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    2223 Monterey St San Luis Obispo, CA 93401-0627
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    Property profile & analytics

    2223 Monterey St, San Luis Obispo, CA 93401-0627

    View on Map
    • Motels
    • 2,410 SF
    • 1.02 lot acres
    Off-Market
    Last Sale Dec 10, 2021
    $2,000,000
    Property ID
    US09-5557152
    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.
    Value Estimations
    $2,135,000
    Show details
    Cap Rate Potential
    Location Intelligence

    Current Use by Public Records

    • Motel Inn - World's First Motel / Tour Operator

    Property Details for 2223 Monterey St

    Year built
    1925
    Construction
    WOOD
    Lot size
    1.02 lot acres
    Zone code
    CT
    Property type
    Motels
    APN
    001-075-024
    APU
    1075024

    Sales History

    Date Price Buyer Seller Deed Type Mortgage
    Dec 10, 2021 $2,000,000 Carousel Investments LLC Covelop Holdings LLC Grant Deed —
    Jul 19, 2019 $1,500,000 Covelop Holdings LLC Slo Investments LLC Grant Deed $2.2M · Johan Van Den Berg
    Nov 16, 2017 $1,110,000 Century Park LLC Ruidoso Associates LLC Grant Deed · related —
    Jul 28, 2016 $1,800,000 Ruidoso Associates LLC Slo Investments LLC Grant Deed · related $900k · Whipps Robert E Tr (pt)
    Dec 12, 2014 — Slo Investments LLC Motel Inn LLC Grant Deed · related $1.5M · Capital Bk
    Dec 17, 2013 $900,000 Ruidoso Associates LLC Pacific Oak Foreclosure|king,john E & Carole D Trustees Deed $834k · D&a Scanlin Family Enterprises
    Feb 16, 2012 — Exposition Park LLC Rossi Robin L Living Trust Grant Deed · related —
    Apr 28, 2011 — Motel Inn LLC United Coml Bk Grant Deed · related —
    Nov 4, 2010 $1,223,600 United Coml Bk Fidelity National Title Co Trustees Deed · related —
    Sep 22, 2006 — Rossi,robin L Living Trust Rossi Robin L Living Trust Quit Claim Deed · related $4.5M · United Com'l Bk
    — — King,john E & Carole D — Deed Of Trust · related $1.7M · Mission Cmnty Bk
    — — Ruidoso Associates LLC — Deed Of Trust · related $900k · Us Bk

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

      Method
      Estimation
      Statistic approach
      $2,310,000
      ML approach
      $2,365,000

    • Comparable approach

      Method
      Estimation
      Statistic Estimate
      $1,997,000
      Market price range: $661k - $2.00M

    • Alternative Use

      Use
      Estimation
      HOTEL/MOTEL
      $1,325,000
      Current use

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

    Location Insight

    • Map
    • Local Demand
    City
    San Luis Obispo
    County
    San Luis Obispo
    State
    California
    Longitude
    -120.647
    Latitude
    35.2915
    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
    $22,996
    $1,664,640
    $416,160
    $2,080,800
    -
    $0.00
    $0.00
    $0.00

    Comparable in this City

    • Value Estimation
      $615,000
      2,511 SF

      2001 Monterey St

      MOTEL
      2001 Monterey St, San Luis Obispo, CA 93401-2617
      View Details
    • Value Estimation
      $38,190,000
      0.80 Acres

      1119 Gdn St

      MOTEL
      1119 Gdn St, San Luis Obispo, CA 93401-3525
      View Details
    • Value Estimation
      $1,815,000
      14,857 SF

      604 Henderson Ave

      MOTEL
      604 Henderson Ave, San Luis Obispo, CA 93401-2646
      View Details
    • Value Estimation
      $6,780,000
      55,523 SF

      1850 Monterey St

      MOTEL
      1850 Monterey St, San Luis Obispo, CA 93401-2614
      View Details
    • Value Estimation
      $3,310,000
      9,590 SF

      1930 Monterey St

      HOTEL/MOTEL
      1930 Monterey St, San Luis Obispo, CA 93401-2616
      View Details
    • Value Estimation
      $1,745,000
      13,502 SF

      1825 Monterey St

      MOTEL
      1825 Monterey St, San Luis Obispo, CA 93401-2613
      View Details

    Similar Nearby for Sale

    • Contact for pricing

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    • Contact for pricing

      Land For Sale

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      View Details
    • $2,050,000

      San Luis Obispo Prime Land

      Land for sale in San Luis Obispo with flexible zoning.
      3249 Broad St, San Luis Obispo, CA 93401
      View Details
    • $1,599,000

      Downtown SLO Historical Office Property

      Historical downtown San Luis Obispo office property with potential residential expansion.
      1334 Chorro St, San Luis Obispo, CA 93401
      View Details

    Similar Nearby for Lease

    • Contact for pricing
      5,000 SF

      Downtown San Luis Obispo Restaurant Space

      Restaurant space in luxury hotel, downtown San Luis Obispo.
      1119 Garden St, San Luis Obispo, CA 93401
      View Details
    • $1.70 SF/Yr
      52,467 SF

      Edna Valley Office Building Lease

      Office suite with three offices and a large bullpen area.
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      View Details
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    San Luis Obispo, CA 93401-0627
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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.

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