Multi-Unit Apartment Building with
For Sale
$2,725,000
35 Blarney, San Luis Obispo, CA 93405
For sale multi-unit apartment with seven long-term rentals, many featuring private fenced yards.
Property Size5,398 SF
Days on Market53
Property Features for 35 Blarney
General Information
Standard status
Active
Size
5,398 SF
Property subtype
Investment
Additional Details
Multifamily Units
7
Amenities
private fenced yards
mountain views
Building Details
Building Size
5,398 SF
Year Built
1930
Stories
1
Units
12
Tenancy
Multi
Listed By:
Troy Gray
(425) 293-6730
Source:
Elliman
Added: Jul 21
Changed: Sep 1
Last Checked: Sep 10 at 8:04AM
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 Troy Gray
Investment Insights
Based on property information with market context.
This for-sale multi-unit apartment building is currently home to seven long-term rentals. Most units include private fenced yards, adding an outdoor space component designed to support tenant privacy.
The property is set in a peaceful, country location yet just minutes from town. It also offers views of Bishop Peak and Madonna Mountain.
There is also room to add units, subject to county approval, with the buyer to verify requirements. BikeScore is 48 (somewhat bikeable) and WalkScore is 3 (car-dependent).
The property is set in a peaceful, country location yet just minutes from town. It also offers views of Bishop Peak and Madonna Mountain.
There is also room to add units, subject to county approval, with the buyer to verify requirements. BikeScore is 48 (somewhat bikeable) and WalkScore is 3 (car-dependent).
Key Highlights
- Multi‑unit apartment built in 1930 with 7 long‑term rentals
- Most units include private fenced yards
- Peaceful country setting while still minutes from town
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
$104,208
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
3.82%
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%
$2,084,160
$2.1M
Cap Rate 7%
$1,488,686
$1.5M
Cap Rate 9%
$1,157,867
$1.2M
Market Conditions
NOI Build-Up for 5,398 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
$194.3K $36.00/SF
− Vacancy
−$4.9K −$0.90/SF
EGI
$189.5K $35.10/SF
− OpEx
−$85.3K −$15.80/SF
NOI
$104.2K $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%
$2,084,160
Cap Rate 7%
$1,488,686
Cap Rate 9%
$1,157,867
Alternative Uses
Best Use
Apartment 5plus
$1.49M
$1.30M – $1.74M
NOI $104,208 @ 7.0% cap · market cap 3.82%
Second Best
—
—
no second resolved use
Theoretical Best
Healthcare Medical
$2.12M
$1.86M – $2.48M
NOI $148,607 @ 7.0% cap · market cap 5.45%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
7
Residential units
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
30
Businesses Nearby
Explore this area
Business Placement
Demographics for 93405, CA
23,331
Population
9,687
Households
2.4
Avg Household Size
28
Median Age
52%
College-Educated
95%
High-School Grad
89.7 sq mi
ZIP Area
260
Density / Sq Mi
$52,481
Median Household Income
$12,402
Median Earnings
$1,936
Median Rent
$897,800
Median Home Value
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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?
Apartment building - For sale multi-unit apartment with seven long-term rentals, many featuring private fenced yards.
Where is this apartment building located?
The property is located at 35 Blarney San Luis Obispo, CA.
What is the asking price?
The asking price for this property is $2,725,000.
What are key features of this property?
This property features: Multi‑unit apartment built in 1930 with 7 long‑term rentals; Most units include private fenced yards; Peaceful country setting while still minutes from town
