4-Unit Quadplex with Attached
For Sale
$1,190,000
9144 San Rafael Ct, Atascadero, CA 93422
Four detached rental homes provide a flexible residential income property near shopping, restaurants, schools, and freeway access.
Property Size3,264 SF
Days on Market11
Property Features for 9144 San Rafael Ct
General Information
Standard status
Active
Size
3,264 SF
Total Parking Spaces
4
Property subtype
Investment
Zoning
MF10
Units
Unit Mix
4 x 2BR/1BA
Multifamily Units
4
Additional Details
Highway Access
Yes
Building Details
Building Size
3,264 SF
Year Built
1965
Buildings
4
Stories
1
Units
4
Listing Agency:
(805) 462-0891
Listed By:
Michael Hanson
(805) 462-0891
Source:
Elliman
Added: Aug 20
Changed: Aug 22
Last Checked: Aug 29 at 9:11AM
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 Michael Hanson
Investment Insights
Based on property information with market context.
This quadplex comprises four separate homes, each measuring approximately 816 SF with two bedrooms, one bathroom, and an attached one-car garage. The four existing units provide an established residential rental configuration, while the individual-home layout supports a range of ownership and occupancy arrangements.
Located at 9144 San Rafael Ct in Atascadero, the property is positioned near shopping, restaurants, and schools, with freeway access for regional commuting. The property is identified as MF10 zoning; buyers should confirm the designation and any development possibilities directly with the City of Atascadero. The 1965-built property has a Bike Score of 50 and a Walk Score of 0, reflecting a bikeable but car-dependent setting.
Located at 9144 San Rafael Ct in Atascadero, the property is positioned near shopping, restaurants, and schools, with freeway access for regional commuting. The property is identified as MF10 zoning; buyers should confirm the designation and any development possibilities directly with the City of Atascadero. The 1965-built property has a Bike Score of 50 and a Walk Score of 0, reflecting a bikeable but car-dependent setting.
Key Highlights
- Four separate residential units, each with 2 bedrooms and 1 bathroom
- Each home includes an attached 1‑car garage
- Approximately 816± SF per home
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
$68,251
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
5.74%
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%
$1,365,020
$1.4M
Cap Rate 7%
$975,014
$975.0K
Cap Rate 9%
$758,344
$758.3K
Market Conditions
NOI Build-Up for 3,264 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
$99.9K $30.60/SF
− Vacancy
−$2.4K −$0.73/SF
EGI
$97.5K $29.87/SF
− OpEx
−$29.3K −$8.96/SF
NOI
$68.3K $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%
$1,365,020
Cap Rate 7%
$975,014
Cap Rate 9%
$758,344
Alternative Uses
Best Use
Multifamily LT 5
$975.0K
$853.1K – $1.14M
NOI $68,251 @ 7.0% cap · market cap 5.74%
Second Best
Apartment 5plus
$900.2K
$787.7K – $1.05M
NOI $63,012 @ 7.0% cap · market cap 5.30%
Theoretical Best
Healthcare Medical
$1.28M
$1.12M – $1.50M
NOI $89,858 @ 7.0% cap · market cap 7.55%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
4
Residential units
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
388
Businesses Nearby
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 Multifamily in West region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Quadplex - Four detached rental homes provide a flexible residential income property near shopping, restaurants, schools, and freeway access.
Where is this quadplex located?
The property is located at 9144 San Rafael Ct Atascadero, CA.
What is the asking price?
The asking price for this property is $1,190,000.
What are key features of this property?
This property features: Four separate residential units, each with 2 bedrooms and 1 bathroom; Each home includes an attached 1‑car garage; Approximately 816± SF per home
