555 Westmont Ave · San Luis Obispo, CA 93405

$19,250,000

3773 bd · 2646.0 ba · 6,540 sqft · MultiFamily public records · 147 Days on market

Built 1962

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Why this score? — see what drove the D- 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 +8.5/30.0
• ARV discount +7.5/15.0
• Schools +4.6/10.0
• Rent growth +4.2/5.0
• Livability +3.7/5.0
• Condition / age +2.5/5.0
• DSCR +2.3/10.0
• 1% rule +1.6/10.0
• Appreciation +0.0/10.0

Multi-family units

County records classify this as Multi-Family (5+ Unit). Listing-text estimate: 49 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

555 Westmont Apartments is a 49-unit community consisting of six residential buildings arranged around two enclosed courtyards, creating a private, campus-style living environment. Located just off the highway, the property offers convenient access to Cal Poly via Highland Drive and strong connectivity to downtown San Luis Obispo. Proximity to both Cal Poly and Cuesta College supports consistent student demand. The unit mix includes 26 one-bedroom/one-bath units, 18 two-bedroom/one-bath units, and 5 three-bedroom/two-bath units. Amenities include ample on-site parking with uncovered and tuck-under spaces and potential future ADU conversion within existing carport areas (buyer to verify). Interior renovations present a clear value-add opportunity through modernization and rent growth.

Key facts

• Interior renovations
• 73 parking spots
• Built 1962

Tags

• CONVENIENT ACCESS TO CAL POLY
• PROXIMITY TO CAL POLY
• PROXIMITY TO CUESTA COLLEGE
• AMPLE ON SITE PARKING
• INTERIOR RENOVATIONS

What this means for you Summary

Snapshot

• This is a 26×1bd/1ba + 18×2bd/1ba + 5×3bd/2ba units multifamily listed at $19.25M.

Deal economics

• At list price, monthly cash flow is $-17k ($-202k/yr) — negative. Per door: $-344/mo.
• To cash-flow at today's rent, offer at most $16.27M (15.5% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $12.75M (33.7% below list).
• Recommended offer: $12.75M (33.7% below list) — sets the bar for 1% rule.
• Cap rate 5.2% 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 $127,545/mo this rent would consume 2534% 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 $133k of loan paydown is wiped out by about $578k 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.

Negotiation context

• It's been on market 147 days — a 12% lower offer ($16.94M) is reasonable based on typical stale-listing flexibility.
• 20 sale attempts since 27y ago with the ask held roughly flat each time — persistent listings suggest the price (not the market) is what's stuck; bring a comps-based counter.
• Current owner paid $6.75M; list at $19.25M implies a 185% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Climate carrying-cost: major wildfire risk — expect insurance premiums to compound above CPI over the hold.

Recommended offer $12,754,500 (33.7% below list)

Questions for the listing agent

1. What do current leases actually rent for vs. the listed asking? Can we see a recent rent roll and the last 12 months of T-12 income?
2. It's been on market 147 days. Have you received any prior offers? Is the seller open to a 34% concession, seller financing, or rate buy-down credit?
3. Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
4. What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
5. Built in 1962 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
6. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
7. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
8. 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?
9. 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?
10. The area grade is low — what's the realistic commute time and amenity access for the typical tenant pool here? Any planned neighborhood developments (good or bad) we should know about?
11. 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.
12. 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.
13. 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: 0.66% ✗
• Cap rate: 5.24%
• Cash-on-cash: -3.75%
• DSCR: 0.83
• GRM: 12.6

CMA / ARV

• ARV (median comp): $2,899,823
• List price: $19,250,000
• Delta: 563.83%
• Verdict: OVERPRICED
• Comps: 3 within 1.0 mi

Projected returns pro-forma

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

5-year hold

• IRR: -18.9%
• Equity multiple: 0.32×
• Total profit: $-3,670,755
• Equity at exit: $2,870,238

10-year hold

• IRR: -5.6%
• Equity multiple: 0.58×
• Total profit: $-2,250,051
• Equity at exit: $1,664,388

Cash invested: $5,390,000 (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: 708.1×

Monthly cashflow live

• Estimated rent: $127,545 high
• Mortgage (P&I): −$100,949
• Tax from tax record: −$8,648 /mo · $103,779/yr
• Insurance: −$8,021
• HOA: −$0
• Vacancy / Maint / Mgmt: −$26,784
• Net cashflow: $-16,858

