3-Unit Triplex with Bay
380 Cerrito Pl, Morro Bay, CA 93442
For Sale
$1,895,000
Three distinct residences comprise a main home, a two-bedroom upper apartment, and a downstairs studio.
Property Size3,100 SF
Price / SF$611.29
Days on Market17
Property Features for 380 Cerrito Pl
General Information
Standard status
Size
Total Parking Spaces
Property subtype
Units
Unit Mix
Multifamily Units
Additional Details
Road Access
Amenities
sunroom
private deck
patio
large yard
separate laundry room
additional storage
Listing Agency:
Coastal Real Estate
Listed By:
Phyllis Cameron · License #01142507
(805) 528-7171
Source:
Exprealty
Added: Oct 23
Changed: Nov 7
Last Checked: Nov 7 at 3:14PM
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 Coastal Real Estate
Ask AI about this property
Review the available facts, identify missing information and prepare questions for the agent.
Investment Insights
Based on property information with market context.
The 3,100-square-foot triplex on a corner lot contains three separate residences. The main home has three bedrooms, two bathrooms, a sunroom, a deck off the primary bedroom, and a two-car garage. Above a second garage, the upper residence offers two bedrooms, one and a half bathrooms, a private patio, and a dedicated garage. The downstairs studio has its own patio and one-car garage. All three units have views of the ocean, harbor, bay, and Morro Rock. Shared amenities include a laundry room, a utility room, and additional storage. The property also has a yard and separate outdoor areas for the residences.
The property is in Morro Heights, near Morro Bay Golf Course, the bay, and Tidelands Park. The main residence faces Cerrito Place; both Olive Street-facing units have separate entrances to the street. Fresh interior paint and new carpeting are noted in the main home.
The property is in Morro Heights, near Morro Bay Golf Course, the bay, and Tidelands Park. The main residence faces Cerrito Place; both Olive Street-facing units have separate entrances to the street. Fresh interior paint and new carpeting are noted in the main home.
Key Highlights
- Three residences: a 3‑bedroom, 2‑bath main home, a 2‑bedroom upper unit, and a downstairs studio
- 3,100 square feet on a corner lot
- Views of the ocean, harbor, bay, and Morro Rock from each unit
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$64,822
Cap Rate
3.42%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$1,296,440
$1.3M
Cap Rate 7%
$926,029
$926.0K
Cap Rate 9%
$720,244
$720.2K
Market Conditions
NOI Build-Up for 3,100 SF
Gross rent
$94.9K $30.60/SF
− Vacancy
−$2.3K −$0.73/SF
EGI
$92.6K $29.87/SF
− OpEx
−$27.8K −$8.96/SF
NOI
$64.8K $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 Rate 5%
$1,296,440
Cap Rate 7%
$926,029
Cap Rate 9%
$720,244
Alternative Uses
Best Use
Multifamily LT 5
$926.0K
$810.3K – $1.08M
NOI $64,822 @ 7.0% cap · market cap 3.42%
Second Best
Apartment 5plus
$854.9K
$748.1K – $997.4K
NOI $59,846 @ 7.0% cap · market cap 3.16%
Theoretical Best
Healthcare Medical
$1.22M
$1.07M – $1.42M
NOI $85,343 @ 7.0% cap · market cap 4.50%
Zoning and permitted uses should be independently verified with authorities.
How Realmo checks its estimates
Property Analytics
Who owns this building?
See the owner, sales and loan history
Open Analytics
Lease Details
3
Residential units
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
987
Businesses Nearby
Explore this area
Business Placement
Demographics for 93442, CA
11,390
Population
6,537
Households
1.7
Avg Household Size
54
Median Age
45%
College-Educated
93%
High-School Grad
44.5 sq mi
ZIP Area
256
Density / Sq Mi
$92,163
Median Household Income
$50,651
Median Earnings
$1,815
Median Rent
$870,600
Median Home Value
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
View Realmo Analytics
Market
Vacancy Rate% for Multifamily in West region
Frequently Asked Questions
What type of property is this?
Triplex - Three distinct residences comprise a main home, a two-bedroom upper apartment, and a downstairs studio.
Where is this triplex located?
The property is located at 380 Cerrito Pl Morro Bay, CA.
What is the asking price?
The asking price for this property is $1,895,000.
What are key features of this property?
This property features: Three residences: a 3‑bedroom, 2‑bath main home, a 2‑bedroom upper unit, and a downstairs studio; 3,100 square feet on a corner lot; Views of the ocean, harbor, bay, and Morro Rock from each unit
