Two-Unit
For Sale
$899,000
245 17th, Paso Robles, CA 93446
Includes one-bedroom and two-bedroom residences with varied bath configurations near downtown Paso Robles amenities.
Property Size1,500 SF
Days on Market37
Property Features for 245 17th
General Information
Standard status
Active
Size
1,500 SF
Property subtype
Duplex
Building Details
Building Size
1,500 SF
Year Built
1920
Tenancy
Multi
Listing Agency:
Farrell Smyth Real Estate
Listed By:
Jennifer Hamilton · License #01800791
Source:
Homeandranchsir
Added: Jul 24
Changed: Aug 25
Last Checked: Aug 29 at 4:44PM
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 Farrell Smyth Real Estate
Investment Insights
Based on property information with market context.
This duplex contains two residential units: one residence with 1 bedroom and 1 bath, and another with 2 bedrooms and 2 baths. Built in 1920, the property offers a varied unit mix within a single multifamily asset on a generous lot in Paso Robles.
The property is located near downtown, shopping, dining, schools, parks, and local wineries. Its Central Coast setting provides access to a range of everyday services and community amenities, while the two-unit configuration supports both multifamily ownership and residential occupancy uses.
The property is located near downtown, shopping, dining, schools, parks, and local wineries. Its Central Coast setting provides access to a range of everyday services and community amenities, while the two-unit configuration supports both multifamily ownership and residential occupancy uses.
Key Highlights
- Two units: 1‑bedroom, 1‑bath and 2‑bedroom, 2‑bath residences
- Built in 1920
- Located near downtown Paso Robles
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
$31,365
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
3.49%
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%
$627,300
$627.3K
Cap Rate 7%
$448,071
$448.1K
Cap Rate 9%
$348,500
$348.5K
Market Conditions
NOI Build-Up for 1,500 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
$45.9K $30.60/SF
− Vacancy
−$1.1K −$0.73/SF
EGI
$44.8K $29.87/SF
− OpEx
−$13.4K −$8.96/SF
NOI
$31.4K $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%
$627,300
Cap Rate 7%
$448,071
Cap Rate 9%
$348,500
Alternative Uses
Best Use
Multifamily LT 5
$448.1K
$392.1K – $522.8K
NOI $31,365 @ 7.0% cap · market cap 3.49%
Second Best
Apartment 5plus
$413.7K
$362.0K – $482.6K
NOI $28,958 @ 7.0% cap · market cap 3.22%
Theoretical Best
Healthcare Medical
$589.9K
$516.2K – $688.3K
NOI $41,295 @ 7.0% cap · market cap 4.59%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
1,425
Businesses Nearby
Explore this area
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
Market
Vacancy Rate% for Multifamily in West region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Duplex - Includes one-bedroom and two-bedroom residences with varied bath configurations near downtown Paso Robles amenities.
Where is this duplex located?
The property is located at 245 17th Paso Robles, CA.
What is the asking price?
The asking price for this property is $899,000.
What are key features of this property?
This property features: Two units: 1‑bedroom, 1‑bath and 2‑bedroom, 2‑bath residences; Built in 1920; Located near downtown Paso Robles
