55+ Gated Community 2-Bedroom
For Sale
$539,900
Pending
366 Lark Drive, Paso Robles, CA 93446
2-bedroom, 2-bath home with flexible office/library space and backyard views of a greenbelt in a 55+ gated community.
Property Size1,351 SF
Days on Market81
Property Features for 366 Lark Drive
General Information
Standard status
Pending
Size
1,351 SF
Total Parking Spaces
2
Property subtype
Manufactured In Park
Additional Details
Outdoor Storage
Yes
Amenities
quartz counters
stainless steel appliances
reverse osmosis water filtration system
tankless water heater
luxury vinyl plank flooring
tiled entryway
ceiling fans
custom True Shed
pool
spa
tennis courts
pickleball courts
BBQ area
community events
gated community
Building Details
Year Built
2001
Listing Agency:
Century 21 Masters
Listed By:
Ronda OBrien · License #01956978
(805) 239-0021
Source:
Compass
Added: Jun 17
Changed: Aug 8
Last Checked: Jul 24 at 1:23PM
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 Century 21 Masters
Investment Insights
Based on property information with market context.
This 2-bedroom, 2-bath residence includes an additional flexible office/library space and a backyard overlooking a wide-open greenbelt. The bright kitchen features quartz counters, stainless steel appliances, a reverse osmosis water filtration system, and a new tankless water heater. Interior finishes include luxury vinyl plank flooring throughout, a tiled entryway, and ceiling fans, with extra storage provided by a custom True Shed.
The home is situated within a 55+ gated community that offers amenities such as a pool, spa, tennis and pickleball courts, a BBQ area, and community events. The property is listed for sale at 366 Lark Drive in Paso Robles and is described as being near shopping, medical facilities, wine country destinations, and Central Coast beaches.
The home is situated within a 55+ gated community that offers amenities such as a pool, spa, tennis and pickleball courts, a BBQ area, and community events. The property is listed for sale at 366 Lark Drive in Paso Robles and is described as being near shopping, medical facilities, wine country destinations, and Central Coast beaches.
Key Highlights
- 2‑bedroom, 2‑bath home plus a flexible office/library space in a 55+ gated community
- Kitchen features quartz counters, stainless steel appliances, and a reverse osmosis water filtration system
- New tankless water heater and luxury vinyl plank flooring throughout
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
$26,081
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%
$521,620
$521.6K
Cap Rate 7%
$372,586
$372.6K
Cap Rate 9%
$289,789
$289.8K
Market Conditions
NOI Build-Up for 1,351 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
$48.6K $36.00/SF
− Vacancy
−$1.2K −$0.90/SF
EGI
$47.4K $35.10/SF
− OpEx
−$21.3K −$15.80/SF
NOI
$26.1K $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%
$521,620
Cap Rate 7%
$372,586
Cap Rate 9%
$289,789
Alternative Uses
Best Use
Apartment 5plus
$372.6K
$326.0K – $434.7K
NOI $26,081 @ 7.0% cap · market cap 4.83%
Second Best
—
—
no second resolved use
Theoretical Best
Healthcare Medical
$531.3K
$464.9K – $619.9K
NOI $37,193 @ 7.0% cap · market cap 6.89%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
258
Businesses Nearby
Explore this area
Business Placement
Demographics for 93446, CA
45,979
Population
19,786
Households
2.3
Avg Household Size
41
Median Age
30%
College-Educated
91%
High-School Grad
428.3 sq mi
ZIP Area
107
Density / Sq Mi
$94,512
Median Household Income
$43,229
Median Earnings
$1,946
Median Rent
$661,400
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?
Mobile home & RV park - 2-bedroom, 2-bath home with flexible office/library space and backyard views of a greenbelt in a 55+ gated community.
Where is this mobile home & rv park located?
The property is located at 366 Lark Drive Paso Robles, CA.
What is the asking price?
The asking price for this property is $539,900.
What are key features of this property?
This property features: 2‑bedroom, 2‑bath home plus a flexible office/library space in a 55+ gated community; Kitchen features quartz counters, stainless steel appliances, and a reverse osmosis water filtration system; New tankless water heater and luxury vinyl plank flooring throughout
