Mobile Home in 55+
For Sale
$65,000
6-233 Surf St, Morro Bay, CA 93442
Morro Bay views with nearby Embarcadero shops, restaurants, and beach access.
Property Size200 SF
Price / SF$325
Days on Market89
Property Features for 6-233 Surf St
General Information
Standard status
Active
Size
200 SF
Property subtype
Manufactured In Park
Additional Details
Multifamily Units
1
Listing Agency:
Century 21 Masters
(805) 489-2100
Listed By:
Luis Quintana Ruiz
(805) 459-4368
Source:
Exprealty
Added: Jun 6
Changed: Sep 2
Last Checked: Sep 1 at 8:49PM
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 mobile home is situated within a 55+ park and offers views of Morro Bay. The setting supports use as either a weekend retreat or a permanent residence, as described in the property information.
The home is two blocks from the Embarcadero, with shops, restaurants, and a beach nearby. San Luis Obispo, Cambria, and Pismo Beach are also described as minutes away. The property information states that there is no property tax, and the land lease includes all utilities.
The home is two blocks from the Embarcadero, with shops, restaurants, and a beach nearby. San Luis Obispo, Cambria, and Pismo Beach are also described as minutes away. The property information states that there is no property tax, and the land lease includes all utilities.
Key Highlights
- Morro Bay views from a mobile home in a 55+ park
- Two blocks from the Embarcadero
- Nearby shops, restaurants, and beach access
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
$3,861
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
5.94%
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%
$77,220
$77.2K
Cap Rate 7%
$55,157
$55.2K
Cap Rate 9%
$42,900
$42.9K
Market Conditions
NOI Build-Up for 200 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
$7.2K $36.00/SF
− Vacancy
−$180 −$0.90/SF
EGI
$7.0K $35.10/SF
− OpEx
−$3.2K −$15.80/SF
NOI
$3.9K $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%
$77,220
Cap Rate 7%
$55,157
Cap Rate 9%
$42,900
Alternative Uses
Best Use
Apartment 5plus
$55.2K
$48.3K – $64.4K
NOI $3,861 @ 7.0% cap · market cap 5.94%
Second Best
—
—
no second resolved use
Theoretical Best
Healthcare Medical
$78.7K
$68.8K – $91.8K
NOI $5,506 @ 7.0% cap · market cap 8.47%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
1
Residential units
Location Intelligence
Trade Area within ½ mile
1,149
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
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 - Morro Bay views with nearby Embarcadero shops, restaurants, and beach access.
Where is this mobile home & rv park located?
The property is located at 6-233 Surf St Morro Bay, CA.
What is the asking price?
The asking price for this property is $65,000.
What are key features of this property?
This property features: Morro Bay views from a mobile home in a 55+ park; Two blocks from the Embarcadero; Nearby shops, restaurants, and beach access
