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    669 Pacific St San Luis Obispo, CA 93401

    Sponsored
    For Lease
    $24 SF/Yr

    Two Suites, 1520 sq ft Available

    Lot size:
    1,520 SF

    Description

    Added:
    Dec 11, 2024
    Days on Market:
    403
    This exceptional San Luis Obispo office property at 669 Pacific Street offers two adjacent, second-story suites totaling 1,520 square feet of vacant space. Each suite includes three dedicated parking spaces, a significant advantage in this desirable location. The building itself is a well-maintained, two-story structure, zoned for office use (O-Office), and situated in San Luis Obispo County, CA, zip code 93401. The suites are available for lease individually or together, providing flexibility for businesses of varying sizes. This prime location is just two blocks from the vibrant downtown area and offers convenient access to Highway 101, ensuring easy commutes for employees and clients. The property features a traditional office layout, suitable for a range of professional uses, and is classified as both traditional and executive office space. There are no elevators in this building. This is a multi-tenant building with a total of two suites. The property presents a rare opportunity to secure well-appointed office space in a highly sought-after area of San Luis Obispo. Don't miss this chance to establish your business in a thriving and convenient location.

    Property Features for 669 Pacific St

    General Information

    Property type
    Office Properties & Spaces
    Lease Type
    Gross Lease
    RSF (Rentable sq. ft)
    1,520 SF

    Building Details

    Stories
    2

    Unit(s) available at that property

    Space
    Ste. D
    Size
    760 SF
    Rate per SF
    $24
    Space
    Ste. E
    Size
    760 SF
    Rate per SF
    $24

    We can help!

    Listing Contact
    Steve Davis
    Steve Davis

    Learn more

    Property Insight Report
    Property Profile Location Intelligence

    Current Use by Public Records

    Cormant Inc Software Company Central Coast College ... Educational Consultant Ken Ardouin, RE/MAX ... Real Estate Agent Randy Steiger - RE/MAX ... Real Estate Agency

    Suggested Use

    Realty agency Restaurant Law Firm Dental Office Spa & Massage Hair Salon Nail Salon Building Supply Clothing Store Gym & Fitness

    Zoning and permitted uses should be independently verified with local authorities.

    Location Insight

    • Map
    • Local Demand
    City
    San Luis Obispo
    County
    San Luis Obispo
    State
    California
    Longitude
    -120.6637732525
    Latitude
    35.277058496049

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    FAQs

    What type of property is this?
    Office Property / Space - Two Suites, 1520 sq ft Available
    Where is this office property / space located?
    The property is located at 669 Pacific St San Luis Obispo, CA.
    What is the lease rate?
    The lease rate is $24 SF/Yr.
    Request Owner's contact information
    669 Pacific St San Luis Obispo, CA 93401
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    San Luis Obispo, CA 93401
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    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

    More about this property
    669 Pacific St San Luis Obispo, CA 93401
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    We can help!
    Listing Contact
    Steve Davis
    Steve Davis
    Real Estate License ID: CA 01843738
    Learn more
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