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Property profile & analytics
OFF-MARKET
Estimated value
$990,000
Commercial land
2730 Mcmillan Ave San Luis Obispo, CA 93401-6812
Entity Owned
~
Est. High Equity
Property ID
US09-5336474
Property summary
AI-generated overview
This exceptional San Luis Obispo development opportunity presents a fully permitted 46-unit apartment project on a 47,916 sq ft lot (APN 053-212-022), zoned M. Priced at $3,150,000 ($73/sq ft land value), this project is ready for immediate construction. Permits were secured in 2024, eliminating lengthy delays and associated costs. The meticulously designed project, created by Arris Architecture, offers top-of-the-market community and apartment amenities. Its prime location, less than a mile from downtown San Luis Obispo and within two blocks of Duncan Alley and Crossroads, provides residents with easy access to local restaurants and shops, fostering walkability and bikeability. A pre-existing bid from JW Design for construction is available, providing transparency and certainty regarding project costs. This turnkey opportunity allows a buyer to close escrow and begin construction immediately, capitalizing on the strong San Luis Obispo rental market. The property's address is 2730 McMillan Ave, San Luis Obispo, CA 93401.
Property profile
Verified
Property type
Commercial land
Use group
VACANT COMMERCIAL LAND
Lot
1.1 ac (47,916 SF)
Zoning code
M
APN
053-212-022
UPID
US09-5336474
Cap rate & NOI
Priority signal for investors
Implied cap rate, NOI & suggested price
Cap rate vs submarket · NOI estimate · 3 price anchors
Implied cap rate, NOI & suggested price
Cap vs submarket · NOI estimate · 3 price anchors
Value estimations
Realmo proprietary · 4 methods
AI Approach
AI
$1.03M
CAP Approach
CAP
by Request
Comparable Approach
Comparable
by Request
Blend (final)
Blend
$990k
Owner & transaction history
Housing Authority Of City Of San Lu
Housing Authority Of City Of San Lu
since 2026
Last sale
$902,000
7 recorded transactions
Zoning & alternative use
M · San Luis Obispo, CA
Permitted uses
Permitted uses
Allowed · conditional · prohibited
Cap rate
Implied · in-place · derived from last sale + estimated NOI
Implied Cap rate
#1
Implied · in-place · NOI ÷ last sale
In-place · derived from last sale + estimated NOI
Cap rate, NOI & submarket benchmark
Implied cap rate vs San Luis Obispo submarket · NOI estimate · Typical band, median & reading
Implied cap rate, NOI & submarket benchmark
Cap vs San Luis Obispo submarket · NOI estimate · typical band, median & reading
Refine your cap rate
8-question underwriting flow
1.
Property current status — Going-In vs Stabilized
2.
Price for denominator — asking / offer / market
3.
Leasing status & lease structure (NNN / Gross)
4.
Tenant risk profile & vacancy assumption
5.
Upload T12 / rent roll / OM (optional)
Refine in 60 seconds, get exact suggested price
T12 upload · Submarket benchmarks · Sensitivity grid
Suggested price · 3 cap rate anchors
Income approach @ 5% / 7% / 9% — aggressive / typical / conservative
Suggested price at 5% / 7% / 9% cap
Aggressive / typical / conservative · Implied $/SF per anchor · Sensitivity grid
Suggested price at 5% / 7% / 9% cap
Aggressive / typical / conservative · implied $/SF · sensitivity
Value
AI, CAP & Alternative Use estimations · Realmo proprietary blendValue Estimations
Based on Realmo’s proprietary methodology
AI Approach
Method
Estimation
Statistic approach
$1,135,000
ML approach
$1,025,000
CAP Approach
CAP Return
Estimation
6%
by Request
6.5%
by Request
7%
by Request
Blend value · Realmo final
$990k
Range $891k – $1.09M · ±10% · vs last sale $902k (Dec 27 2022)
Last sale anchor
$902k
Dec 27 2022
Realmo estimate · informational only.
These numbers are calculated by our models from public records and may not reflect actual market value.
Not an appraisal.
