Updated Duplex with Fenced
For Sale
Contact for pricing
646 Perkins Lane, San Luis Obispo, CA 93401
Two separately metered units offer flexible residential layouts and private outdoor space.
Property Size2,312 SF
Price / SF$453.72
Days on Market65
Property Features for 646 Perkins Lane
General Information
Standard status
Active
Size
2,312 SF
Total Parking Spaces
4
Property subtype
Multifamily
Zoning
R-2
Occupancy
50%
Lease Type
Gross
Net Operating Income
$64,488
Units
Unit Mix
2 x 2BR/1.5BA
Multifamily Units
2
Additional Details
Utilities to Site
Yes
Amenities
fenced backyard
washer/dryer combo
under stair storage
Building Details
Year Built
1977
Year Renovated
2019
Units
2
Tenancy
Multi
Listing Agency:
California Coastal Real Estate
(805) 459-1865
Listed By:
Graham Updegrove · License #01873454
Source:
Crexi
Added: Jun 28
Changed: Aug 29
Last Checked: Aug 29 at 4:53PM
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 California Coastal Real Estate
Investment Insights
Based on property information with market context.
This updated duplex contains 2,312 square feet arranged as two two-bedroom, one-and-a-half-bath residences. Each unit places the living room, dining area, kitchen, and half bath on the main level, with two bedrooms and a full bath upstairs. Renovated ~7 years ago, the interiors include vinyl plank flooring, dual-pane windows, washer/dryer combinations, under-stair storage, newer kitchen cabinetry and counters, and stainless steel appliances. Pass-through openings connect the kitchens with the dining areas, while each residence has a fenced backyard.
The property was built in 1977, is zoned R-2, and includes four parking spaces. Electrical and gas service are separately metered for each unit, with one water meter serving the property. The address is near downtown San Luis Obispo, Cal Poly, restaurants, coffee shops, hiking trails, recreational activities, Central Coast wineries, and beaches.
The property was built in 1977, is zoned R-2, and includes four parking spaces. Electrical and gas service are separately metered for each unit, with one water meter serving the property. The address is near downtown San Luis Obispo, Cal Poly, restaurants, coffee shops, hiking trails, recreational activities, Central Coast wineries, and beaches.
Key Highlights
- Two‑unit duplex with 2,312 SF of total building area
- Each residence includes 2 bedrooms and 1.5 baths
- Renovated ~7 years ago with vinyl plank flooring and dual‑pane windows
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
$48,344
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
4.61%
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%
$966,880
$966.9K
Cap Rate 7%
$690,629
$690.6K
Cap Rate 9%
$537,156
$537.2K
Market Conditions
NOI Build-Up for 2,312 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
$70.7K $30.60/SF
− Vacancy
−$1.7K −$0.73/SF
EGI
$69.1K $29.87/SF
− OpEx
−$20.7K −$8.96/SF
NOI
$48.3K $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 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%
$966,880
Cap Rate 7%
$690,629
Cap Rate 9%
$537,156
Alternative Uses
Best Use
Multifamily LT 5
$690.6K
$604.3K – $805.7K
NOI $48,344 @ 7.0% cap · market cap 4.61%
Second Best
Apartment 5plus
$637.6K
$557.9K – $743.9K
NOI $44,633 @ 7.0% cap · market cap 4.25%
Theoretical Best
Healthcare Medical
$909.3K
$795.6K – $1.06M
NOI $63,649 @ 7.0% cap · market cap 6.07%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
2
Residential units
Yes
Utilities to site
Location Intelligence
Trade Area within ½ mile
780
Businesses Nearby
Explore this area
Business Placement
Demographics for 93401, CA
29,877
Population
14,363
Households
2.1
Avg Household Size
39
Median Age
57%
College-Educated
96%
High-School Grad
64.2 sq mi
ZIP Area
465
Density / Sq Mi
$95,386
Median Household Income
$47,898
Median Earnings
$1,859
Median Rent
$943,500
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?
Duplex - Two separately metered units offer flexible residential layouts and private outdoor space.
Where is this duplex located?
The property is located at 646 Perkins Lane San Luis Obispo, CA.
What is the asking price?
The asking price for this property is $1,049,000.
What are key features of this property?
This property features: Two‑unit duplex with 2,312 SF of total building area; Each residence includes 2 bedrooms and 1.5 baths; Renovated ~7 years ago with vinyl plank flooring and dual‑pane windows
