Standalone Medical Office
For Sale
$1,160,000
7605 Morro Unit 6, Atascadero, CA 93422
Patient-oriented layout includes exam rooms, private offices, restrooms, reception space, and a showroom.
Property Size3,323 SF
Price / SF$349.08
Days on Market262
Property Features for 7605 Morro Unit 6
General Information
Standard status
Active
Size
3,323 SF
Property subtype
Office
Amenities
3
CP
Park.
Building Details
Year Built
1992
Listing Agency:
Century 21 Masters
(805) 239-0021
Listed By:
Richard Shannon · License #00619856
Source:
Xome
Added: Dec 12, 2025
Changed: Aug 30
Last Checked: Aug 30 at 1:02PM
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 3,323-square-foot medical office condominium is configured for patient care and professional office use. The interior includes four exam rooms with sinks, three private offices, two bathrooms, a reception area, and a showroom. One restroom is ADA-compliant. The space has operated as an optometrist’s office for many years and may suit a medical practice, professional office, or similar commercial use.
The standalone unit occupies the front of Meadowbrook Center and has frontage along Morro Rd. The property is located at 7605 Morro Unit 6 in Atascadero, California, and is zoned Commercial Professional. Built in 1992, the office recently received new vinyl plank flooring.
The standalone unit occupies the front of Meadowbrook Center and has frontage along Morro Rd. The property is located at 7605 Morro Unit 6 in Atascadero, California, and is zoned Commercial Professional. Built in 1992, the office recently received new vinyl plank flooring.
Key Highlights
- 3,323‑square‑foot medical office condominium
- Four exam rooms, each equipped with a sink
- Three private offices and two bathrooms
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
$91,482
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
7.89%
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%
$1,829,640
$1.8M
Cap Rate 7%
$1,306,886
$1.3M
Cap Rate 9%
$1,016,467
$1.0M
Market Conditions
NOI Build-Up for 3,323 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
$157.5K $47.40/SF
− Vacancy
−$5.0K −$1.52/SF
EGI
$152.5K $45.88/SF
− OpEx
−$61.0K −$18.35/SF
NOI
$91.5K $27.53/SF
Area
San Luis Obispo County, CA
Vacancy
3.20%
Lease Rate
$47.40 /SF/Yr
Expense Ratio
40.00%
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%
$1,829,640
Cap Rate 7%
$1,306,886
Cap Rate 9%
$1,016,467
Alternative Uses
Best Use
Healthcare Medical
$1.31M
$1.14M – $1.52M
NOI $91,482 @ 7.0% cap · market cap 7.89%
Second Best
Office B
$883.5K
$773.1K – $1.03M
NOI $61,848 @ 7.0% cap · market cap 5.33%
Theoretical Best
—
—
same as Best Use
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
870
Businesses Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Demographics for 93422, CA
33,041
Population
13,702
Households
2.4
Avg Household Size
42
Median Age
31%
College-Educated
93%
High-School Grad
68.8 sq mi
ZIP Area
480
Density / Sq Mi
$89,916
Median Household Income
$46,939
Median Earnings
$1,841
Median Rent
$692,100
Median Home Value
Market
Vacancy Rate% for Office in West region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Similar Off Market Nearby
- Dr. Sharon Klintworth, DVM — 8165 Morro Rd A, B, C, & D, Atascadero, CA 93422
Frequently Asked Questions
What type of property is this?
Medical Office Space - Patient-oriented layout includes exam rooms, private offices, restrooms, reception space, and a showroom.
Where is this medical office space located?
The property is located at 7605 Morro Unit 6 Atascadero, CA.
What is the asking price?
The asking price for this property is $1,160,000.
What are key features of this property?
This property features: 3,323‑square‑foot medical office condominium; Four exam rooms, each equipped with a sink; Three private offices and two bathrooms
