Six-Unit Apartment
For Sale
$2,290,000
740 Ramona Avenue Unit 740760, Grover Beach, CA 93433
Two triplex buildings offer private garages, shared laundry rooms, and separately metered gas and electricity.
Property Size4,500 SF
Lot Size0.24 Acres
Price / SF$508.89
Days on Market99
Property Features for 740 Ramona Avenue Unit 740760
General Information
Standard status
Active
Size
4,500 SF
Lot size
0.24 Acres
Property subtype
Multi-Family / Multi Family
Units
Unit Mix
6 x 2BR/1BA
Multifamily Units
6
Additional Details
Utilities to Site
Yes
Amenities
Wall Furnace
Coin Op, Common, Laundry Eq/Own
No
Slab
Yes
6
12
Common
6.0
Composition
2
Slab, None
Building Details
Year Built
1983
Buildings
2
Listing Agency:
Steven Battaglia, Broker
(805) 688-5333
Listed By:
Steven Battaglia · License #01318215
(805) 688-5333
Source:
Compass
Added: May 25
Changed: Aug 30
Last Checked: Aug 30 at 11:28PM
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 Steven Battaglia, Broker
Investment Insights
Based on property information with market context.
This 6-unit apartment property is arranged across two triplex buildings, with each structure containing three 2-bedroom/1-bath residences. Every apartment is approximately 750 SF and positioned above its own 2-car garage, providing dedicated parking and storage. The property was built in 1983 on a ±10,600 SF lot.
Gas and electricity are separately metered, while individual water heaters assign hot-water costs to the residents. Each triplex includes a laundry room and its own water meter. Five of the six apartments have received updates including vinyl flooring, countertops, appliances, fixtures, interior doors, and interior paint. Exterior work includes paint and wood fascia repair or replacement, and the roof was installed in 2014. The property is located in Grover Beach, CA.
Gas and electricity are separately metered, while individual water heaters assign hot-water costs to the residents. Each triplex includes a laundry room and its own water meter. Five of the six apartments have received updates including vinyl flooring, countertops, appliances, fixtures, interior doors, and interior paint. Exterior work includes paint and wood fascia repair or replacement, and the roof was installed in 2014. The property is located in Grover Beach, CA.
Key Highlights
- 6‑unit property with two triplex buildings
- Each unit is approximately 750 SF with 2 bedrooms and 1 bath
- Every apartment includes its own 2‑car garage
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
$94,096
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
4.11%
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%
$1,881,920
$1.9M
Cap Rate 7%
$1,344,229
$1.3M
Cap Rate 9%
$1,045,511
$1.0M
Market Conditions
NOI Build-Up for 4,500 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
$137.7K $30.60/SF
− Vacancy
−$3.3K −$0.73/SF
EGI
$134.4K $29.87/SF
− OpEx
−$40.3K −$8.96/SF
NOI
$94.1K $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%
$1,881,920
Cap Rate 7%
$1,344,229
Cap Rate 9%
$1,045,511
Alternative Uses
Best Use
Multifamily LT 5
$1.34M
$1.18M – $1.57M
NOI $94,096 @ 7.0% cap · market cap 4.11%
Second Best
Apartment 5plus
$1.24M
$1.09M – $1.45M
NOI $86,873 @ 7.0% cap · market cap 3.79%
Theoretical Best
Healthcare Medical
$1.77M
$1.55M – $2.06M
NOI $123,885 @ 7.0% cap · market cap 5.41%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
6
Residential units
Yes
Utilities to site
Location Intelligence
Trade Area within ½ mile
966
Businesses Nearby
Explore this area
Business Placement
Demographics for 93433, CA
12,643
Population
5,757
Households
2.2
Avg Household Size
42
Median Age
27%
College-Educated
83%
High-School Grad
2.2 sq mi
ZIP Area
5,747
Density / Sq Mi
$82,534
Median Household Income
$39,412
Median Earnings
$1,921
Median Rent
$691,900
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?
Apartment building - Two triplex buildings offer private garages, shared laundry rooms, and separately metered gas and electricity.
Where is this apartment building located?
The property is located at 740 Ramona Avenue Unit 740760 Grover Beach, CA.
What is the asking price?
The asking price for this property is $2,290,000.
What are key features of this property?
This property features: 6‑unit property with two triplex buildings; Each unit is approximately 750 SF with 2 bedrooms and 1 bath; Every apartment includes its own 2‑car garage