Verify with a licensed appraiser before transacting. Realmo accepts no liability for divergence from real-world outcomes.
View the full estimation — every method, every assumption
Confidence drivers & risk notes · Custom comparable set · Free for first 3 / day
Full estimation methodology
Every method · every assumption · confidence drivers
Price per SF
Sale + rent benchmarks
Subject property
—
Submarket sale & rent benchmarks
Median sale $/SF · Asking & closed rent · Submarket vacancy
Submarket sale & rent benchmarks
Median sale $/SF · asking & closed rent · submarket vacancy
Property tax & assessments
Tax year 2024Property tax & assessments
Tax year 2024
Tax billed
$12,237
Tax year 2024
Assessed value
$1,107,312
Assessed 2024
Previous assessed
$1,107,312
+0.0% YoY
Effective rate
1.11%
On assessed value
Assessed land
$1,107,312
Applied tax rate
3.0000
Comparables
6 recent transactions · within 1.5 miComparable in this city
6 recent transactions
Comparable in this City
Similar Nearby for Sale
Similar Nearby for Lease
Recent comparable sales
Sale price & price/SF · Sale date & distance · Adjustments & confidence
Recent comparable sales
Sale price & $/SF · sale date & distance · adjustments
Property description
Physical attributes from public recordsBuilding & lot
Public records
Property type
Commercial land
Use group
VACANT COMMERCIAL LAND
Status
Off-Market
Heating
NONE
Lot
1.1 ac (47,916 SF)
Zoning code
M
APN
053-212-022
UPID
US09-5336474
Jurisdiction
SAN LUIS OBISPO
Zoning & alternative use
M · San Luis Obispo, CA
Zoning M · permitted uses
M · San Luis Obispo, CA
Permitted & conditional uses
Allowed uses · Special-permit conditions · Prohibited uses
Permitted & conditional uses
Allowed · special-permit conditions · prohibited
San Luis Obispo. Always verify with local authorities before improvements.
Building & site characteristics
From public records
Heating
NONE
Lot
1.1 ac
Current owner
From public records · entity-resolved
Housing Authority Of City Of San Lu
Entity
Mailing address
PO BOX 12910, SAN LUIS OBISPO, CA 93406-2910
Ownership since
2026
Owner contacts — direct phone, email, and related entities
Decision-maker phone · Verified email · Related entities & filings
Owner contacts
Email · phone · related entities
Sales History
10 recorded events · public records
Date
Price
Buyer
Seller
Deed Type
Mortgage
Jan 13, 2026
$2,150,000
Housing Authority Of City Of San Lu
Gom Properties LLC
Grant Deed
$200,000 · San Luis Obispo County Housing Trus
Sep 5, 2024
—
Covelop Holdings LLC
—
Deed
related
$1,970,000 · The C & L Schoenfeld Investments LLC
Dec 27, 2022
$902,000
Gom Properties LLC
Covelop Holdings LLC
Grant Deed
—
Apr 22, 2022
$1,000,000
Covelop Holdings LLC
Earl Clayton Appleton JR
Grant Deed
$605,000 · Bradford Family Trust
Sep 13, 2017
—
Hand,william T Family Trust
—
Deed
related
$150,000 · Ferber Frederick SR Trust (pt)
Jun 21, 2017
$331,500
Hand,william T Family Trust
Hand-mccarthy LLC
Grant Deed
—
Mar 2, 2016
$650,000
Hand-mccarthy LLC
Williams Gerald A Trust
Grant Deed
—
—
—
Williams Gerald A Family Trust
—
Deed Of Trust
related
$211,210 · Coast National Bank
—
—
Williams Gerald A Family Trust
—
Deed Of Trust
related
$250,000 · Coast National Bank
—
—
Hand,william T Family Trust
—
Deed Of Trust
related
$150,000 · Ferber Frederick SR Trust (pt)
Coming soon
Costs & Benchmarks
Operating expenses, capex projections, utility benchmarks, and submarket comparables — all in one view.
Coming soon
Risks
Flood, climate, environmental, title, and tenant-concentration risk — surfaced with mitigations and source citations.
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