204 N Chorro St · San Luis Obispo, CA 93405

$14,750,000

2100 bd · 1225.0 ba · 26,672 sqft · MultiFamily · 147 Days on market

Built 1953 Good condition 1.43 ac lot $553/sqft · at area comps Est $14247k · at est.

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Why this score? — see what drove the C grade

The composite is a weighted blend of 9 inputs, each scored 0–100. Each bar is that input's sub-score; the figure is the points it added to the 100-point composite (weight × sub-score).

• Cash flow +23.7/30.0
• DSCR +7.6/10.0
• 1% rule +6.2/10.0
• ARV discount +5.9/15.0
• Schools +4.6/10.0
• Rent growth +4.2/5.0
• Condition / age +4.0/5.0
• Livability +3.7/5.0
• Appreciation +0.0/10.0

Multi-family units

County records classify this as Multi-Family (5+ Unit). Listing-text estimate: 35 units. confirmed

5+ unit building — per-unit beds/baths from public records are typically unavailable; the breakdown below (if shown) is an estimate from the listing text.

Listing remarks MLS

College Garden Apartments is a 35-unit multifamily community located at 204, 228, 256, and 284 North Chorro Street within San Luis Obispo's established student housing corridor. Situated just 0.8 miles from Cal Poly and easily accessed via Foothill Boulevard, the property offers students a convenient commute in a highly walkable area surrounded by dining, coffee shops, fitness centers, and other off-campus housing. The unit mix includes one- and two-bedroom layouts, featuring 18 standard apartments and 7 two-bedroom bungalow-style units. Approximately 35 private garage spaces, roughly one per tenant, provide rare storage and privacy for student housing. Additional features include on-site laundry and an unused on-site manager space, offering future operational flexibility.

Key facts

• Highly walkable area
• Convenient commute
• On-site laundry

Tags

• MULTIFAMILY COMMUNITY
• CONVENIENT COMMUTE
• HIGHLY WALKABLE AREA
• ON-SITE LAUNDRY

What this means for you Summary

Snapshot

• This is a 35 × 60-bed/?-bath units multifamily listed at $14.75M. Condition is rated good.

Deal economics

• At list price, monthly cash flow is $28k ($337k/yr) — positive. Per door: $803/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($165k rent vs $14.75M).
• Recommended offer: $12.98M (12.0% below list) — sets the bar for market timing.
• Cap rate 8.6% vs local median 2.1% in San Luis Obispo — top-decile yield for the area; either an underpriced asset or a hidden risk that comps aren't pricing in. Stress-test before assuming the spread holds.

Location & tenants

• Location reads 74/100 on livability (#132 in CA, #4,576 nationally) — a middle-class / working-renter tenant base. Strengths: amenities A+, commute A+, health & safety A+; Watch: crime F, cost of living F.
• San Luis Coastal Unified (urban): math 50% / reading 58% proficiency, ranked #118 of 517 in CA (top 23%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Market conditions: Rents rising fast (+7.0%/yr); 51 active listings in the ZIP; 1,104 units permitted in San Luis Obispo County in 2024 (273 in 5+ unit buildings).
• At $164,596/mo this rent would consume 3270% of the median local household income ($60k/yr) (locally 3368% of renters already pay >50% of income on rent) — very limited rent-growth headroom before tenants either downsize or default.

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $102k of loan paydown is wiped out by about $442k of value loss. Plan a longer hold.
• San Luis Obispo County population projected at +20% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• At projected returns (-3.0% appreciation + 7.0% rent growth), your $4.13M cash investment doubles in ~9 years — after that, you're playing with house money.

Negotiation context

• It's been on market 147 days — a 12% lower offer ($12.98M) is reasonable based on typical stale-listing flexibility.

Risks & watch-outs

• Watch-outs: built in 1953 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: moderate wildfire risk — expect insurance premiums to compound above CPI over the hold.

Recommended offer $12,980,000 (12.0% below list)

Questions for the listing agent

1. It's been on market 147 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
2. Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
3. What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
4. Built in 1953 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
5. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
6. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
7. Schools are B-rated — typically a magnet for longer-tenancy family renters. What's the average tenant stay here, and is there a school-zone premium baked into asking?
8. Crime grade is F in this area — have there been break-ins, vandalism, or insurance claims at this property in the last 3 years? What carrier currently insures it and at what premium?
9. What's the average days-on-market for RENTAL listings here right now (not sales)? A rising rental-DOM trend means longer vacancies and softer asking-rent achievability than the comps imply.
10. What's the recent tenant-quality profile in this submarket — average credit score on applications, eviction rate, late-payment / NSF rate, and stable-employment percentage? A property-management company in the area should have these aggregated.
11. How much new apartment / multifamily construction is in the pipeline within 1–3 miles? Heavy new supply (>2% of stock underway) typically softens rents 12–24 months out; light construction supports rent growth.