Break-even live

Break-even rent $148,884

Max offer price $16,272,024

Occupancy floor —

Sensitivity live

Price	-10% $-5,961	-5% $-11,409	+0% $-16,858	+5% $-22,306	+10% $-27,755
Rent	-10% $-26,934	-5% $-21,896	+0% $-16,858	+5% $-11,820	+10% $-6,782
Rate	-1.0pp $-7,163	-0.5pp $-11,962	base $-16,858	+0.5pp $-21,846	+1.0pp $-26,920

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

Units	Beds	Baths	Est. rent
▸ 26× units	1	1	$58,890
▸ 18× units	2	1	$45,918
▸ 5× units	3	2	$22,725
Total (49 units)			$127,545

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: $4,812,500
• Closing costs: $577,500
• Reserves months: —
• Total cash needed: —

Listing history 50 events

1. 2026-06-18
   days on market $19,250,000 Active 147 DOM
2. 2026-06-17
   days on market $19,250,000 Active 146 DOM
3. 2026-06-16
   days on market $19,250,000 Active 145 DOM
4. 2026-06-15
   days on market $19,250,000 Active 144 DOM
5. 2026-06-14
   days on market $19,250,000 Active 142 DOM
6. 2026-06-13
   days on market $19,250,000 Active 141 DOM
7. 2026-06-10
   days on market $19,250,000 Active 139 DOM
8. 2026-06-09
   days on market $19,250,000 Active 138 DOM
9. 2026-06-08
   days on market $19,250,000 Active 137 DOM
10. 2026-06-07
    days on market $19,250,000 Active 136 DOM
11. 2026-06-03
    days on market $19,250,000 Active 132 DOM
12. 2026-06-02
    days on market $19,250,000 Active 131 DOM
13. 2026-06-01
    days on market $19,250,000 Active 130 DOM
14. 2026-05-31
    days on market $19,250,000 Active 129 DOM
15. 2026-05-30
    days on market $19,250,000 Active 128 DOM
16. 2026-03-31
    historical $3,850
17. 2026-03-31
    historical $3,850
18. 2026-03-31
    historical $3,850
19. 2026-03-21
    price $3,850
20. 2026-03-13
    price $4,100
21. 2026-01-22
    listed $19,250,000 Active 794-char remark

    Show marketing remark (794 chars)

    555 Westmont Apartments is a 49-unit community consisting of six residential buildings arranged around two enclosed courtyards, creating a private, campus-style living environment. Located just off the highway, the property offers convenient access to Cal Poly via Highland Drive and strong connectivity to downtown San Luis Obispo. Proximity to both Cal Poly and Cuesta College supports consistent student demand. The unit mix includes 26 one-bedroom/one-bath units, 18 two-bedroom/one-bath units, and 5 three-bedroom/two-bath units. Amenities include ample on-site parking with uncovered and tuck-under spaces and potential future ADU conversion within existing carport areas (buyer to verify). Interior renovations present a clear value-add opportunity through modernization and rent growth.

22. 2025-12-16
    listed $4,300
23. 2025-12-16
    listed $2,200
24. 2025-12-16
    listed $2,500
25. 2025-12-15
    historical $2,050
26. 2025-10-22
    historical $2,050
27. 2025-09-27
    listed $2,050
28. 2025-09-26
    historical $1,895
29. 2025-07-30
    listed $1,895
30. 2025-07-30
    listed $1,895
31. 2025-03-02
    historical $2,500
32. 2025-03-02
    historical $2,500
33. 2025-03-02
    listed $2,500
34. 2025-03-02
    listed $2,100
35. 2024-08-12
    historical $1,950
36. 2024-05-03
    listed $1,950
37. 2023-09-10
    historical $1,850
38. 2023-08-16
    listed $1,850
39. 2017-04-07
    historical
40. 2015-01-06
    historical
41. 2004-11-19
    soldstatus $6,750,000
42. 2004-11-19
    soldstatus $6,750,000
43. 2004-08-01
    historical
44. 2004-07-30
    historical
45. 2004-03-04
    listed $7,149,000
46. 2004-03-04
    listed $7,149,000
47. 2004-03-04
    listed
48. 2001-02-28
    soldstatus $375,000
49. 2001-02-23
    soldstatus $4,050,000
50. 2001-02-23
    historical

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

Tax reassessment forecast CA · Resets to sale price

• Current annual tax: $103,779 · $8,648/mo
• Projected year-2 tax: $146,300 · $12,192/mo
• Expected delta: +$42,521/yr (+$3,543/mo · 41.0%)

ⓘ Screening estimate from a state-policy table — verify with the county assessor before closing.

