Insulated Flex Warehouse with
For Sale
Contact for pricing
202 Tank Farm Rd, San Luis Obispo, CA 93401
Air-conditioned commercial space includes a small yard and an additional manufactured home.
Property Size3,200 SF
Price / SF$342.19
Days on Market391
Property Features for 202 Tank Farm Rd
General Information
Standard status
Active
Size
3,200 SF
Property subtype
INDUSTRIAL
Listing Agency:
Anderson Commercial Real Estate Services
(805) 801-7352
Listed By:
Derek Senn · License #01252131
Source:
Moodyscre
Added: Aug 6, 2025
Changed: Aug 29
Last Checked: Aug 30 at 11:59PM
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 Anderson Commercial Real Estate Services
Investment Insights
Based on property information with market context.
The property combines a 3,200-square-foot warehouse with office space, insulation, air conditioning, significant power, and a small yard. A 480-square-foot manufactured home is also included on the property.
Located at 202 Tank Farm Rd in San Luis Obispo, California, the offering provides a flex-oriented configuration with warehouse, office, yard, and residential improvements in one property.
Located at 202 Tank Farm Rd in San Luis Obispo, California, the offering provides a flex-oriented configuration with warehouse, office, yard, and residential improvements in one property.
Key Highlights
- 3,200 SF warehouse with office space
- 480 SF manufactured home included
- Fully insulated and air‑conditioned warehouse
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
$59,558
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
5.44%
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%
$1,191,160
$1.2M
Cap Rate 7%
$850,829
$850.8K
Cap Rate 9%
$661,756
$661.8K
Market Conditions
NOI Build-Up for 3,200 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
$84.5K $26.40/SF
− Vacancy
−$5.1K −$1.58/SF
EGI
$79.4K $24.82/SF
− OpEx
−$19.9K −$6.20/SF
NOI
$59.6K $18.61/SF
Area
San Luis Obispo County, CA
Vacancy
6.00%
Lease Rate
$26.40 /SF/Yr
Expense Ratio
25.00%
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%
$1,191,160
Cap Rate 7%
$850,829
Cap Rate 9%
$661,756
Alternative Uses
Best Use
Office B
$850.8K
$744.5K – $992.6K
NOI $59,558 @ 7.0% cap · market cap 5.44%
Second Best
Flex RnD
$566.9K
$496.0K – $661.4K
NOI $39,682 @ 7.0% cap · market cap 3.62%
Theoretical Best
Healthcare Medical
$1.26M
$1.10M – $1.47M
NOI $88,096 @ 7.0% cap · market cap 8.05%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
952
Businesses Nearby
Well-served
Demand for This Use
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
Market
Vacancy Rate% for Office in West region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Similar Off Market Nearby
- Holly D Catering — 4251 S Higuera St # 800, San Luis Obispo, CA 93401
- In Good Taste Catering — 225 Tank Farm Rd # B4, San Luis Obispo, CA 93401
- Whalebird Kombucha — 3576 Empleo St # 1, San Luis Obispo, CA 93401
- Burrito Wagon — 285 Prado Rd # C, San Luis Obispo, CA 93401
Frequently Asked Questions
What type of property is this?
Flex space - Air-conditioned commercial space includes a small yard and an additional manufactured home.
Where is this flex space located?
The property is located at 202 Tank Farm Rd San Luis Obispo, CA.
What is the asking price?
The asking price for this property is $1,095,000.
What are key features of this property?
This property features: 3,200 SF warehouse with office space; 480 SF manufactured home included; Fully insulated and air‑conditioned warehouse