Investment metrics

• 1% rule: 1.12% ✓
• Cap rate: 8.58%
• Cash-on-cash: 8.16%
• DSCR: 1.36
• GRM: 7.5

CMA / ARV

• ARV (median comp): $14,247,299
• List price: $14,750,000
• Delta: 3.53%
• Verdict: FAIR
• Comps: 1 within 2.0 mi

Projected returns pro-forma

-3.0% appreciation · 6.97% rent growth · sell at horizon

5-year hold

• IRR: 0.5%
• Equity multiple: 1.02×
• Total profit: $85,551
• Equity at exit: $2,199,273

10-year hold

• IRR: 13.9%
• Equity multiple: 2.32×
• Total profit: $5,433,867
• Equity at exit: $1,275,310

Cash invested: $4,130,000 (down + closing). Projections, not guarantees.

Landlord ↔ Tenant lean methodology

• Overall (STATE): 18 Strongly Tenant-Friendly
• State California: 18 Strongly Tenant-Friendly · D+13
• County: — inherits STATE
• City: — inherits STATE

AB1482 statewide rent cap (10% + CPI). Cities (SF/LA/Berkeley) layer stricter rules. Just-cause statewide.

Methodology + full state rankings →

ZIP-level market 93405

• Rents YoY: 7.0%
• Active inventory: 51
• Price-to-rent: 261.4×

Monthly cashflow live

• Estimated rent: $164,596 medium
• Mortgage (P&I): −$77,351
• Tax est. 1.5%: −$18,438 /mo · $221,250/yr
• Insurance: −$6,146
• HOA: −$0
• Vacancy / Maint / Mgmt: −$34,565
• Net cashflow: $28,097

Break-even live

Break-even rent $129,030

Max offer price $14,750,000

Occupancy floor 78%

35-unit breakdown (identical units grouped — click to expand)

Units	Beds	Baths	Est. rent
▸ 35× units	60	—	$164,605
Total (35 units)			$164,596

UW: 25.0% down · 7.5% · 30yr · 1.5% tax · 5.0% vac · 8.0% maint · 8.0% mgmt

Financing live

Cash to close

• Down payment: $3,687,500
• Closing costs: $442,500
• Reserves months: —
• Total cash needed: —

Listing history 16 events

1. 2026-06-18
   days on market $14,750,000 Active 147 DOM
2. 2026-06-17
   days on market $14,750,000 Active 146 DOM
3. 2026-06-16
   days on market $14,750,000 Active 145 DOM
4. 2026-06-15
   days on market $14,750,000 Active 144 DOM
5. 2026-06-14
   days on market $14,750,000 Active 142 DOM
6. 2026-06-13
   days on market $14,750,000 Active 141 DOM
7. 2026-06-10
   days on market $14,750,000 Active 139 DOM
8. 2026-06-09
   days on market $14,750,000 Active 138 DOM
9. 2026-06-08
   days on market $14,750,000 Active 137 DOM
10. 2026-06-07
    days on market $14,750,000 Active 136 DOM
11. 2026-06-03
    days on market $14,750,000 Active 132 DOM
12. 2026-06-02
    days on market $14,750,000 Active 131 DOM
13. 2026-06-01
    days on market $14,750,000 Active 130 DOM
14. 2026-05-31
    days on market $14,750,000 Active 129 DOM
15. 2026-05-30
    days on market $14,750,000 Active 128 DOM
16. 2026-01-22
    listed $14,750,000 Active 783-char remark

    Show marketing remark (783 chars)

    College Garden Apartments is a 35-unit multifamily community located at 204, 228, 256, and 284 North Chorro Street within San Luis Obispo's established student housing corridor. Situated just 0.8 miles from Cal Poly and easily accessed via Foothill Boulevard, the property offers students a convenient commute in a highly walkable area surrounded by dining, coffee shops, fitness centers, and other off-campus housing. The unit mix includes one- and two-bedroom layouts, featuring 18 standard apartments and 7 two-bedroom bungalow-style units. Approximately 35 private garage spaces, roughly one per tenant, provide rare storage and privacy for student housing. Additional features include on-site laundry and an unused on-site manager space, offering future operational flexibility.

ⓘ Source: listings_history table (triggers on properties + properties_extension) + one-shot backfill from property_details.listing_events for pre-trigger history.