Climate risk First Street

• 🌊 Flood 1/10 Low FEMA zone X (unshaded) · 0% chance over 30 yrs
• 🔥 Wildfire 6/10 Major
• 🌡 Heat 4/10 Moderate 7 d/yr ≥85°F today · 17 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: $1,530,540
• − Mortgage interest: −$1,078,299
• − Property taxes: −$103,779
• − Insurance: −$96,250
• − Repairs & maintenance: −$122,443
• − Management: −$122,443
• − Depreciation: −$560,000
• Taxable loss: −$552,675
• Est. tax savings @ 24.0%: +$132,642
• After-tax cash flow: $-69,650/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.

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

-92.3% since first listed

44 events — show timeline

• 2026-03-31 Rental Removed $3,850 APPFOLIO
• 2026-03-31 Rental Removed $3,850 APPFOLIO
• 2026-03-31 Rental Removed $3,850 APPFOLIO
• 2026-03-21 Price Changed $3,850 APPFOLIO
• 2026-03-13 Price Changed $4,100 APPFOLIO
• 2026-01-22 Listed $19,250,000 SBMLS
• 2025-12-16 Listed for Rent $4,300 APPFOLIO
• 2025-12-16 Listed for Rent $2,200 APPFOLIO
• 2025-12-16 Listed for Rent $2,500 APPFOLIO
• 2025-12-15 Rental Removed $2,050 APPFOLIO
• 2025-10-22 Rental Removed $2,050 APPFOLIO
• 2025-09-27 Listed for Rent $2,050 APPFOLIO
• 2025-09-26 Rental Removed $1,895 APPFOLIO
• 2025-07-30 Listed for Rent $1,895 APPFOLIO
• 2025-07-30 Listed for Rent $1,895 APPFOLIO
• 2025-03-02 Rental Removed $2,500 APPFOLIO
• 2025-03-02 Rental Removed $2,500 APPFOLIO
• 2025-03-02 Listed for Rent $2,500 APPFOLIO
• 2025-03-02 Listed for Rent $2,100 APPFOLIO
• 2024-08-12 Rental Removed $1,950 APPFOLIO
• 2024-05-03 Listed for Rent $1,950 APPFOLIO
• 2023-09-10 Rental Removed $1,850 APPFOLIO
• 2023-08-16 Listed for Rent $1,850 APPFOLIO
• 2017-04-07 Listing Removed — NSBCRMLS
• 2015-01-06 Listing Removed — CRMLS
• 2004-11-19 Sold (MLS) $6,750,000 SBMLS
• 2004-11-19 Sold (MLS) $6,750,000 NSBCRMLS
• 2004-08-01 Delisted — CRMLS
• 2004-07-30 Listing Removed — SBMLS
• 2004-03-04 Listed — CRMLS
• 2004-03-04 Listed $7,149,000 SBMLS
• 2004-03-04 Listed $7,149,000 NSBCRMLS
• 2001-02-28 Sold (Public Records) $375,000 Public Records
• 2001-02-23 Listing Removed — NSBCRMLS
• 2001-02-23 Sold (MLS) $4,050,000 CRMLS
• 2000-12-13 Listed $3,999,000 NSBCRMLS
• 2000-12-13 Listed $3,999,000 CRMLS
• 2000-12-13 Listed $3,999,000 CRMLS
• 2000-12-13 Listed $3,999,000 NSBCRMLS
• 1999-08-19 Listing Removed — CRMLS
• 1999-08-19 Listing Removed — NSBCRMLS
• 1999-03-05 Listed $2,750,000 CRMLS
• 1999-03-05 Listed $2,750,000 NSBCRMLS
• 1982-06-02 Sold (Public Records) $50,000 Public Records

Property tax history

+2.5%/yr

Latest (2025): $103,779 · +0.7% YoY. Source: county tax records.