Two-Suite Retail
New
For Sale
$625,000
3594 Broad ST 104+106, San Luis Obispo, CA 93401
Two contiguous commercial condominium suites are occupied by a long-term tenant through June 2031.
Property Size1,381 SF
Price / SF$452.57
Days on Market6
Property Features for 3594 Broad ST 104+106
General Information
Standard status
Active
Size
1,381 SF
Property subtype
Commercial/Industrial
Building Details
Year Built
2007
Listing Agency:
Anderson & Senn Commercial Real Estate
(805) 801-7352
Listed By:
Derek Senn · License #01252131
(805) 801-7352
Source:
Exitrealty
Added: Aug 25
Changed: Aug 28
Last Checked: Aug 29 at 6:16AM
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 Anderson & Senn Commercial Real Estate
Investment Insights
Based on property information with market context.
This retail property comprises two adjoining commercial condominium suites totaling 1,381 SF. The space is leased to a long-term tenant through June 30, 2031, providing an existing occupancy profile for the next owner. Built in 2007, the property is part of Broad Street Village, a mixed commercial and residential condominium complex.
The complex is positioned between the airport and downtown, with the Damon Garcia sports complex directly across Broad Street. Other businesses within Broad Street Village include Black Horse Espresso, 15 Degrees C Wine Bar, and San Luis Kitchen. The offering combines two contiguous retail suites with an established lease and a location integrated into a broader condominium setting.
The complex is positioned between the airport and downtown, with the Damon Garcia sports complex directly across Broad Street. Other businesses within Broad Street Village include Black Horse Espresso, 15 Degrees C Wine Bar, and San Luis Kitchen. The offering combines two contiguous retail suites with an established lease and a location integrated into a broader condominium setting.
Key Highlights
- Two contiguous commercial condominium suites totaling 1,381 SF
- Lease in place through June 30, 2031
- Occupied by a long‑term tenant
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
$22,435
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
3.59%
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%
$448,700
$448.7K
Cap Rate 7%
$320,500
$320.5K
Cap Rate 9%
$249,278
$249.3K
Market Conditions
NOI Build-Up for 1,381 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
$33.1K $24.00/SF
− Vacancy
−$1.1K −$0.79/SF
EGI
$32.1K $23.21/SF
− OpEx
−$9.6K −$6.96/SF
NOI
$22.4K $16.25/SF
Area
San Luis Obispo County, CA
Vacancy
3.30%
Lease Rate
$24.00 /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%
$448,700
Cap Rate 7%
$320,500
Cap Rate 9%
$249,278
Alternative Uses
Best Use
Retail
$320.5K
$280.4K – $373.9K
NOI $22,435 @ 7.0% cap · market cap 3.59%
Second Best
—
—
no second resolved use
Theoretical Best
Healthcare Medical
$543.1K
$475.2K – $633.7K
NOI $38,019 @ 7.0% cap · market cap 6.08%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
853
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
Market
Vacancy Rate% for Retail in West region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Retail space - Two contiguous commercial condominium suites are occupied by a long-term tenant through June 2031.
Where is this retail space located?
The property is located at 3594 Broad ST 104+106 San Luis Obispo, CA.
What is the asking price?
The asking price for this property is $625,000.
What are key features of this property?
This property features: Two contiguous commercial condominium suites totaling 1,381 SF; Lease in place through June 30, 2031; Occupied by a long‑term tenant
