Add Listing
    Property Lookup
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    878 Walnut St San Luis Obispo, CA 93401-2725
    Back to Search
    Property profile & analytics

    878 Walnut St San Luis Obispo, CA 93401-2725

    View on Map
    • Medical Office Space
    • 5,000 SF
    • 0.37 lot acres
    Off-Market
    Property ID
    US09-2298470
    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
    $1,385,000
    Show details
    Cap Rate Potential
    Location Intelligence

    Current Use by Public Records

    • Leopold Murphy & Main Dental: Murphy Jr Nicholas J DDS / Dental Office
    • Leopold Murphy & Main Dental: Leopold Mark H DDS / Dental Office
    • Leopold Murphy & Main Dental: Main Craig G DDS / Dental Office
    • Leopold Murphy & Main Dental: Ian Leopold, DDS / Dental Office
    • SLO Smiles / Dental Office

    Property Details for 878 Walnut St

    Year built
    2003
    Construction
    WOOD
    Lot size
    0.37 lot acres
    Property size
    5,000 SF
    Zone code
    O
    Property type
    Medical Office Space
    Property subtype
    Medical centers
    APN
    002-293-017
    APU
    2293017

    Value Estimations

    based on Realmo’s proprietary methodology

    • Comparable approach

      Method
      Estimation
      AI Estimate
      $983,000
      Market price range: $492k - $1.58M

    • Alternative Use

      Use
      Estimation
      MEDICAL BUILDING
      $2,135,000
      Current use
      AUTO REPAIR, GARAGE
      $2,285,000
      Change: +7% Conversion: Difficult
      OFFICE BUILDING
      $2,270,000
      Change: +6% Conversion: Easy

    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
    -120.666
    Latitude
    35.2846
    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
    $17,753
    $445,232
    $1,161,182
    $1,606,414
    -
    $0.00
    $0.00
    $0.00

    Comparable in this City

    • Value Estimation by Request

      1288 Morro St, Suite 100

      Medical Office | San Luis Obispo, CA
      1288 Morro Street, Suite 100 | San Luis Obispo, CA 93401, San Luis Obispo, CA 93401
      View Details
    • Value Estimation
      $1,675,000
      8,708 SF

      956 Walnut St

      MEDICAL BUILDING • 8,708 SF
      956 Walnut St, San Luis Obispo, CA 93401-1707
      View Details
    • Value Estimation
      $1,175,000
      3,920 SF

      1500 Palm St

      MEDICAL BUILDING • 3,920 SF
      1500 Palm St, San Luis Obispo, CA 93401-2998
      View Details
    • Value Estimation
      $515,000
      4,043 SF

      1250 Peach St Ste F

      MEDICAL BUILDING • 4,043 SF
      1250 Peach St Ste F, San Luis Obispo, CA 93401-2879
      View Details
    • Value Estimation
      $680,000
      2,048 SF

      891 Pismo St

      MEDICAL BUILDING • 2,048 SF
      891 Pismo St, San Luis Obispo, CA 93401-4017
      View Details
    • Value Estimation by Request
      1,183 SF

      941 California Blvd

      MEDICAL BUILDING • 1,183 SF
      941 California Blvd, San Luis Obispo, CA 93401-2905
      View Details

    Similar Nearby for Sale

    • $1,395,000
      Pending

      Mixed-Use Commercial Property Near Courthouse

      Mixed-use commercial property with flexible office space and on-site parking.
      1022 Mill 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

    • $2,250 /Mo
      930 SF

      Remodeled Office Suite For Rent

      Remodeled office suite with mountain views in Fremont Medical Center.
      1250 Peach St, San Luis Obispo, CA 93401
      View Details
    • $1.85 SF/Yr
      3,695 SF

      Class A Office Space Available

      Ground floor office suite with upgraded finishes and private patios.
      895 Aerovista Pl, San Luis Obispo, CA 93401
      View Details
    • Contact for pricing

      Freestanding Building with Parking Spaces

      Freestanding building with efficient layout, parking, and prominent signage.
      3565 S Higuera St, San Luis Obispo, CA 93401
      View Details
    Request Owner's contact information
    Message sent successfully
    Error
    If you are the owner or broker of this property and would like to edit or remove this listing please send a message to web site administrator.
    878 Walnut St
    San Luis Obispo, CA 93401-2725
    Message sent successfully
    Error
    Email to Your Friends
    Link copied to clipboard
    Separate multiple addresses with a comma
    Message sent successfully
    Error

    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
    Thanks! Your message was sent.
    Error! Your message wasn't sent.
    Please enter your name
    Please enter email
    Please enter the email in the correct format
    Please enter phone
    Please enter the number in the correct format
    Please enter message
    Thank You

    You are Unsubscribed From Notifications

    Thank You for Inquiry
    878 Walnut St, San Luis Obispo, CA, 93401
    letter with green check mark
    Check your email
    We sent you the
    agent's contact details. yellow underline
    Can't find it?
    Please check your junk/spam folder.
    Google sign-in failed. Please try again or use another login method.
    Sign Up Successful!
    You now have access to more from Realmo!