parking in San Luis Obispo.
Where is this quadplex located?
The property is located at 1470 Madonna Road San Luis Obispo, CA.
What is the asking price?
The asking price for this property is $1,679,000.
What are key features of this property?
This property features: Four‑unit property legally configured as two duplexes; Unit mix includes one 3‑bedroom, 2‑bath unit and three 2‑bedroom, 2‑bath units; Private 1‑car garage associated with the 3‑bedroom residence
