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

    1601 Monterey St San Luis Obispo, CA 93401-2929

    • Turn key restaurants
    • 3,029 SF
    • 0.13 lot acres
    OFF-MARKET
    Last Sale
    May 21, 2021
    $950,000
    Value Estimations
    $1,020,000
    Show details
    Cap Rate Potential
    Location Intelligence
    Property ID
    US09-2071563
    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

    • Benny’s Kitchen / Restaurant
    • Benny’s Pizza Palace and Social Club / Lunch Restaurant / Pizza Takeout

    Property Details for 1601 Monterey St

    Year built
    1946
    Construction
    TILT-UP CONCRETE
    Lot size
    0.13 lot acres
    Property size
    3,029 SF
    Zone code
    CT
    Property type
    Turn key restaurants
    APN
    001-237-001
    APU
    1237001

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

      Method
      Estimation
      Statistic approach
      $1,100,000
      ML approach
      $1,090,000

    • Comparable approach

      Method
      Estimation
      AI Estimate
      $641,000
      Market price range: $414k - $968k

    • Alternative Use

      Use
      Estimation
      RESTAURANT
      $1,525,000
      Current use
      COMMERCIAL (GENERAL)
      $1,595,000
      Change: +5% Conversion: Easy
      AUTO REPAIR, GARAGE
      $1,385,000
      Change: -9% Conversion: Difficult
      OFFICE BUILDING
      $1,375,000
      Change: -10% Conversion: Moderate
      MEDICAL BUILDING
      $1,290,000
      Change: -15% Conversion: Difficult

    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
    -120.653
    Latitude
    35.2868
    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
    $10,262
    $318,362
    $610,194
    $928,556
    -
    $0.00
    $0.00
    $0.00

    Comparable in this City

    • Value Estimation
      $2,475,000
      6,347 SF

      1023 Chorro St

      RESTAURANT • 6,347 SF
      1023 Chorro St, San Luis Obispo, CA 93401-3222
      View Details
    • Value Estimation by Request
      3,675 SF

      1110 Gdn Stb

      RESTAURANT • 3,675 SF
      1110 Gdn Stb, San Luis Obispo, CA 93401-3509
      View Details
    • Value Estimation by Request
      4,000 SF

      673 Higuera St

      RESTAURANT • 4,000 SF
      673 Higuera St, San Luis Obispo, CA 93401-3510
      View Details
    • Value Estimation
      $525,000
      1,800 SF

      717 Higuera St

      RESTAURANT • 1,800 SF
      717 Higuera St, San Luis Obispo, CA 93401-3512
      View Details
    • Value Estimation
      $670,000
      3,198 SF

      725 Higuera St

      RESTAURANT • 3,198 SF
      725 Higuera St, San Luis Obispo, CA 93401-3512
      View Details
    • Value Estimation
      $670,000
      2,604 SF

      2138 Broad St

      RESTAURANT • 2,604 SF
      2138 Broad St, San Luis Obispo, CA 93401-5205
      View Details

    Similar Nearby for Sale

    • $275,000
      1,378 SF

      Turnkey Restaurant and Bar Opportunity

      Fully equipped restaurant and bar in downtown San Luis Obispo.
      1131 Broad St, San Luis Obispo, CA 93401
      View Details
    • $390,000
      2,296 SF

      San Luis Obispo Commercial Condo

      Commercial condo with outdoor patio, ideal for restaurant/café.
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      San Luis Obispo Historic Corner

      Rare opportunity to own a piece of local history.
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    • $13,000,000
      34,427 SF

      San Luis Obispo Leased Investment

      34,427 SF commercial property in active commercial corridor.
      855 Aerovista Pl, San Luis Obispo, CA 93401
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    • $895,000
      2,078 SF

      Iconic Restaurant Building in SLO

      Two-story restaurant property in the heart of downtown San Luis Obispo.
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    • $399,000
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      San Luis Obispo Retail Trio

      Three modern suites, prime location
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    Similar Nearby for Lease

    • Contact for pricing

      Downtown San Luis Obispo Restaurant Space

      Restaurant space in a vibrant new luxury development.
      581 Higuera St, San Luis Obispo, CA 93401
      View Details
    • Contact for pricing

      Subterranean Retail Space in SLO

      Subterranean retail space in the heart of San Luis Obispo.
      1033 Chorro St, San Luis Obispo, CA 93401
      View Details
    • Contact for pricing
      6,500 SF

      Turn-key Restaurant/Brewery in San Luis Obispo

      6,500 SF restaurant/brewery space available for lease.
      114 Tank Farm Rd, San Luis Obispo, CA 93401
      View Details
    • $42 SF/Yr
      33,500 SF

      SLO Ranch Farms Marketplace

      Prime San Luis Obispo Retail & Farmland
      0 Froom Ranch Way, San Luis Obispo, CA 93401
      View Details
    • $5,500 /Mo
      2,199 SF

      Subterranean Retail Space in SLO

      Retail space in the heart of San Luis Obispo.
      1029 Chorro St, San Luis Obispo, CA 93401
      View Details
    • Contact for pricing
      2,130 SF

      Prime Monterey Street Commercial Space

      Versatile commercial space in a central business district location.
      1413 Monterey St, San Luis Obispo, CA 93401
      View Details
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    San Luis Obispo, CA 93401-2929
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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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