Investment Opportunity in Prime San Luis Obispo Location – R2 Lot with Expansion Potential! Unlock the possibilities with this centrally located property just minutes from downtown San Luis Obispo and convenient freeway access. Situated on an R2-zoned lot, this unique investment opportunity features a spacious 4-bedroom, 2-bathroom main house built in 1925, plus a detached 1-bedroom, 1-bathroom ADU built in 1938 – ideal for rental income, multi-generational living, or future development.
Both units are currently rented, providing immediate cash flow for investors. The property offers flexible living arrangements and strong rental potential, with ample space to reconfigure, upgrade, or expand. Whether you’re looking to add units, renovate, or build out, the R2 zoning opens doors for creative growth (buyer to verify all plans and zoning with the city).
Enjoy the benefits of a downtown neighborhood near shops, restaurants, parks, and public transit. With income already in place and zoning that supports future development, this property is a smart addition to any portfolio. Explore the upside potential and make your move in one of SLO’s most desirable investment corridors.
Don’t miss out—schedule a viewing and explore the potential today!
Both units are currently rented, providing immediate cash flow for investors. The property offers flexible living arrangements and strong rental potential, with ample space to reconfigure, upgrade, or expand. Whether you’re looking to add units, renovate, or build out, the R2 zoning opens doors for creative growth (buyer to verify all plans and zoning with the city).
Enjoy the benefits of a downtown neighborhood near shops, restaurants, parks, and public transit. With income already in place and zoning that supports future development, this property is a smart addition to any portfolio. Explore the upside potential and make your move in one of SLO’s most desirable investment corridors.
Don’t miss out—schedule a viewing and explore the potential today!
Current real estate data for Single Family in San Luis Obispo as of Nov 04, 2025
109
Single Family Listed
72
Avg DOM
622
Avg $ / SqFt
$1,099,867
Avg List Price
Property Details
Price:
$1,295,000
MLS #:
SC25180078
Status:
Active
Beds:
5
Baths:
3
Type:
Single Family
Subtype:
Single Family Residence
Neighborhood:
slo
Listed Date:
Aug 15, 2025
Finished Sq Ft:
1,953
Lot Size:
7,500 sqft / 0.17 acres (approx)
Year Built:
1925
Schools
School District:
San Luis Coastal Unified
Interior
Appliances
RF, GO, GR
Bathrooms
3 Full Bathrooms
Cooling
NO
Flooring
VINY, CARP
Heating
CF
Laundry Features
IN
Exterior
Community Features
SDW
Parking Spots
2
Financial
Map
Contact Us
Mortgage Calculator
Community
- AddressWalnut ST Lot 2 San Luis Obispo CA
- CitySan Luis Obispo
- CountySan Luis Obispo
- Zip Code93401
Subdivisions in San Luis Obispo
Property Summary
- Walnut ST Lot 2 San Luis Obispo CA is a Single Family for sale in San Luis Obispo, CA, 93401. It is listed for $1,295,000 and features 5 beds, 3 baths, and has approximately 1,953 square feet of living space, and was originally constructed in 1925. The current price per square foot is $663. The average price per square foot for Single Family listings in San Luis Obispo is $622. The average listing price for Single Family in San Luis Obispo is $1,099,867.
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Born and raised in Massachusetts and living throughout New England, Bunny has always enjoyed being close to the coast. Her move to California’s Central Coast has kept her near lovely, natural beaches with the added attraction of the desirable Mediterranean climate. Her love of this area makes her a natural ambassador in presenting the communities to newcomers. She enhances her knowledge of the Central Coast with over thirty years of professional real estate experience, as well as a background a…
More About Bunny
Courtesy of Farrell Smyth Real Estate. Disclaimer: All data relating to real estate for sale on this page comes from the Broker Reciprocity (BR) of the California Regional Multiple Listing Service. Detailed information about real estate listings held by brokerage firms other than CornerStone Real Estate include the name of the listing broker. Neither the listing company nor CornerStone Real Estate shall be responsible for any typographical errors, misinformation, misprints and shall be held totally harmless. The Broker providing this data believes it to be correct, but advises interested parties to confirm any item before relying on it in a purchase decision. Copyright 2025. California Regional Multiple Listing Service. All rights reserved. Walnut ST Lot 2
San Luis Obispo, CA
