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Property profile & analytics
OFF-MARKET
Estimated value
$2,075,000
Apartment buildings
450 Manhattan Ave Grover Beach, CA 93433-2362
Entity Owned
3-yr Hold
~
Est. High Equity
Property ID
US09-2401577
Property profile
Verified
Property type
Apartment buildings
Use group
APARTMENT HOUSE (5+ UNITS)
Year built
1982
Construction
WOOD
Total area
6,500 SF
Lot
0.26 ac (11,250 SF)
Zoning code
CR2
APN
060-266-013
UPID
US09-2401577
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
$2.20M
CAP Approach
CAP
$1.93M
Comparable Approach
Comparable
$1.26M
Blend (final)
Blend
$2.08M
Owner & transaction history
450 Manhattan LLC · 3 yrs held
450 Manhattan LLC
since 2023
Last sale
$2.0M
5 recorded transactions
Zoning & alternative use
CR2 · Grover Beach, CA
Permitted uses
Permitted uses
Allowed · conditional · prohibited
Top alternative use upside
Restaurant
$3.3M
+35.7%
Auto repair, garage
$3.0M
+23.3%
Commercial (general)
$3.0M
+22.7%
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 Grover Beach submarket · NOI estimate · Typical band, median & reading
Implied cap rate, NOI & submarket benchmark
Cap vs Grover Beach 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
$2,235,000
ML approach
$2,200,000
CAP Approach
CAP Return
Estimation
6%
$2,090,000
6.5%
$1,930,000
7%
$1,795,000
Alternative Use
Use
Estimation
APARTMENT HOUSE (5+ UNITS)
$2,410,000
Current use
RESTAURANT
$3,270,000
Change: +36% · Conversion: Difficult
AUTO REPAIR, GARAGE
$2,970,000
Change: +23% · Conversion: Difficult
COMMERCIAL (GENERAL)
$2,955,000
Change: +23% · Conversion: Moderate
MEDICAL BUILDING
$2,670,000
Change: +11% · Conversion: Moderate
INDUSTRIAL (GENERAL)
$2,570,000
Change: +7% · Conversion: Difficult
OFFICE BUILDING
$2,500,000
Change: +4% · Conversion: Moderate
RETAIL STORES
$2,395,000
Change: -1% · Conversion: Difficult
Blend value · Realmo final
$2.08M
Range $1.87M – $2.28M · ±10% · vs last sale $2.00M (May 5 2023)
Last sale anchor
$2.00M
May 5 2023
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
$319 / SF
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
$23,361
Tax year 2024
Assessed value
$2,040,000
Assessed 2024
Previous assessed
$2,040,000
+0.0% YoY
Effective rate
1.15%
On assessed value
Assessed land
$642,600
Assessed improvement
$1,397,400
Applied tax rate
5.0000
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
Apartment buildings
Use group
APARTMENT HOUSE (5+ UNITS)
Status
Off-Market
Year built
1982
Construction
WOOD
Heating
NONE
Bathrooms
8
Total area
6,500 SF
Lot
0.26 ac (11,250 SF)
Zoning code
CR2
APN
060-266-013
UPID
US09-2401577
Jurisdiction
SAN LUIS OBISPO
Zoning & alternative use
CR2 · Grover Beach, CA
Zoning CR2 · permitted uses
CR2 · Grover Beach, CA
Permitted & conditional uses
Allowed uses · Special-permit conditions · Prohibited uses
Permitted & conditional uses
Allowed · special-permit conditions · prohibited
Grover Beach. Always verify with local authorities before improvements.
Alternative use value scenarios
Repositioning upside vs current use
APARTMENT HOUSE (5+ UNITS) Current
Est. value
$2.4M
RESTAURANT
Est. value
$3.3M
AUTO REPAIR, GARAGE
Est. value
$3.0M
COMMERCIAL (GENERAL)
Est. value
$3.0M
MEDICAL BUILDING
Est. value
$2.7M
INDUSTRIAL (GENERAL)
Est. value
$2.6M
OFFICE BUILDING
Est. value
$2.5M
RETAIL STORES
Est. value
$2.4M
APARTMENT HOUSE (5+ UNITS) Current
RESTAURANT
AUTO REPAIR, GARAGE
COMMERCIAL (GENERAL)
MEDICAL BUILDING
INDUSTRIAL (GENERAL)
OFFICE BUILDING
RETAIL STORES
Alternative use deep dive — conversion cost, permits, timeline
Conversion cost estimate · Permit path & risks · Stabilized NOI per option
Alternative use deep dive
Conversion cost · permit path · stabilized NOI per option
Building & site characteristics
From public records
Year built
1982
Construction
WOOD
Heating
NONE
Bathrooms
8
Lot
0.26 ac
Current owner
From public records · entity-resolved
450 Manhattan LLC
Entity
Mailing address
PO BOX 5464, SANTA BARBARA, CA 93150-5464
Ownership since
2023
Owner contacts — direct phone, email, and related entities
Decision-maker phone · Verified email · Related entities & filings
Owner contacts
Email · phone · related entities
Sales History
5 recorded events · public records
Date
Price
Buyer
Seller
Deed Type
Mortgage
Aug 6, 2024
—
450 Manhattan LLC
—
Deed
related
$1,630,000 · Jpmorgan Chase Bank NA
May 5, 2023
$2,000,000
450 Manhattan LLC
Ramiro Hernandez
Grant Deed
$1,800,000 · Paul J Orfalea 2011 Living Trust
Mar 18, 2014
$1,050,000
Ramiro Hernandez
Faria 01 LP
Grant Deed
$800,000 · Faria 01 LP
Jan 2, 2001
—
Faria 1 LP
Faria Trust
Quit Claim Deed
related
—
Jun 28, 2000
—
Faria Trust
Faria,pete & Marie
Quit Claim Deed
related
—
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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