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    Affordable Lake Getaway Opportunity Title is generated by Realmo AI

    5223 Running Rabbit, Paso Robles, CA 93446

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    Claim this Listing
    For Sale
    Under Contract
    $195,000

    Land/Lot - Paso Robles, CA

    Lot size:
    1,800.00 Acres
    Added:
    May 14, 2026
    Days on Market:
    21
    Last Refresh:
    Jun 3 at 7:06 am

    Property Features for 5223 Running Rabbit

    General Information

    Property type
    Land
    Property subtype
    Other
    Zoning
    REC
    Exterior features
    Community Features Included: Watersports, Horse Trails, Hiking, Fishing, Stable(s), Lake, Park, Dog Park
    Standard status
    Active Under Contract
    APN
    012312043
    Lot size
    1,800.00 Acres

    Taxes and HOA fees

    Expense value
    205
    Expense
    Home Owner Assessments Fee
    Expense freq.
    Monthly

    Building Details

    Architectural style
    Other
    Additional Structures
    Stable(s)

    We can help!

    Listing Contact
    Cayse Hunstad Melero
    Cayse Hunstad Melero

    Listing agent Cayse Hunstad Melero License #01949969

    Listing office Hunstad Realty 120 N. Halcyon Road, Arroyo Grande, CA

    Listing date May 14, 2026

    MLS# PI26101986 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

    • Gated Heritage Ranch at Lake Nacimiento lot (#177) with a 1987 Oak Park trailer featuring 1 bedroom and 1 bathroom
    • Lot backs up to the greenbelt and offers lots of parking
    • Close to community bathrooms, showers, and laundry facilities
    • Heritage Ranch HOA of $180/month
    • Community amenities include swimming pools, parks, dog park, sports courts, equestrian center, and a private launch ramp
    • Community also offers hiking, fishing, watersports, a campground, and horse trails

    Overview

    This property presents a rare opportunity to own an affordable lake getaway in the gated community of Heritage Ranch at Lake Nacimiento. Located in desirable Lot #177, the property includes a 1987 Oak Park trailer featuring 1 bedroom and 1 bathroom, making it suitable as a weekend retreat, vacation property, or low-maintenance lake escape. The lot offers ample parking and backs up to the greenbelt for extra space and outdoor enjoyment. It is conveniently located close to the community bathrooms, showers, and laundry facilities. Residents of Heritage Ranch benefit from amenities with a low HOA of $180 per month, including multiple swimming pools, parks, a dog park, sports courts, an equestrian center, a private launch ramp, and a campground. Just outside the gates are Cappy Culver Elementary School, Oak Hill Market, restaurants, and a gas station/car wash, along with other everyday conveniences. This property is a fantastic opportunity to enjoy everything Lake Nacimiento has to offer.
    Property Profile Location Intelligence

    Current Use by Public Records

    Campgrounds

    Suggested Use

    Auto Repair Shop Hotel & Motel Accounting Firm HVAC Service Electrical Service Travel Agency Bed & Breakfast Cosmetic Store

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

    Location Insight

    • Map
    • Local Demand
    City
    Paso Robles
    County
    San Luis Obispo
    State
    California
    Longitude
    -120.8765383
    Latitude
    35.7161078

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    FAQs

    What type of property is this?
    Campground - Lake Nacimiento getaway with trailer, amenities, and community features.
    Where is this campground located?
    The property is located at 5223 Running Rabbit Paso Robles, CA.
    What is the asking price?
    The asking price for this property is $195,000.
    What are key features of this property?
    This property features: Gated Heritage Ranch at Lake Nacimiento lot (#177) with a 1987 Oak Park trailer featuring 1 bedroom and 1 bathroom; Lot backs up to the greenbelt and offers lots of parking; Close to community bathrooms, showers, and laundry facilities
    (805) 441-6938
    We can help!
    Listing Contact
    Cayse Hunstad Melero
    Cayse Hunstad Melero
    Real Estate License ID: 01949969
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    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.

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