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Property profile & analytics
OFF-MARKET
Estimated value
$800,000
Apartment buildings
451 Mentone Ave Grover Beach, CA 93433-2653
Individually Owned
4-yr Hold
Absentee Owner
~
Est. High Equity
Property ID
US09-3816241
Property profile
Verified
Property type
Apartment buildings
Use group
APARTMENT HOUSE (5+ UNITS)
Year built
1980
Construction
WOOD
Total area
2,683 SF
Lot
0.25 ac (10,890 SF)
Zoning code
R3
APN
060-325-015
UPID
US09-3816241
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
by Request
CAP Approach
CAP
$795k
Comparable Approach
Comparable
$520k
Blend (final)
Blend
$800k
Owner & transaction history
Corey J Rabbon · 4 yrs held
Corey J Rabbon
since 2021
7 recorded transactions
Zoning & alternative use
R3 · Grover Beach, CA
Permitted uses
Permitted uses
Allowed · conditional · prohibited
Top alternative use upside
Auto repair, garage
$1.2M
+23.3%
Commercial (general)
$1.2M
+22.7%
Medical building
$1.1M
+10.9%
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
by Request
ML approach
by Request
CAP Approach
CAP Return
Estimation
6%
$865,000
6.5%
$795,000
7%
$740,000
Alternative Use
Use
Estimation
APARTMENT HOUSE (5+ UNITS)
$995,000
Current use
AUTO REPAIR, GARAGE
$1,225,000
Change: +23% · Conversion: Difficult
COMMERCIAL (GENERAL)
$1,220,000
Change: +23% · Conversion: Moderate
MEDICAL BUILDING
$1,100,000
Change: +11% · Conversion: Moderate
OFFICE BUILDING
$1,030,000
Change: +4% · Conversion: Moderate
RETAIL STORES
$990,000
Change: -1% · Conversion: Difficult
Blend value · Realmo final
$800k
Range $720k – $880k · ±10%
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
$298 / 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
$10,167
Tax year 2024
Assessed value
$887,841
Assessed 2024
Previous assessed
$887,841
+0.0% YoY
Effective rate
1.15%
On assessed value
Assessed land
$406,201
Assessed improvement
$481,640
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
1980
Construction
WOOD
Heating
NONE
Buildings
2
Bathrooms
5
Total area
2,683 SF
Lot
0.25 ac (10,890 SF)
Zoning code
R3
APN
060-325-015
UPID
US09-3816241
Jurisdiction
SAN LUIS OBISPO
Zoning & alternative use
R3 · Grover Beach, CA
Zoning R3 · permitted uses
R3 · 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
$995,000
AUTO REPAIR, GARAGE
Est. value
$1.2M
COMMERCIAL (GENERAL)
Est. value
$1.2M
MEDICAL BUILDING
Est. value
$1.1M
OFFICE BUILDING
Est. value
$1.0M
RETAIL STORES
Est. value
$990,000
APARTMENT HOUSE (5+ UNITS) Current
AUTO REPAIR, GARAGE
COMMERCIAL (GENERAL)
MEDICAL BUILDING
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
1980
Construction
WOOD
Heating
NONE
Buildings
2
Bathrooms
5
Lot
0.25 ac
Current owner
From public records · entity-resolved
Corey J Rabbon
Individual
Mailing address
1239 HIGUERA ST, SAN LUIS OBISPO, CA 93401-3127
Mailing matches property
Different — outreach signal
Owner-occupied
No
Ownership since
2021
Owner contacts — direct phone, email, and related entities
Decision-maker phone · Verified email · Related entities & filings
Owner contacts
Email · phone · related entities
Sales History
8 recorded events · public records
Date
Price
Buyer
Seller
Deed Type
Mortgage
Dec 28, 2021
—
Corey J Rabbon
Slo County Investments LLC
Grant Deed
—
Apr 2, 2021
—
Slo County Investments LLC
Corey J Rabbon
Grant Deed
—
Jan 29, 2021
—
Mentone 451 Trust
Mentone 451 Trust
Quit Claim Deed
related
—
Nov 13, 2015
$765,000
Mentone 451 Trust
Dotson Willard & Julia Trust
Grant Deed
—
Apr 4, 2013
—
Dotson Willard & J A Fam Trust
Dotson W & J A Family Trust
Quit Claim Deed
related
—
Dec 28, 2001
—
Dotson Trust
Dotson,w E & Julia A
Quit Claim Deed
related
—
—
—
Mentone 451 Trust
—
Deed Of Trust
related
$500,000 · Cleath Exemption Trust (ct)
—
—
Mentone 451 Trust
—
Deed Of Trust
related
$150,000 · Timothy & Allyson Cleath
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.
Try Rey
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