Updated Duplex with Private Fenced
For Sale
Under Contract
$1,049,000
646 Perkins Lane, San Luis Obispo, CA 93401
San Luis Obispo, CA
Property Size2,312 SF
Lot Size0.12 Acres
Price / SF$453.72
Days on Market75
Property Features for 646 Perkins Lane
General Information
Property type
Residential Multi Family
Property subtype
Duplex
Bedrooms
4
Bathrooms
4
Full bathrooms
2
Half bathrooms
2
Rooms
Laundry Room, Bedroom 3, Bedroom 4, Bathroom 1, Bathroom 2, Bedroom 1, Bathroom 4, Bathroom 3, Bedroom 2
Appliances
Disposal, Refrigerator, Gas Oven, Dishwasher
Subdivision
San Luis Obispo(380)
Lot features
Level with Street
Elementary school district
San Luis Coastal Unified
Middle school district
San Luis Coastal Unified
High school district
San Luis Coastal Unified
Directions
Broad to Perkins Lane.
Standard status
Active Under Contract
APN
004581019
Size
2,312 SF
Lot size
0.12 Acres
Utilities
Sewer type
Public Sewer
Heating system
Forced Air
Water source
Public
Amenities
fenced backyard
in-unit washer/dryer
under stair storage
Building Details
Year built
1977
Floors in Building
2
Number of units
2
Roof type
Composition
Listing Agency:
California Coastal Real Estate
(805) 459-1865
Listed By:
Graham Updegrove · License #01873454
(805) 458-5506
Added: Jun 10
Changed: Aug 19
Last Checked: Aug 23 at 10:06AM
MLS# SC26121501
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.
Investment Insights
Based on property information with market context.
An updated duplex built in 1977, offering two 2-bedroom, 1.5-bath units with a practical split-level layout. Each unit features a living room, dining area, kitchen, and a half bath on the ground level, with two large bedrooms and a full bath upstairs. Both units include their own fenced backyard, providing outdoor space for relaxation or entertaining.
Renovated approximately 7 years ago, the property includes vinyl plank flooring throughout, dual pane windows, and washer/dryer combo units within each unit, along with under-stair storage. Kitchens feature newer cabinets and counters, stainless steel appliances, and a pass-through to the dining area. The home is heated with forced air, with a composition roof, public water service, and public sewer.
Utilities are separately metered for electrical and gas, with 1 water meter and 4 parking spaces. The duplex is currently leased, with one tenant vacating at the end of June 2026.
Renovated approximately 7 years ago, the property includes vinyl plank flooring throughout, dual pane windows, and washer/dryer combo units within each unit, along with under-stair storage. Kitchens feature newer cabinets and counters, stainless steel appliances, and a pass-through to the dining area. The home is heated with forced air, with a composition roof, public water service, and public sewer.
Utilities are separately metered for electrical and gas, with 1 water meter and 4 parking spaces. The duplex is currently leased, with one tenant vacating at the end of June 2026.
Key Highlights
- 0.12‑acre duplex lot with 2,312 SF total building area
- Renovated approximately 7 years ago; built in 1977
- Two units: each offers 2 bedrooms and 1.5 bathrooms with upstairs full bath
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
Property Profile
Current Use
Lease Details
2
Residential units
Multi-tenant
Tenancy
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 - Updated duplex featuring two 2-bedroom, 1.5-bath units, fenced backyards, and separate electrical and gas metering.
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: 0.12‑acre duplex lot with 2,312 SF total building area; Renovated approximately 7 years ago; built in 1977; Two units: each offers 2 bedrooms and 1.5 bathrooms with upstairs full bath
