Mission-Style Three-Unit
For Sale
$1,450,000
347 Branch St, San Luis Obispo, CA 93401
R-2-zoned triplex with a front residence, rear duplex, separate utility metering, and private outdoor areas.
Property Size2,612 SF
Price / SF$555.13
Days on Market8
Property Features for 347 Branch St
General Information
Standard status
Active
Size
2,612 SF
Property subtype
Commercial
Zoning
R-2
Site & Location
Highway Access
Yes
Public Transit
Yes
Utilities to Site
Yes
Units
Unit Mix
1 x 3BR/1.5BA, 2 x 1BR/1BA
Multifamily Units
3
Building Details
Year Built
1929
Buildings
2
Listing Agency:
California Coastal Real Estate
Listed By:
Graham Updegrove graham@ccreslo.com · License #01873454
(805) 459-1865
Source:
Mysandiegoareahomesearch
Added: Sep 15
Changed: Sep 18
Last Checked: Sep 21 at 7:11AM
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 California Coastal Real Estate
Investment Insights
Based on property information with market context.
This three-unit property combines a Mission-style front residence with a separate rear duplex. The front home was built in 1929 and contains approximately 1,460 square feet, three bedrooms, 1.5 bathrooms, an open kitchen, indoor laundry, arched windows and doorways, a porch, and a fenced front yard with mature landscaping. The single-story duplex was built in 1942 and provides approximately 1,152 square feet in total, with each one-bedroom, one-bathroom unit offering a private yard, washer/dryer hookups, and shed access. A larger shed is also present for owner storage and landscaping equipment.
The property carries R-2 zoning and has separate gas and electric meters for each unit, along with two water meters serving the front residence and duplex. Two units are available for immediate move-in, while the third is leased. The address is near downtown San Luis Obispo, freeway access, shopping, dining, and commercial services. WalkScore is 88, BikeScore is 86, and TransitScore is 34.
The property carries R-2 zoning and has separate gas and electric meters for each unit, along with two water meters serving the front residence and duplex. Two units are available for immediate move-in, while the third is leased. The address is near downtown San Luis Obispo, freeway access, shopping, dining, and commercial services. WalkScore is 88, BikeScore is 86, and TransitScore is 34.
Key Highlights
- Three‑unit configuration with a 1929 front residence and 1942 rear duplex
- Front home offers approximately 1,460 square feet, 3 bedrooms, and 1.5 bathrooms
- Rear duplex totals approximately 1,152 square feet; each unit has 1 bedroom and 1 full bathroom
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
$54,617
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
3.77%
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%
$1,092,340
$1.1M
Cap Rate 7%
$780,243
$780.2K
Cap Rate 9%
$606,856
$606.9K
Market Conditions
NOI Build-Up for 2,612 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
$79.9K $30.60/SF
− Vacancy
−$1.9K −$0.73/SF
EGI
$78.0K $29.87/SF
− OpEx
−$23.4K −$8.96/SF
NOI
$54.6K $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%
$1,092,340
Cap Rate 7%
$780,243
Cap Rate 9%
$606,856
Alternative Uses
Best Use
Multifamily LT 5
$780.2K
$682.7K – $910.3K
NOI $54,617 @ 7.0% cap · market cap 3.77%
Second Best
Apartment 5plus
$720.4K
$630.3K – $840.4K
NOI $50,425 @ 7.0% cap · market cap 3.48%
Theoretical Best
Healthcare Medical
$1.03M
$898.9K – $1.20M
NOI $71,908 @ 7.0% cap · market cap 4.96%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Unlock full access to Insights
Subscribe to Realmo Intelligence
Open Analytics
Current Use
Lease Details
3
Residential units
Yes
Highway access
Yes
Utilities to site
Location Intelligence
Trade Area within ½ mile
1,458
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
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
View Realmo Analytics
Market
Vacancy Rate% for Multifamily in West region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Triplex - R-2-zoned triplex with a front residence, rear duplex, separate utility metering, and private outdoor areas.
Where is this triplex located?
The property is located at 347 Branch St San Luis Obispo, CA.
What is the asking price?
The asking price for this property is $1,450,000.
What are key features of this property?
This property features: Three‑unit configuration with a 1929 front residence and 1942 rear duplex; Front home offers approximately 1,460 square feet, 3 bedrooms, and 1.5 bathrooms; Rear duplex totals approximately 1,152 square feet; each unit has 1 bedroom and 1 full bathroom
