Add Listing
    For Sale
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    Back to Search
    Stoneridge View Lot Opportunity Title is generated by Realmo AI

    489 Bluerock Drive, San Luis Obispo, CA 93401

    View on Map
    Claim this Listing
    Pending
    $292,000

    Land/Lot - San Luis Obispo, CA

    Lot size:
    4,511.00 Acres
    Added:
    Apr 29, 2024
    Days on Market:
    754
    Last Refresh:
    May 22 at 6:06 am

    Property Features for 489 Bluerock Drive

    General Information

    Property type
    Land
    Property subtype
    Other
    Zoning
    RESI
    Exterior features
    Community Features Included: Curbs, Foothills, Street Lights, Sidewalks
    Standard status
    Pending
    APN
    004945024
    Lot size
    4,511.00 Acres

    Taxes and HOA fees

    Expense value
    41.659999847412
    Expense
    Home Owner Assessments Fee
    Expense freq.
    Monthly

    Building Details

    Architectural style
    Other

    We can help!

    Listing Contact
    Lindsey Harn
    Lindsey Harn

    Listing agent Lindsey Harn License #01868098

    Listing office Christie's International Real Estate Sereno 364 Pacific St, Los Gatos, CA

    Listing date Apr 29, 2024

    MLS# SC24080157 Listing URL

    Copyright © 2026 California Regional Multiple Listing Service, Inc. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.

    HighLights

    • Last remaining lot in the desirable Stoneridge neighborhood.
    • Generous 4500 sq ft view lot with city and mountain views.
    • Ideal location at the base of the South Hills.
    • Perfect opportunity to design and build your dream home.
    • Proximity to town ensures convenience.
    • Hiking trails and parks nearby for outdoor enthusiasts.

    Overview

    This property presents an opportunity to own one of the last lots available in the Stoneridge neighborhood, located at the base of the South Hills. The property features a 4500 square feet lot with city and mountain views. This lot is suited for designing and building a home. Its location provides both convenience and a tranquil environment. Hiking trails and parks are located nearby. The lot size is approximately 0.1035583103764922 acres.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    Residential land & home ...

    Suggested Use

    Real Estate Agency Law Firm Restaurant Spa & Massage Center Dental Office Hair Salon Nail Salon Daycare Center Building Supply Gym & Fitness Center

    Zoning and permitted uses should be independently verified with local authorities.

    Location Insight

    • Map
    • Local Demand
    City
    San Luis Obispo
    County
    San Luis Obispo
    State
    California
    Longitude
    -120.65705
    Latitude
    35.262623

    Nearby Similar for Sale

    • $1,250,000
      1,727 SF

      Charming Multi-Unit Property in San Luis Obispo

      Three-unit property with strong income potential in a desirable location.
      2101 Johnson Avenue, San Luis Obispo, CA 93401
      View Details
    • $2,900,000
      5,888 SF

      Historic Victorian Residence in San Luis Obispo

      Iconic Victorian residence with income potential in downtown San Luis Obispo.
      687 Islay, San Luis Obispo, CA 93401
      View Details
    • $1,695,000
      1,714 SF

      Dual Residence in San Luis Obispo

      Remodeled dual-residence property near Cal Poly and downtown.
      667 Howard Street 671, San Luis Obispo, CA 93401
      View Details
    • $1,425,000
      1,826 SF

      San Luis Obispo Triplex Investment

      Three income-producing units on a 7,500 square foot parcel.
      462 Islay Street & 458, San Luis Obispo, CA 93401
      View Details
    • $1,750,000

      Large Homesite with Ocean Views

      38.58-acre land parcel in a gated community with panoramic views.
      6175 Balm Ridge Way, San Luis Obispo, CA 93401
      View Details
    • $3,900,000

      San Luis Obispo Commercial Land

      3.59 acres in a planned community, retail potential.
      2040 Prado Road, San Luis Obispo, CA 93401
      View Details
    • $1,395,000

      Mixed-Use Commercial Property Near Courthouse

      Mixed-use commercial property with flexible office space and on-site parking.
      1022 Mill St, San Luis Obispo, CA 93401
      View Details
    • $500,000

      Residential Lot in Monterey Heights

      Rare homesite with panoramic views in San Luis Obispo.
      0 Santa Maria, San Luis Obispo, CA 93405
      View Details
    • $1,599,000
      1,600 SF

      Downtown SLO Historical Office Property

      Historical downtown San Luis Obispo office property with potential residential expansion.
      1334 Chorro St, San Luis Obispo, CA 93401
      View Details
    • $369,900
      1,275 SF

      San Luis Obispo Commercial Space

      Commercial condo with outdoor space in San Luis Obispo, CA.
      2475 Victoria Avenue, San Luis Obispo, CA 93401
      View Details
    • $1,395,000
      1,930 SF

      San Luis Obispo Triplex Investment

      Income-producing triplex near downtown San Luis Obispo with strong rental income.
      1719 Chorro 1721, San Luis Obispo, CA 93401
      View Details
    • $619,000

      Prime Lot in San Luis Obispo

      Spacious lot in desirable neighborhood with views and privacy.
      2171 San Luis Drive, San Luis Obispo, CA 93401
      View Details

    FAQs

    What type of property is this?
    Residential land & home lot - Desirable San Luis Obispo lot with city and mountain views.
    Where is this residential land & home lot located?
    The property is located at 489 Bluerock Drive San Luis Obispo, CA.
    What is the asking price?
    The asking price for this property is $292,000.
    What are key features of this property?
    This property features: Last remaining lot in the desirable Stoneridge neighborhood.; Generous 4500 sq ft view lot with city and mountain views.; Ideal location at the base of the South Hills.
    (805) 441-7744
    We can help!
    Listing Contact
    Lindsey Harn
    Lindsey Harn
    Real Estate License ID: 01868098
    Learn More
    Request Owner's contact information
    Message sent successfully
    Error
    If you are the owner or broker of this property and would like to edit or remove this listing please send a message to web site administrator.
    Message sent successfully
    Error
    Email to Your Friends
    Link copied to clipboard
    Separate multiple addresses with a comma
    Message sent successfully
    Error

    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

    More about this property
    Thanks! Your message was sent.
    Error! Your message wasn't sent.
    Please enter your name
    Please enter email
    Please enter the email in the correct format
    Please enter phone
    Please enter the number in the correct format
    Please enter message
    Thank You

    You are Unsubscribed From Notifications

    Thank You for Inquiry
    489 Bluerock Drive, San Luis Obispo, CA 93401
    letter with green check mark
    Check your email
    We sent you the
    agent's contact details. yellow underline
    Can't find it?
    Please check your junk/spam folder.
    Google sign-in failed. Please try again or use another login method.
    Sign Up Successful!
    You now have access to more from Realmo!