4-Unit Apartment
New
For Sale
$1,500,000
1635 Pine, Paso Robles, CA 93446
A renovated mix of one- and two-bedroom apartments includes on-site parking, garage storage, and outdoor space.
Property Size2,704 SF
Days on Market5
Property Features for 1635 Pine
General Information
Standard status
Active
Size
2,704 SF
Property subtype
Quadruplex
Units
Unit Mix
2 x 2BR/1BA, 2 x 1BR/1BA
Multifamily Units
4
Amenities
washer and dryer hookups
on-site parking
separate garage storage
outdoor space
Building Details
Building Size
2,704 SF
Year Built
1974
Listing Agency:
Home & Ranch Sotheby's Intl
Listed By:
David Crabtree · License #01092187
(805) 434-9700
Source:
Homeandranchsir
Added: Sep 22
Changed: Sep 26
Last Checked: Sep 25 at 2:15AM
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 Home & Ranch Sotheby's Intl
Investment Insights
Based on property information with market context.
Four apartments comprise this residential income property: two 2-bedroom, 1-bath units and two 1-bedroom, 1-bath units. The interiors have been renovated with luxury vinyl plank flooring, updated kitchens and bathrooms, newer appliances, and bright living areas. Washer and dryer hookups, on-site parking, separate garage storage, and outdoor space are also included. The property was built in 1974, and tenants are in place.
At 1635 Pine in Paso Robles, the property is near Downtown City Park, restaurants, coffee shops, retail shops, and wine tasting rooms.
At 1635 Pine in Paso Robles, the property is near Downtown City Park, restaurants, coffee shops, retail shops, and wine tasting rooms.
Key Highlights
- Four apartments: two 2‑bedroom, 1‑bath units and two 1‑bedroom, 1‑bath units
- Renovated interiors with luxury vinyl plank flooring, updated kitchens, and bathrooms
- Newer appliances and washer and dryer hookups
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
$56,541
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
3.77%
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%
$1,130,820
$1.1M
Cap Rate 7%
$807,729
$807.7K
Cap Rate 9%
$628,233
$628.2K
Market Conditions
NOI Build-Up for 2,704 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
$82.7K $30.60/SF
− Vacancy
−$2.0K −$0.73/SF
EGI
$80.8K $29.87/SF
− OpEx
−$24.2K −$8.96/SF
NOI
$56.5K $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%
$1,130,820
Cap Rate 7%
$807,729
Cap Rate 9%
$628,233
Alternative Uses
Best Use
Multifamily LT 5
$807.7K
$706.8K – $942.4K
NOI $56,541 @ 7.0% cap · market cap 3.77%
Second Best
Apartment 5plus
$745.7K
$652.5K – $870.0K
NOI $52,201 @ 7.0% cap · market cap 3.48%
Theoretical Best
Healthcare Medical
$1.06M
$930.5K – $1.24M
NOI $74,441 @ 7.0% cap · market cap 4.96%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
4
Residential units
Location Intelligence
Trade Area within ½ mile
1,567
Businesses Nearby
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Business Placement
Demographics for 93446, CA
45,979
Population
19,786
Households
2.3
Avg Household Size
41
Median Age
30%
College-Educated
91%
High-School Grad
428.3 sq mi
ZIP Area
107
Density / Sq Mi
$94,512
Median Household Income
$43,229
Median Earnings
$1,946
Median Rent
$661,400
Median Home Value
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Cap Rate, Value Estimation, Potential NOI and more
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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?
Quadplex - A renovated mix of one- and two-bedroom apartments includes on-site parking, garage storage, and outdoor space.
Where is this quadplex located?
The property is located at 1635 Pine Paso Robles, CA.
What is the asking price?
The asking price for this property is $1,500,000.
What are key features of this property?
This property features: Four apartments: two 2‑bedroom, 1‑bath units and two 1‑bedroom, 1‑bath units; Renovated interiors with luxury vinyl plank flooring, updated kitchens, and bathrooms; Newer appliances and washer and dryer hookups
