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607 Grand Apartments 607 Grand Ave 20 Unit Apartment Building $10,750,000 ($537,500/Unit) 4.70% Cap Rate San Luis Obispo, CA 93401
INVESTMENT HIGHLIGHTS
- Student housing asset located near the University of Cal Poly, San Luis Obispo.
- May be purchased as part of a 3 property portfolio including 555 Westmont Apartments and College Gardens Apartments. Contact Listing Agents.
- Townhouse-style 2-story apartments (2 bedrooms upstairs, living space downstairs)
EXECUTIVE SUMMARY
607 Grand Avenue is a 20-unit student housing community accessed directly from Grand Avenue and located just 0.4 miles from the Cal Poly campus, offering exceptional proximity that is easily reachable by car, bike, or on foot. Its direct approach via a primary arterial and immediate closeness to campus support strong and consistent student rental demand, positioning the property as a highly competitive housing option within Cal Poly’s constrained off-campus market.
The property is comprised entirely of townhome-style units with almost identical floorplans across the community. Each unit features a two-bedroom/one-bath layout with an average of approximately 3 to 4 students per unit, optimizing roommate configurations while maintaining functional living layouts. The community is anchored by an outdoor amenity area featuring a basketball court, grills, and shared community space. Free on-site parking and an on-site laundry room further enhance day-to-day livability, while an adjacent vacant space currently used for storage—backing the laundry room—presents compelling ADU potential, with the likely capability to convert into a large studio unit.
ALSO AVAILABLE FOR PURCHASE AS A 3-PROPERTY PORTFOLIO. ALL PROPERTIES UNDER SAME OWNERSHIP: 555 WESTMONT APARTMENTS & COLLEGE GARDENS APARTMENTS.
The property is comprised entirely of townhome-style units with almost identical floorplans across the community. Each unit features a two-bedroom/one-bath layout with an average of approximately 3 to 4 students per unit, optimizing roommate configurations while maintaining functional living layouts. The community is anchored by an outdoor amenity area featuring a basketball court, grills, and shared community space. Free on-site parking and an on-site laundry room further enhance day-to-day livability, while an adjacent vacant space currently used for storage—backing the laundry room—presents compelling ADU potential, with the likely capability to convert into a large studio unit.
ALSO AVAILABLE FOR PURCHASE AS A 3-PROPERTY PORTFOLIO. ALL PROPERTIES UNDER SAME OWNERSHIP: 555 WESTMONT APARTMENTS & COLLEGE GARDENS APARTMENTS.
PROPERTY FACTS
| Price | $10,750,000 | Apartment Style | Low-Rise |
| Price Per Unit | $537,500 | Building Class | C |
| Sale Type | Investment | Lot Size | 1.04 AC |
| Cap Rate | 4.70% | Building Size | 22,178 SF |
| Gross Rent Multiplier | 14.32 | Average Occupancy | 100% |
| No. Units | 20 | No. Stories | 2 |
| Property Type | Multifamily | Year Built | 1966 |
| Property Subtype | Apartment | Parking Ratio | 1.89/1,000 SF |
| Zoning | R-3 | ||
| Price | $10,750,000 |
| Price Per Unit | $537,500 |
| Sale Type | Investment |
| Cap Rate | 4.70% |
| Gross Rent Multiplier | 14.32 |
| No. Units | 20 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Low-Rise |
| Building Class | C |
| Lot Size | 1.04 AC |
| Building Size | 22,178 SF |
| Average Occupancy | 100% |
| No. Stories | 2 |
| Year Built | 1966 |
| Parking Ratio | 1.89/1,000 SF |
| Zoning | R-3 |
AMENITIES
UNIT AMENITIES
- Dishwasher
- Kitchen
- Refrigerator
- Oven
- Range
- Tub/Shower
- Carpet
- Freezer
SITE AMENITIES
- 24 Hour Access
- Controlled Access
- Courtyard
- Laundry Facilities
- Picnic Area
- Tenant Controlled HVAC
- Grill
- Private Bathroom
- Smoke Detector
UNIT MIX INFORMATION
| DESCRIPTION | NO. UNITS | AVG. RENT/MO | SF |
|---|---|---|---|
| 2+1 | 20 | - | 1 |
1 1
Walk Score®
Very Walkable (74)
Bike Score®
Very Bikeable (82)
PROPERTY TAXES
| Parcel Number | 001-065-006 | Improvements Assessment | $2,752,327 |
| Land Assessment | $2,604,351 | Total Assessment | $5,356,678 |
PROPERTY TAXES
Parcel Number
001-065-006
Land Assessment
$2,604,351
Improvements Assessment
$2,752,327
Total Assessment
$5,356,678
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607 Grand Apartments | 607 Grand Ave
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