Duplex with Private Two-Car
For Sale
Contact for pricing
359-361 N 3rd Street, Grover Beach, CA 93433
Well-maintained 1979 duplex with two 2BR/1BA units, each with private two-car garage and backyard access.
Property Size2,080 SF
Lot Size0.17 Acres
Price / SF$432.69
Days on Market147
Property Features for 359-361 N 3rd Street
General Information
Standard status
Active
Size
2,080 SF
Total Parking Spaces
4
Lot size
0.17 Acres
Property subtype
Multifamily
Occupancy
100%
Net Operating Income
$33,181
Additional Details
Highway Access
Yes
Multifamily Units
2
Building Details
Year Built
1979
Units
2
Tenancy
Multi
Listing Agency:
Marcus & Millichap - Palo Alto
Listed By:
Mitchell Zurich · License #CA 01870648
(650) 391-1824
Source:
Crexi
Added: Apr 14
Changed: Aug 28
Last Checked: Sep 2 at 11:09AM
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 Marcus & Millichap - Palo Alto
Investment Insights
Based on property information with market context.
359–361 N 3rd Street is a well-maintained duplex built in 1979, offering two separate units with two bedrooms and one bathroom each. Each unit includes a private two-car garage and its own backyard, with sliding glass door access that supports indoor-outdoor livability and abundant natural light.
Recent updates enhance the property, including kitchen cabinetry and flooring completed approximately four years ago, along with remodeled bathrooms in both units. The duplex is positioned near local shopping, dining, and beaches, and is about two miles from Pismo Pier, a major Central Coast destination known for year-round activity.
With a functional two-unit layout and thoughtful interior improvements, this property is presented as a turnkey, income-producing asset for investors or owner-users.
Recent updates enhance the property, including kitchen cabinetry and flooring completed approximately four years ago, along with remodeled bathrooms in both units. The duplex is positioned near local shopping, dining, and beaches, and is about two miles from Pismo Pier, a major Central Coast destination known for year-round activity.
With a functional two-unit layout and thoughtful interior improvements, this property is presented as a turnkey, income-producing asset for investors or owner-users.
Key Highlights
- 1979‑built 359–361 N 3rd St duplex with two 2BR/1BA units and 2,080 SF total living space
- Each unit includes a private two‑car garage and private backyard access
- Kitchen cabinetry and flooring updates completed approximately four years ago
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
$43,493
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
4.83%
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%
$869,860
$869.9K
Cap Rate 7%
$621,329
$621.3K
Cap Rate 9%
$483,256
$483.3K
Market Conditions
NOI Build-Up for 2,080 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
$63.6K $30.60/SF
− Vacancy
−$1.5K −$0.73/SF
EGI
$62.1K $29.87/SF
− OpEx
−$18.6K −$8.96/SF
NOI
$43.5K $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%
$869,860
Cap Rate 7%
$621,329
Cap Rate 9%
$483,256
Alternative Uses
Best Use
Multifamily LT 5
$621.3K
$543.7K – $724.9K
NOI $43,493 @ 7.0% cap · market cap 4.83%
Second Best
Apartment 5plus
$573.6K
$501.9K – $669.2K
NOI $40,154 @ 7.0% cap · market cap 4.46%
Theoretical Best
Healthcare Medical
$818.0K
$715.8K – $954.4K
NOI $57,262 @ 7.0% cap · market cap 6.36%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
2
Residential units
Multi-tenant
Tenancy
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
677
Businesses Nearby
Explore this area
Business Placement
Demographics for 93433, CA
12,643
Population
5,757
Households
2.2
Avg Household Size
42
Median Age
27%
College-Educated
83%
High-School Grad
2.2 sq mi
ZIP Area
5,747
Density / Sq Mi
$82,534
Median Household Income
$39,412
Median Earnings
$1,921
Median Rent
$691,900
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?
Duplex - Well-maintained 1979 duplex with two 2BR/1BA units, each with private two-car garage and backyard access.
Where is this duplex located?
The property is located at 359-361 N 3rd Street Grover Beach, CA.
What is the asking price?
The asking price for this property is $900,000.
What are key features of this property?
This property features: 1979‑built 359–361 N 3rd St duplex with two 2BR/1BA units and 2,080 SF total living space; Each unit includes a private two‑car garage and private backyard access; Kitchen cabinetry and flooring updates completed approximately four years ago
