Renovated Ocean-View
New
For Sale
$2,199,000
184 Birch Ave, Cayucos, CA 93430
Three updated residences offer ocean views, private laundry, dedicated parking, and a combination of short- and long-term rental use.
Property Size3,080 SF
Days on Market4
Property Features for 184 Birch Ave
General Information
Standard status
Active
Size
3,080 SF
Property subtype
Investment
Units
Unit Mix
3 x 2BR
Multifamily Units
3
Parking per Unit
2
Amenities
ocean views
private in-unit laundry
Building Details
Building Size
3,080 SF
Year Built
1984
Buildings
1
Stories
2
Units
3
Listing Agency:
San Luis Bay Realty
Listed By:
Kris Nafziger
(805) 748-4105
Source:
Elliman
Added: Sep 19
Changed: Sep 21
Last Checked: Sep 21 at 8:58AM
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 San Luis Bay Realty
Investment Insights
Based on property information with market context.
Built in 1984, this renovated triplex contains three two-bedroom residences with ocean views, private in-unit laundry, and two dedicated parking spaces per unit. Units 1 and 2 each include two full bathrooms, while Unit 3 has two-and-a-half baths. All three residences have been updated, supporting a flexible configuration for residential occupancy and rental use.
One residence is operated as a short-term rental, while the other two are established as long-term rentals. The property is located at 184 Birch Avenue in Cayucos, three blocks from the Cayucos Pier and near downtown. WalkScore is 64 and BikeScore is 38, reflecting a somewhat walkable and somewhat bikeable setting.
One residence is operated as a short-term rental, while the other two are established as long-term rentals. The property is located at 184 Birch Avenue in Cayucos, three blocks from the Cayucos Pier and near downtown. WalkScore is 64 and BikeScore is 38, reflecting a somewhat walkable and somewhat bikeable setting.
Key Highlights
- Three two‑bedroom residences in a single triplex
- Ocean views from all three residences
- Two dedicated parking spaces per unit
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
$64,403
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
2.93%
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%
$1,288,060
$1.3M
Cap Rate 7%
$920,043
$920.0K
Cap Rate 9%
$715,589
$715.6K
Market Conditions
NOI Build-Up for 3,080 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
$94.2K $30.60/SF
− Vacancy
−$2.2K −$0.73/SF
EGI
$92.0K $29.87/SF
− OpEx
−$27.6K −$8.96/SF
NOI
$64.4K $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%
$1,288,060
Cap Rate 7%
$920,043
Cap Rate 9%
$715,589
Alternative Uses
Best Use
Multifamily LT 5
$920.0K
$805.0K – $1.07M
NOI $64,403 @ 7.0% cap · market cap 2.93%
Second Best
Apartment 5plus
$849.4K
$743.2K – $991.0K
NOI $59,459 @ 7.0% cap · market cap 2.70%
Theoretical Best
Healthcare Medical
$1.21M
$1.06M – $1.41M
NOI $84,792 @ 7.0% cap · market cap 3.86%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Open Analytics
Current Use
Lease Details
3
Residential units
Location Intelligence
Trade Area within ½ mile
279
Businesses Nearby
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Business Placement
Demographics for 93430, CA
2,849
Population
2,707
Households
1.1
Avg Household Size
57
Median Age
43%
College-Educated
96%
High-School Grad
71.7 sq mi
ZIP Area
40
Density / Sq Mi
$86,354
Median Household Income
$50,409
Median Earnings
$1,571
Median Rent
$965,100
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?
Triplex - Three updated residences offer ocean views, private laundry, dedicated parking, and a combination of short- and long-term rental use.
Where is this triplex located?
The property is located at 184 Birch Ave Cayucos, CA.
What is the asking price?
The asking price for this property is $2,199,000.
What are key features of this property?
This property features: Three two‑bedroom residences in a single triplex; Ocean views from all three residences; Two dedicated parking spaces per unit
