Clear-Span Retail
For Sale
Contact for pricing
2191 Parker St, San Luis Obispo, CA 93401
Versatile clear-span retail building with strong South Street exposure and convenient freeway access for occupants.
Property Size8,230 SF
Price / SF$242.41
Days on Market55
Property Features for 2191 Parker St
General Information
Standard status
Active
Size
8,230 SF
Property subtype
RETAIL
Listing Agency:
Anderson Commercial Real Estate Services
(805) 801-7352
Listed By:
Derek Senn · License #01252131
Source:
Moodyscre
Added: Jun 15
Changed: Jul 10
Last Checked: Jul 21 at 4:11AM
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.
This for-sale retail building offers a versatile, clear-span interior that can support a range of merchandising and layout needs. The property is sized at 8,230 square feet, providing an open configuration that many retailers and service uses can adapt to their operations.
The building is positioned for retail exposure along South Street, with close freeway access intended to support convenient customer access and day-to-day logistics. This combination of visibility and access can be valuable for businesses seeking a straightforward commercial footprint.
For tenants, buyers, or operators looking for flexibility, the clear-span format can simplify planning and reconfiguration as needs change. The retail focus of the asset, combined with its street exposure and proximity to freeway access, makes it a practical option for occupiers that want a single, adaptable space rather than a highly segmented layout.
The building is positioned for retail exposure along South Street, with close freeway access intended to support convenient customer access and day-to-day logistics. This combination of visibility and access can be valuable for businesses seeking a straightforward commercial footprint.
For tenants, buyers, or operators looking for flexibility, the clear-span format can simplify planning and reconfiguration as needs change. The retail focus of the asset, combined with its street exposure and proximity to freeway access, makes it a practical option for occupiers that want a single, adaptable space rather than a highly segmented layout.
Key Highlights
- Versatile clear‑span retail building
- Excellent retail exposure on South Street
- Convenient freeway access for occupants
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
$133,701
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
6.70%
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%
$2,674,020
$2.7M
Cap Rate 7%
$1,910,014
$1.9M
Cap Rate 9%
$1,485,567
$1.5M
Market Conditions
NOI Build-Up for 8,230 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
$197.5K $24.00/SF
− Vacancy
−$6.5K −$0.79/SF
EGI
$191.0K $23.21/SF
− OpEx
−$57.3K −$6.96/SF
NOI
$133.7K $16.25/SF
Area
San Luis Obispo County, CA
Vacancy
3.30%
Lease Rate
$24.00 /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%
$2,674,020
Cap Rate 7%
$1,910,014
Cap Rate 9%
$1,485,567
Alternative Uses
Best Use
Retail
$1.91M
$1.67M – $2.23M
NOI $133,701 @ 7.0% cap · market cap 6.70%
Second Best
—
—
no second resolved use
Theoretical Best
Healthcare Medical
$3.24M
$2.83M – $3.78M
NOI $226,571 @ 7.0% cap · market cap 11.36%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
1,239
Businesses Nearby
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 Retail in West region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Retail space - Versatile clear-span retail building with strong South Street exposure and convenient freeway access for occupants.
Where is this retail space located?
The property is located at 2191 Parker St San Luis Obispo, CA.
What is the asking price?
The asking price for this property is $1,995,000.
What are key features of this property?
This property features: Versatile clear‑span retail building; Excellent retail exposure on South Street; Convenient freeway access for occupants
