2-Bedroom Residential Income
New
For Sale
$449,000
633 Ramona Avenue 31, Los Osos, CA 93402
Home with bright living areas, cathedral ceilings, stainless appliances, a den, and an adjoining sunroom.
Property Size1,440 SF
Price / SF$311.81
Days on Market2
Property Features for 633 Ramona Avenue 31
General Information
Standard status
Active
Size
1,440 SF
Property subtype
ManufacturedInPark
Listing Agency:
LPT Realty, Inc
(805) 528-5800
Listed By:
Richard Margetson
(805) 528-5800
Source:
Realtyrightchoice
Added: Aug 30
Changed: Aug 31
Last Checked: Aug 31 at 9:59AM
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 LPT Realty, Inc
Investment Insights
Based on property information with market context.
This 1,440-square-foot residence at Morro Shores includes 2 bedrooms and 2 baths. The living room receives natural light through three large windows and features cathedral ceilings. A spacious kitchen offers stainless appliances and a pantry, while the den includes a fireplace and built-in cabinetry. The den opens to a sunroom that connects with the outdoor side patio. Both bedrooms provide closet space, and the primary bath includes a linen closet and double-sink vanity.
The property is located at 633 Ramona Avenue, 31, in Los Osos, California. It is within walking distance of the Monday Farmer’s Market in Baywood, Sweet Springs Nature Preserve, and Sea Pines concerts on the green.
The property is located at 633 Ramona Avenue, 31, in Los Osos, California. It is within walking distance of the Monday Farmer’s Market in Baywood, Sweet Springs Nature Preserve, and Sea Pines concerts on the green.
Key Highlights
- 2 bedroom, 2 bath home at Morro Shores
- 1,440 square feet of interior space
- Living room with 3 large windows and cathedral ceilings
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
$27,799
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
6.19%
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%
$555,980
$556.0K
Cap Rate 7%
$397,129
$397.1K
Cap Rate 9%
$308,878
$308.9K
Market Conditions
NOI Build-Up for 1,440 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
$51.8K $36.00/SF
− Vacancy
−$1.3K −$0.90/SF
EGI
$50.5K $35.10/SF
− OpEx
−$22.7K −$15.80/SF
NOI
$27.8K $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%
$555,980
Cap Rate 7%
$397,129
Cap Rate 9%
$308,878
Alternative Uses
Best Use
Apartment 5plus
$397.1K
$347.5K – $463.3K
NOI $27,799 @ 7.0% cap · market cap 6.19%
Second Best
—
—
no second resolved use
Theoretical Best
Healthcare Medical
$566.3K
$495.5K – $660.7K
NOI $39,643 @ 7.0% cap · market cap 8.83%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
490
Businesses Nearby
Explore this area
Business Placement
Demographics for 93402, CA
14,500
Population
6,586
Households
2.2
Avg Household Size
49
Median Age
50%
College-Educated
94%
High-School Grad
27.7 sq mi
ZIP Area
523
Density / Sq Mi
$103,839
Median Household Income
$43,002
Median Earnings
$1,909
Median Rent
$729,200
Median Home Value
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Residential income property - Home with bright living areas, cathedral ceilings, stainless appliances, a den, and an adjoining sunroom.
Where is this residential income property located?
The property is located at 633 Ramona Avenue 31 Los Osos, CA.
What is the asking price?
The asking price for this property is $449,000.
What are key features of this property?
This property features: 2 bedroom, 2 bath home at Morro Shores; 1,440 square feet of interior space; Living room with 3 large windows and cathedral ceilings
