Turnkey 55+ Manufactured
For Sale
$419,500
Pending
321 Lark Drive, Paso Robles, CA 93446
Updated manufactured home in Quail Run with vaulted ceilings, two bedrooms, two full baths, and a two-car garage.
Property Size1,488 SF
Days on Market83
Property Features for 321 Lark Drive
General Information
Standard status
Pending
Size
1,488 SF
Total Parking Spaces
2
Property subtype
Manufactured In Park
Building Details
Year Built
1981
Listing Agency:
GUIDE Real Estate
Listed By:
Lauren Wilczynski Henry · License #01895964
(805) 305-1287
Source:
Compass
Added: Jun 15
Changed: Aug 8
Last Checked: Jul 31 at 1:16PM
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 GUIDE Real Estate
Investment Insights
Based on property information with market context.
Welcome to Quail Run, a 55+ community in Paso Robles. This turnkey manufactured home has been updated with new luxury vinyl plank flooring, a new roof, fresh paint, and a new backyard fence. Inside, you’ll find vaulted ceilings in the living room and a spacious layout offering two generously sized bedrooms and two full bathrooms.
The bright kitchen opens to a private porch, providing an outdoor spot for morning coffee or evening relaxation. Outside, the backyard is beautifully maintained with lush grass, mature fruit trees, multiple sitting areas, and room to enjoy the Central Coast’s mild climate. A two-car garage adds convenient storage.
Quail Run residents have access to community amenities including a pool, spa, pickleball courts, tennis courts, RV storage, and a library, along with a calendar of community events and activities.
The bright kitchen opens to a private porch, providing an outdoor spot for morning coffee or evening relaxation. Outside, the backyard is beautifully maintained with lush grass, mature fruit trees, multiple sitting areas, and room to enjoy the Central Coast’s mild climate. A two-car garage adds convenient storage.
Quail Run residents have access to community amenities including a pool, spa, pickleball courts, tennis courts, RV storage, and a library, along with a calendar of community events and activities.
Key Highlights
- 1981‑built updated manufactured home in Quail Run (55+ community) with vaulted ceilings and a spacious floor plan
- Two bedrooms and two full bathrooms, with new luxury vinyl plank flooring and fresh paint throughout
- New roof and new backyard fence, plus a two‑car garage for storage and convenience
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
$28,726
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
6.85%
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%
$574,520
$574.5K
Cap Rate 7%
$410,371
$410.4K
Cap Rate 9%
$319,178
$319.2K
Market Conditions
NOI Build-Up for 1,488 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
$53.6K $36.00/SF
− Vacancy
−$1.3K −$0.90/SF
EGI
$52.2K $35.10/SF
− OpEx
−$23.5K −$15.80/SF
NOI
$28.7K $19.31/SF
Area
San Luis Obispo County, CA
Vacancy
2.50%
Lease Rate
$36.00 /SF/Yr
Expense Ratio
45.00%
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%
$574,520
Cap Rate 7%
$410,371
Cap Rate 9%
$319,178
Alternative Uses
Best Use
Apartment 5plus
$410.4K
$359.1K – $478.8K
NOI $28,726 @ 7.0% cap · market cap 6.85%
Second Best
—
—
no second resolved use
Theoretical Best
Healthcare Medical
$585.2K
$512.1K – $682.8K
NOI $40,965 @ 7.0% cap · market cap 9.77%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
262
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?
Mobile home & RV park - Updated manufactured home in Quail Run with vaulted ceilings, two bedrooms, two full baths, and a two-car garage.
Where is this mobile home & rv park located?
The property is located at 321 Lark Drive Paso Robles, CA.
What is the asking price?
The asking price for this property is $419,500.
What are key features of this property?
This property features: 1981‑built updated manufactured home in Quail Run (55+ community) with vaulted ceilings and a spacious floor plan; Two bedrooms and two full bathrooms, with new luxury vinyl plank flooring and fresh paint throughout; New roof and new backyard fence, plus a two‑car garage for storage and convenience
