Four-Suite Professional Medical
For Sale
$1,650,000
894 Meinecke, San Luis Obispo, CA 93405
Well maintained four-suite office building with long-term tenancies, located one block from Sierra Vista Hospital.
Property Size4,814 SF
Price / SF$342.75
Days on Market112
Property Features for 894 Meinecke
General Information
Standard status
Active
Size
4,814 SF
Additional Details
Highway Access
Yes
Office Units
4
Building Details
Year Built
1978
Tenancy
Multi
Listing Agency:
Anderson & Senn Commercial Real Estate
Listed By:
Derek Senn · License #01252131
(805) 543-1400
Source:
Myfabuloushome
Added: Jul 2
Changed: Oct 16
Last Checked: Oct 7 at 2:59PM
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 Anderson & Senn Commercial Real Estate
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Investment Insights
Based on property information with market context.
Well maintained four-suite professional/medical office building offered for sale. The property is currently occupied by long-term tenants with tenure of 30+ years, 30+ years, 20+ years, and 15+ years. Reported annual net income is $98,000, with rents described as below market in the offering remarks.
The building is located at 894 Meinecke in San Luis Obispo, CA, approximately one block from Sierra Vista Hospital. It is also close to Cal Poly and a short drive to the U.S. 101 interchange. Lifestyle and mobility scores provided with the listing indicate a bikeScore of 78 (Very Bikeable) and a walkScore of 68 (Somewhat Walkable), with a transitScore of 34 (Some Transit).
The building is located at 894 Meinecke in San Luis Obispo, CA, approximately one block from Sierra Vista Hospital. It is also close to Cal Poly and a short drive to the U.S. 101 interchange. Lifestyle and mobility scores provided with the listing indicate a bikeScore of 78 (Very Bikeable) and a walkScore of 68 (Somewhat Walkable), with a transitScore of 34 (Some Transit).
Key Highlights
- Four‑suite professional/medical office building built in 1978
- Long‑term tenancies in place: 30+ years, 30+ years, 20+ years, and 15+ years
- Annual net income reported as $98,000 with rents stated as below market
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$132,529
Cap Rate
8.03%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$2,650,580
$2.7M
Cap Rate 7%
$1,893,271
$1.9M
Cap Rate 9%
$1,472,544
$1.5M
Market Conditions
NOI Build-Up for 4,814 SF
Gross rent
$228.2K $47.40/SF
− Vacancy
−$7.3K −$1.52/SF
EGI
$220.9K $45.88/SF
− OpEx
−$88.4K −$18.35/SF
NOI
$132.5K $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 Rate 5%
$2,650,580
Cap Rate 7%
$1,893,271
Cap Rate 9%
$1,472,544
Alternative Uses
Best Use
Healthcare Medical
$1.89M
$1.66M – $2.21M
NOI $132,529 @ 7.0% cap · market cap 8.03%
Second Best
Office B
$1.28M
$1.12M – $1.49M
NOI $89,598 @ 7.0% cap · market cap 5.43%
Theoretical Best
—
—
same as Best Use
Zoning and permitted uses should be independently verified with authorities.
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Property Analytics
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Current Use
Lease Details
4
Office units
Multi-tenant
Tenancy
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
1,350
Businesses Nearby
Explore this area
Business Placement
Demographics for 93405, CA
23,331
Population
9,687
Households
2.4
Avg Household Size
28
Median Age
52%
College-Educated
95%
High-School Grad
89.7 sq mi
ZIP Area
260
Density / Sq Mi
$52,481
Median Household Income
$12,402
Median Earnings
$1,936
Median Rent
$897,800
Median Home Value
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Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Office in West region
Frequently Asked Questions
What type of property is this?
Office building - Well maintained four-suite office building with long-term tenancies, located one block from Sierra Vista Hospital.
Where is this office building located?
The property is located at 894 Meinecke San Luis Obispo, CA.
What is the asking price?
The asking price for this property is $1,650,000.
What are key features of this property?
This property features: Four‑suite professional/medical office building built in 1978; Long‑term tenancies in place: 30+ years, 30+ years, 20+ years, and 15+ years; Annual net income reported as $98,000 with rents stated as below market
