Triplex with Commercial
For Sale
$1,725,000
1160 West, Morro Bay, CA 93442
Morro Bay, CA
Property Size3,094 SF
Lot Size0.10 Acres
Price / SF$557.53
Days on Market53
Property Features for 1160 West
General Information
Property type
Residential Multi Family
Property subtype
Triplex
Bedrooms
4
Bathrooms
3
Full bathrooms
3
Rooms
Bedroom 3, Bathroom 3, Bedroom 4, Bathroom 2, Bedroom 2, Bathroom 1, Laundry Room, Bedroom 1
Parking
5
Parking features
Garage, Driveway
Subdivision
Embarcadero(750)
Lot features
Level with Street, Paved, Rectangular Lot, Level
Directions
Highway One, Main St exit, south on Main St, right on Beach St., right on West St.
Standard status
Active
APN
066036004
Lot size
0.10 Acres
Utilities
Sewer type
Public Sewer
Water source
Public
Building Details
Year built
1945
Floors in Building
2
Number of units
3
Listing Agency:
Franklin Real Estate & Rentals
(805) 772-4277
Listed By:
Matthew Franklin · License #01326603
(805) 459-4215
Added: Jul 27
Changed: Sep 15
Last Checked: Sep 17 at 6:06AM
MLS# SC26164200
Copyright © 2026 California Regional Multiple Listing Service, Inc. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
This 1945-built triplex contains two residential units and a downstairs commercial unit within a 3,094-square-foot building. The upper apartment includes three bedrooms, one full bathroom, indoor laundry, and views toward Morro Rock and the harbor. The lower apartment offers one large bedroom, one bathroom, an office, and indoor laundry. A detached one-car garage and four off-street parking spaces serve the property.
Located in Morro Bay’s Embarcadero neighborhood, the property occupies a 40.9 ft x 112 ft street-to-street lot. Public water and public sewer serve the site. The building is fully occupied by long-term tenants and professionally managed.
Located in Morro Bay’s Embarcadero neighborhood, the property occupies a 40.9 ft x 112 ft street-to-street lot. Public water and public sewer serve the site. The building is fully occupied by long-term tenants and professionally managed.
Key Highlights
- 3,094 square feet across a triplex with two residential units and one downstairs commercial unit
- Upper apartment offers 3 bedrooms, 1 full bath, indoor laundry, and views of Morro Rock and the harbor
- Lower apartment includes a large 1‑bedroom layout, 1 bath, office, and indoor laundry
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
$64,696
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
3.75%
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%
$1,293,920
$1.3M
Cap Rate 7%
$924,229
$924.2K
Cap Rate 9%
$718,844
$718.8K
Market Conditions
NOI Build-Up for 3,094 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
$94.7K $30.60/SF
− Vacancy
−$2.3K −$0.73/SF
EGI
$92.4K $29.87/SF
− OpEx
−$27.7K −$8.96/SF
NOI
$64.7K $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%
$1,293,920
Cap Rate 7%
$924,229
Cap Rate 9%
$718,844
Alternative Uses
Best Use
Multifamily LT 5
$924.2K
$808.7K – $1.08M
NOI $64,696 @ 7.0% cap · market cap 3.75%
Second Best
Apartment 5plus
$853.3K
$746.6K – $995.5K
NOI $59,730 @ 7.0% cap · market cap 3.46%
Theoretical Best
Healthcare Medical
$1.22M
$1.06M – $1.42M
NOI $85,178 @ 7.0% cap · market cap 4.94%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
3
Residential units
100%
Occupancy
Location Intelligence
Trade Area within ½ mile
1,149
Businesses Nearby
Explore this area
Business Placement
Demographics for 93442, CA
11,390
Population
6,537
Households
1.7
Avg Household Size
54
Median Age
45%
College-Educated
93%
High-School Grad
44.5 sq mi
ZIP Area
256
Density / Sq Mi
$92,163
Median Household Income
$50,651
Median Earnings
$1,815
Median Rent
$870,600
Median Home Value
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Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Multifamily in West region
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Frequently Asked Questions
What type of property is this?
Triplex - Three-unit property combines residential apartments with a commercial space, off-street parking, and a detached garage.
Where is this triplex located?
The property is located at 1160 West Morro Bay, CA.
What is the asking price?
The asking price for this property is $1,725,000.
What are key features of this property?
This property features: 3,094 square feet across a triplex with two residential units and one downstairs commercial unit; Upper apartment offers 3 bedrooms, 1 full bath, indoor laundry, and views of Morro Rock and the harbor; Lower apartment includes a large 1‑bedroom layout, 1 bath, office, and indoor laundry
