Fourplex with Covered
New
For Sale
$1,200,000
956 S 13th, Grover Beach, CA 93433
Fully rented fourplex with two-bedroom units, shared laundry, additional parking, and a fenced rear yard with artificial turf.
Property Size3,604 SF
Days on Market2
Property Features for 956 S 13th
General Information
Standard status
Active
Size
3,604 SF
Property subtype
Investment
Occupancy
100%
Units
Unit Mix
4 x 2BR/1.5BA
Multifamily Units
4
Amenities
covered carport
additional parking
fenced rear yard
artificial turf
flagstone courtyard
community garden area
shared laundry room
Building Details
Building Size
3,604 SF
Year Built
1976
Buildings
1
Stories
2
Units
4
Tenancy
Multi
Listing Agency:
Coastal Connection Real Estate
Listed By:
Traci Garza · License #01022915
(805) 773-5100
Source:
Elliman
Added: Sep 2
Changed: Sep 3
Last Checked: Sep 3 at 2:14AM
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 Coastal Connection Real Estate
Investment Insights
Based on property information with market context.
This fully rented fourplex contains four two-bedroom, 1.5-bath units, each with an open kitchen and dining area. Units A and D are positioned on the ground floor, while Units B and C are upstairs. The property was built in 1976, and the units feature individual updates.
A covered carport accommodates four vehicles, with additional parking also available. Outdoor features include a fenced rear yard with artificial turf, a flagstone courtyard, and a community garden area. Residents share a laundry room. Long-term tenants occupy the units under month-to-month agreements. The property is located at 956 S 13th in Grover Beach, California.
A covered carport accommodates four vehicles, with additional parking also available. Outdoor features include a fenced rear yard with artificial turf, a flagstone courtyard, and a community garden area. Residents share a laundry room. Long-term tenants occupy the units under month-to-month agreements. The property is located at 956 S 13th in Grover Beach, California.
Key Highlights
- Four fully rented units, each with two bedrooms and 1.5 baths
- Units A and D are ground‑level; Units B and C are upstairs
- Covered carport for four vehicles plus additional parking
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
$75,360
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
6.28%
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%
$1,507,200
$1.5M
Cap Rate 7%
$1,076,571
$1.1M
Cap Rate 9%
$837,333
$837.3K
Market Conditions
NOI Build-Up for 3,604 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
$110.3K $30.60/SF
− Vacancy
−$2.6K −$0.73/SF
EGI
$107.7K $29.87/SF
− OpEx
−$32.3K −$8.96/SF
NOI
$75.4K $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%
$1,507,200
Cap Rate 7%
$1,076,571
Cap Rate 9%
$837,333
Alternative Uses
Best Use
Multifamily LT 5
$1.08M
$942.0K – $1.26M
NOI $75,360 @ 7.0% cap · market cap 6.28%
Second Best
Apartment 5plus
$993.9K
$869.7K – $1.16M
NOI $69,575 @ 7.0% cap · market cap 5.80%
Theoretical Best
Healthcare Medical
$1.42M
$1.24M – $1.65M
NOI $99,218 @ 7.0% cap · market cap 8.27%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
4
Residential units
100%
Occupancy
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
1,174
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?
Quadplex - Fully rented fourplex with two-bedroom units, shared laundry, additional parking, and a fenced rear yard with artificial turf.
Where is this quadplex located?
The property is located at 956 S 13th Grover Beach, CA.
What is the asking price?
The asking price for this property is $1,200,000.
What are key features of this property?
This property features: Four fully rented units, each with two bedrooms and 1.5 baths; Units A and D are ground‑level; Units B and C are upstairs; Covered carport for four vehicles plus additional parking
