14-Unit Multifamily
For Sale
$4,200,000
356 N Chorro, San Luis Obispo, CA 93405
Three buildings offer studio and one-bedroom residences, shared laundry, storage, and on-site parking.
Property Size9,360 SF
Price / SF$448.72
Days on Market27
Property Features for 356 N Chorro
General Information
Standard status
Active
Size
9,360 SF
Total Parking Spaces
16
Property subtype
Residential Income
Zoning
R4
Occupancy
100%
Units
Unit Mix
12 x studio, 2 x 1BR/1.5BA
Multifamily Units
14
Additional Details
Tenant in Place
Yes
Amenities
on-site laundry
storage
Building Details
Building Size
9,360 SF
Year Built
1983
Buildings
3
Stories
1
Units
13
Listing Agency:
Freitas Real Estate
(805) 712-7122
Listed By:
George Freitas · License #00784368
(805) 712-7123
Source:
Freitasrealestate
Added: Sep 30
Changed: Oct 26
Last Checked: Oct 26 at 3:55AM
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 Freitas Real Estate
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Investment Insights
Based on property information with market context.
Leland Lofts is a 9,360-square-foot multifamily property comprising three buildings and 14 residences: 12 studios and two one-bedroom units, each with 1 1/2 baths. Shared amenities include on-site laundry, five storage spaces, and 16 parking spaces. Improvements completed in recent years include replacement windows and roofing, exterior paint, fencing, landscaping, site work, commercial laundry equipment, and renovations to multiple units.
The property is in San Luis Obispo, within walking or biking distance of Cal Poly, the Foothill shopping and dining district, and downtown. It is zoned R4 and is fully occupied under month-to-month leases. Potential additional units would require feasibility review and city approvals.
The property is in San Luis Obispo, within walking or biking distance of Cal Poly, the Foothill shopping and dining district, and downtown. It is zoned R4 and is fully occupied under month-to-month leases. Potential additional units would require feasibility review and city approvals.
Key Highlights
- 14 residences across three buildings: 12 studios and two one‑bedroom units with 1 1/2 baths
- 9,360‑square‑foot property
- 16 parking spaces and five storage spaces
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$180,695
Cap Rate
4.30%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$3,613,900
$3.6M
Cap Rate 7%
$2,581,357
$2.6M
Cap Rate 9%
$2,007,722
$2.0M
Market Conditions
NOI Build-Up for 9,360 SF
Gross rent
$337.0K $36.00/SF
− Vacancy
−$8.4K −$0.90/SF
EGI
$328.5K $35.10/SF
− OpEx
−$147.8K −$15.80/SF
NOI
$180.7K $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 Rate 5%
$3,613,900
Cap Rate 7%
$2,581,357
Cap Rate 9%
$2,007,722
Alternative Uses
Best Use
Apartment 5plus
$2.58M
$2.26M – $3.01M
NOI $180,695 @ 7.0% cap · market cap 4.30%
Second Best
—
—
no second resolved use
Theoretical Best
Healthcare Medical
$3.68M
$3.22M – $4.29M
NOI $257,680 @ 7.0% cap · market cap 6.14%
Zoning and permitted uses should be independently verified with authorities.
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Lease Details
14
Residential units
100%
Occupancy
Location Intelligence
Trade Area within ½ mile
974
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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Market
Vacancy Rate% for Multifamily in West region
Frequently Asked Questions
What type of property is this?
Apartment building - Three buildings offer studio and one-bedroom residences, shared laundry, storage, and on-site parking.
Where is this apartment building located?
The property is located at 356 N Chorro San Luis Obispo, CA.
What is the asking price?
The asking price for this property is $4,200,000.
What are key features of this property?
This property features: 14 residences across three buildings: 12 studios and two one‑bedroom units with 1 1/2 baths; 9,360‑square‑foot property; 16 parking spaces and five storage spaces
