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    2900 Mcmillan Ave San Luis Obispo, CA 93401-6728
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    Property profile & analytics

    2900 Mcmillan Ave, San Luis Obispo, CA 93401-6728

    View on Map
    • Warehouses
    • 950 SF
    • 0.58 lot acres
    Off-Market
    Property ID
    US09-0034189
    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
    Cap Rate Potential
    Location Intelligence

    Current Use by Public Records

    • Mighty Safe Mini Storage / Storage Facility

    Property Details for 2900 Mcmillan Ave

    Year built
    1977
    Construction
    WOOD
    Lot size
    0.58 lot acres
    Zone code
    M
    Property type
    Warehouses
    Property subtype
    Self storage facilities
    APN
    053-202-013
    APU
    53202013

    Sales History

    Date Price Buyer Seller Deed Type Mortgage
    Mar 12, 2026 — Palm Desert Self Storage Group LLC — Deed · related $6M · Montecito Bank & Trust
    Apr 1, 2021 — Among Palm Desert Self Storage Grou — Deed · related $6.3M · Alliant Cu
    Jul 16, 2020 — Palm Desert Self Storage Group LLC — Deed · related $2M · Pacific City Bank
    Feb 27, 2018 $1,200,000 Palm Desert Self Storage Group Linda Vista Townhomes LLC Grant Deed $500k · Bank Of Hope
    Nov 28, 2007 — Linda Vista Townhomes LLC Abahart LLC Grant Deed $625k · American Principle Bank
    Jan 8, 2007 — Loretta J Bonjour Martinelli,serafino J Affidavit Of Death · related —
    Jul 23, 2004 — Abahart LLC Hartzell,tr Quit Claim Deed · related —
    Jun 4, 2004 $900,000 Hartzell,tr Gingg,tr Grant Deed $475k · Mid-state Bank & Trust Co
    — — Gingg Trust — Deed Of Trust · related $292k · Martinelli Trust

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

    • CAP approach

    • Comparable approach

    • Alternative 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
    35.2636
    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
    $14,794
    $1,003,965
    $334,654
    $1,338,619
    -
    $0.00
    $0.00
    $0.00

    Comparable in this City

    • Value Estimation
      $3,040,000
      19,875 SF

      Suburban Rd

      MINI-WAREHOUSE, STORAGE
      Suburban Rd, San Luis Obispo, CA 93401
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    • Value Estimation by Request
      1,368 SF

      3602 Broad St

      MINI-WAREHOUSE, STORAGE
      3602 Broad St, San Luis Obispo, CA 93401
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    • Value Estimation by Request
      860 SF

      901 Buckley Rd

      MINI-WAREHOUSE, STORAGE
      901 Buckley Rd, San Luis Obispo, CA 93401-8219
      View Details
    • Value Estimation
      $510,000
      2,532 SF

      3045 Duncan Rd

      MINI-WAREHOUSE, STORAGE
      3045 Duncan Rd, San Luis Obispo, CA 93401-6746
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    • Value Estimation
      $12,345,000
      81,615 SF

      645 Tank Farm Rd

      MINI-WAREHOUSE, STORAGE
      645 Tank Farm Rd, San Luis Obispo, CA 93401-7060
      View Details
    • Value Estimation
      $6,065,000
      40,200 SF

      3600 Higuera St

      MINI-WAREHOUSE, STORAGE
      3600 Higuera St, San Luis Obispo, CA 93401-7306
      View Details

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      San Luis Obispo Industrial Lot

      Industrial land for sale in San Luis Obispo, CA.
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      Land For Sale

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    Similar Nearby for Lease

    • $1.25 SF/Yr
      7,250 SF

      San Luis Obispo Warehouse and Office

      Warehouse and office space in a sought-after San Luis Obispo location.
      189 Granada Dr, San Luis Obispo, CA 93401
      View Details
    • Contact for pricing
      4,000 SF

      San Luis Obispo Warehouse For Rent

      4,000 SF warehouse with office and parking available for rent.
      111 Suburban Rd, San Luis Obispo, CA 93401
      View Details
    • Contact for pricing

      Warehouse Space with Showroom/Office

      Class A warehouse with showroom and office space for lease.
      178 Suburban Rd, San Luis Obispo, CA 93401
      View Details
    • Contact for pricing

      High-Bay Industrial Building For Lease

      Industrial building with offices, cold storage, and dock-high doors.
      820 Capitolio Way, San Luis Obispo, CA 93401
      View Details
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    San Luis Obispo, CA 93401-6728
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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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    2900 Mcmillan Ave, San Luis Obispo, CA, 93401
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