Climate risk First Street

• 🌊 Flood 1/10 Low FEMA zone X (unshaded) · 0% chance over 30 yrs
• 🔥 Wildfire 5/10 Major
• 🌡 Heat 4/10 Moderate 7 d/yr ≥85°F today · 18 d/yr by 30 yrs out
• 💨 Wind 1/10 Low
• 🫁 Air quality 6/10 Major 11 unhealthy d/yr today · 11 by 30 yrs out

Taxation est. · year 1

• Rental income: $1,975,152
• − Mortgage interest: −$826,229
• − Property taxes: −$221,250
• − Insurance: −$73,750
• − Repairs & maintenance: −$158,012
• − Management: −$158,012
• − Depreciation: −$429,091
• Taxable income: $108,807
• Est. tax owed @ 24.0%: −$26,114
• After-tax cash flow: $311,049/yr

For passive investors: Depreciation is non-cash, so a rental often shows a tax loss while cash-flowing — sheltering income. Rental losses are passive: they offset passive income freely, and up to $25,000/yr can offset ordinary (W-2) income if you actively participate and your MAGI is under $100k (phasing out to $0 by $150k); unused losses carry forward. On sale, claimed depreciation is recaptured at up to 25%, and gains may owe capital-gains tax (a 1031 exchange can defer both). Figures are a year-1 estimate at your 24.0% rate — not tax advice; consult a CPA.

Condition & rehab AI · 12 photos

Good 80/100 Cosmetic rehab

This well-maintained, move-in-ready apartment complex offers a good investment opportunity with minimal repairs needed.

Value-add opportunities

• Both Paint exterior — Enhances curb appeal and resale value
• Both Replace carpet with hardwood — Improves aesthetics and rental appeal
• Both Update kitchen cabinets — Modernizes kitchen and enhances resale value

Renovation cost estimate screening

Value-add ROI direction

• Both Paint exterior — Enhances curb appeal and resale value ↑
• Both Replace carpet with hardwood — Improves aesthetics and rental appeal ↑
• Both Update kitchen cabinets — Modernizes kitchen and enhances resale value ↑

ⓘ Cost ranges are severity-bucket heuristics (US national rule-of-thumb). Get contractor quotes + a written scope before underwriting a rehab budget.

Schools (NCES district)

• District: San Luis Coastal Unified
• NCES district ID: 0634800
• Math proficiency: 50% ▼ -14.00%
• Reading proficiency: 58% ▼ -12.00%
• Median HH income: $53,428
• Composite: 46.4/100
• National rank: #2455
• State rank: #118 of 517 in CA

Livability — San Luis Obispo

• Score: 74/100
• State rank: #132
• US rank: #4576

Category grades

Amenities A+ Commute A+ Cost of living F Crime F Employment C+ Housing C Health & safety A+ User ratings A+

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: San Luis Obispo, CA
• County: San Luis Obispo County · 224,651 people
• City population: 54,204
• Metro: San Luis Obispo-Paso Robles, CA
• Population (ZIP): 25,002
• Household income: $60,399
• Rent vs Own: 65.3% rent · 34.7% own
• Severe rent burden: 3368.0

Population outlook (San Luis Obispo County) Hauer SSP2

• Today (2025): 306,977 people
• By 2030: 320,378 · +4.4%
• By 2040: 343,933 · +12.0%
• By 2050: 366,853 · +19.5%
• By 2075: 428,329 · +39.5%
• By 2100: 460,687 · +50.1%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (72%)
• Race & ethnicity: White 72% Hispanic / Latino 15% Two or more races 10% Asian 6% Black 1%
• Hispanic origin (detail): Mexican 11%
• Common ancestry: Italian 4% Lithuanian 2% Portuguese 2%
• Foreign-born: 6% · Canada, China
• Languages at home: 84% English-only · Spanish 8% Other Indo-European 2% Chinese 1%

Political lean MEDSL · San Luis Obispo

• 2024 margin: D (+10.9) · D 53.9% · R 43.1% · Other 3.0%
• 2008→2024 swing: +5.5pp toward D · 2008: 5.4pp · 2024: 10.9pp
• All cycles: 2024: D+10.9 2020: D+13.1 2016: D+8.3 2012: D+1.0 2008: D+5.4

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -840.08%
• Current HPI: 379.5701
• Rent YoY: ▲ 6.97%
• Metro: San Luis Obispo-Paso Robles, CA
• State GDP YoY: ▲ 3.21%
• F500 in state: 116

Industry mix (Fortune 500 HQ in CA)

Industry	F500 HQs	Revenue
▸Technology	27	$1,492B
▸Financial Services	3	$174B
▸Retail	3	$44B
▸Insurance	3	$26B
▸Media / Entertainment	2	$115B
▸Pharmaceuticals / Biotech	2	$62B

Price history

1 event — show timeline

• 2026-01-22 Listed $14,750,000 SBMLS