Spanish-Style Triplex Near
New
For Sale
$1,450,000
347 Branch Street, San Luis Obispo, CA 93401
San Luis Obispo, CA
Property Size2,612 SF
Lot Size0.24 Acres
Price / SF$555.13
Days on Market6
Property Features for 347 Branch Street
General Information
Property type
Residential Multi Family
Property subtype
Triplex
Bedrooms
5
Bathrooms
4
Full bathrooms
3
Half bathrooms
1
Rooms
Bedroom 3, Bedroom 2, Bedroom 1, Bathroom 3, Bathroom 1, Laundry Room, Bathroom 2, Bathroom 4, Bedroom 5, Kitchen, Bedroom 4
Parking features
Driveway
Patio and Porch features
Patio
Appliances
Microwave, Gas Oven, Dishwasher
Subdivision
San Luis Obispo(380)
Lot features
Level with Street
Elementary school district
San Luis Coastal Unified
Middle school district
San Luis Coastal Unified
High school district
San Luis Coastal Unified
Directions
Beebee to Branch
Standard status
Active
APN
003739042
Size
2,612 SF
Lot size
0.24 Acres
Utilities
Sewer type
Public Sewer
Heating system
Wall Furnace, Forced Air
Water source
Public
Building Details
Year built
1929
Floors in Building
1
Number of units
3
Flooring type
Wood, Tile, Vinyl
Roof type
Composition
Architectural style
Spanish
Listing Agency:
California Coastal Real Estate
(805) 459-1865
Listed By:
Graham Updegrove · License #01873454
(805) 458-5506
Added: Sep 16
Changed: Sep 17
Last Checked: Sep 21 at 11:06AM
MLS# SC26196124
Copyright © 2026 California Regional Multiple Listing Service, Inc. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
This R-2-zoned triplex combines a 3-bedroom, 1.5-bath front residence with a rear, single-story duplex. The main home was built in 1929 and contains approximately 1,460 square feet, with a kitchen, indoor laundry, wood, tile, and vinyl flooring, plus Spanish architectural detailing. The duplex dates to 1942 and provides approximately 1,152 square feet across two 1-bedroom, 1-bath units. Each rear unit has a private yard, washer and dryer hookups, and shed access. Unit C is leased, while Units A and B are available for immediate move-in.
The property occupies 0.2392 acres at 347 Branch Street in San Luis Obispo, near downtown, freeway access, shopping, dining, and commercial services. Separate gas and electric meters serve each unit, with two public water meters—one for the front residence and one for the duplex. Additional features include a fenced front yard, mature landscaping, a patio, driveway parking, public sewer, and a composition roof.
The property occupies 0.2392 acres at 347 Branch Street in San Luis Obispo, near downtown, freeway access, shopping, dining, and commercial services. Separate gas and electric meters serve each unit, with two public water meters—one for the front residence and one for the duplex. Additional features include a fenced front yard, mature landscaping, a patio, driveway parking, public sewer, and a composition roof.
Key Highlights
- Three‑unit configuration with a 3‑bedroom front residence and rear 2‑unit duplex
- Approximately 2,612 square feet of combined living space on 0.2392 acres
- Front residence built in 1929; rear duplex built in 1942
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
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Current Use
Lease Details
3
Residential units
Yes
Highway access
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
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Market
Vacancy Rate% for Multifamily in West region
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Frequently Asked Questions
What type of property is this?
Triplex - Three-unit property with a front residence, rear duplex, private yards, and separate utility metering.
Where is this triplex located?
The property is located at 347 Branch Street 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 3‑bedroom front residence and rear 2‑unit duplex; Approximately 2,612 square feet of combined living space on 0.2392 acres; Front residence built in 1929; rear duplex built in 1942
