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    The Largest CRE Database in the US with Over 1 Million Listings
    Property profile & analytics

    1229 Carmel St San Luis Obispo, CA 93401-3814

    • Office buildings
    • 12,000 SF
    • 0.60 lot acres
    OFF-MARKET
    Last Sale
    Jul 10, 2020
    $2,300,000
    Value Estimations
    $2,900,000
    Show details
    Cap Rate Potential
    7.7%
    Office buildings
    Location Intelligence
    Property ID
    US09-1446994
    The Realmo ID is a unique identifier assigned to every property, incorporating country codes and precise geo-coordinates for 300x300-foot land blocks. It enables standardized data collection and seamless integration of disparate sources such as ownership, tax, title data and physical specifications. By aggregating current and historical records, the Realmo ID powers advanced analytics and delivers deep, verifiable insights for real estate professionals.

    Current Use by Public Records

    • Ashley & Vance Engineering, Inc. - San Luis Obispo / Engineering Consultant / Civil Engineer
    • Mountaineer IT / Computer Networking Service / Computer Security Service

    Property Details for 1229 Carmel St

    Year built
    1974
    Construction
    TILT-UP CONCRETE
    Lot size
    0.60 lot acres
    Property size
    12,000 SF
    Zone code
    CS
    Property type
    Office buildings
    APN
    002-508-013
    APU
    2508013

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

      Method
      Estimation
      Statistic approach
      $3,115,000
      ML approach
      $3,130,000

    • CAP approach

      CAP Return
      Estimation
      6%
      $3,970,000
      6.5%
      $3,665,000
      7%
      $3,405,000

    • Comparable approach

      Method
      Estimation
      AI Estimate
      $2,901,000
      Market price range: $1.40M - $4.41M

    Get a detailed, property-specific valuation — fast and free

    Location Insight

    • Map
    • Local Demand
    City
    San Luis Obispo
    County
    San Luis Obispo
    State
    California
    Longitude
    -120.668
    Latitude
    35.275
    CBSA code
    42020
    CBSA name
    SAN LUIS OBISPO-PASO ROBLES, CA METROPOLITAN STATISTICAL AREA

    Property Tax & Assessments

    Tax date
    Tax Amount
    Assessed Land Value
    Assessed Improvement Value
    Total Assessed Value
    Applied Tax Rate
    Land Market Value
    Improvement Market Value
    Total Market Value
    2024
    $44,221
    $1,167,328
    $2,834,049
    $4,001,377
    -
    $0.00
    $0.00
    $0.00

    Comparable in this City

    • Value Estimation
      $1,970,000
      9,300 SF

      1166 Palm St

      PROFESSIONAL BUILDING • 9,300 SF
      1166 Palm St, San Luis Obispo, CA 93401
      View Details
    • Value Estimation
      $4,155,000
      19,925 SF

      755 Santa Rosa St

      PROFESSIONAL BUILDING • 19,925 SF
      755 Santa Rosa St, San Luis Obispo, CA 93401-2880
      View Details
    • Value Estimation
      $2,765,000
      13,009 SF

      1200 Monterey St

      PROFESSIONAL BUILDING • 13,009 SF
      1200 Monterey St, San Luis Obispo, CA 93401-3104
      View Details
    • Value Estimation
      $2,635,000
      9,505 SF

      689 Tank Farm Rd

      PROFESSIONAL BUILDING • 9,505 SF
      689 Tank Farm Rd, San Luis Obispo, CA 93401-7077
      View Details
    • Value Estimation
      $11,535,000
      60,852 SF

      651 Tank Farm Rd

      PROFESSIONAL BUILDING • 60,852 SF
      651 Tank Farm Rd, San Luis Obispo, CA 93401-7062
      View Details
    • Value Estimation
      $7,485,000
      23,907 SF

      1060 Kendall Rd

      PROFESSIONAL BUILDING • 23,907 SF
      1060 Kendall Rd, San Luis Obispo, CA 93401-8061
      View Details

    Similar Nearby for Sale

    • $1,030,000
      1,294 SF

      Office Building For Sale

      Office building in San Luis Obispo available for purchase.
      1410 Marsh St, San Luis Obispo, CA 93401
      View Details
    • $1,150,000
      1,900 SF

      Spanish-Style Office Building For Sale

      Office building with apartment and courtyard in downtown San Luis Obispo.
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    • $850,000
      1,418 SF

      Freestanding Office Building Near City Hall

      Freestanding office building with on-site parking and excellent exposure.
      870 Osos St, San Luis Obispo, CA 93401
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    • $295,000
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      Prime San Luis Obispo Office Condo

      Updated 594 SF Office, Great Location
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    • $289,000
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      San Luis Obispo Office Space

      Office suite with three offices and common restrooms for sale.
      3591 Sacramento Dr, San Luis Obispo, CA 93401
      View Details
    • $1,030,000
      1,294 SF

      Downtown SLO Office Building

      Craftsman Office, 100% Occupied
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      View Details

    Similar Nearby for Lease

    • Contact for pricing
      50,000 SF

      SLO Airport Build-to-Suit Opportunity

      Build-to-suit opportunity near SLO airport with flexible design options.
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      View Details
    • Contact for pricing

      Freestanding Office Building For Rent

      Freestanding office building with excellent exposure and freeway access.
      145 Prado Rd, San Luis Obispo, CA 93401
      View Details
    • $33 SF/Yr
      5,174 SF

      Downtown SLO Office Building

      Prime Office Space, Parking Included
      994 Mill St, San Luis Obispo, CA 93401
      View Details
    • $18 SF/Yr
      7,250 SF

      San Luis Obispo Industrial Gem

      7,250 SF Office/Warehouse, Prime Location
      189 Granada Dr, San Luis Obispo, CA 93401
      View Details
    • $35 SF/Yr
      4,516 SF

      Prime San Luis Obispo Office Space

      Modern, 4,516 SF Office Suite Near Downtown
      1327 Archer Ave, San Luis Obispo, CA 93401
      View Details
    • $2 SF/Yr
      10,708 SF

      San Luis Obispo Office Space

      Office spaces available on first and second floors for rent.
      4464 Broad St, San Luis Obispo, CA 93401
      View Details
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    1229 Carmel St
    San Luis Obispo, CA 93401-3814
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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
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