Homes for sale - 5190 Palma Avenue, Atascadero, CA 93422

Additional details

Paul Ward

somis@homeandranchsellingteam.com +1(805) 479-5004

Listed by Chelsea King • Invest SLO

$1,100,000

Est. payment - /mo

4 Beds

2 Baths

2,000 SqFt

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UPDATED:

Key Details

Property Type Multi-Family

Sub Type Duplex

Listing Status Active

Purchase Type For Sale

Square Footage 2,000 sqft

Price per Sqft $550

MLS Listing ID PI-25278792

Style Traditional

Bedrooms 4

Full Baths 2

Year Built 1958

Lot Size 0.380 Acres

Property Sub-Type Duplex

Source California Regional Multiple Listing Service (CRMLS)

Property Description

Located at 5190 & 5200 Palma Avenue, “The Palms” presents a rare and highly refined high-density multifamily development—with the opportunity to collect fair market value rents for two units while building two additional units. On a 0.38-acre parcel in the heart of Atascadero's Downtown District, the property features two attached residential units with two attached garages. It is ideally situated just steps from the historic Sunken Gardens and the Atascadero Administration Building, placing it at the center of the city's pedestrian-friendly civic core. Zoned RMF-10, with two units and the opportunity to have a total of 4 units, the site offers meaningful future density upside on an efficiently sized, centrally located parcel—an increasingly scarce combination in downtown Atascadero.

The property currently features a duplex and includes approval for two additional units, allowing for immediate expansion, with active building permits for two additional residences, along with flexible design standards allowing for expanded bedroom and bathroom configurations.

Location remains the property's defining strength, offering immediate walkability to Atascadero's revitalized downtown—now featuring a new pedestrian mall, mixed-use development, local dining, breweries, boutique shopping, and year-round community events—while also providing convenient access to Highway 101. Strategically positioned between the Paso Robles wine region to the north and the academic and cultural center of San Luis Obispo to the south, “The Palms” occupies a central position within a region experiencing sustained economic growth, making it an ideal opportunity for investors seeking both current income and long-term development potential.

Location

State CA

County San Luis Obispo

Area Atsc - Atascadero

Zoning RMF-10

Interior

Interior Features Ceiling Fan(s), Open Floorplan

Heating Wall Furnace

Cooling Wall/Window Unit(s)

Flooring Vinyl, Tile

Fireplaces Type None

Laundry Gas & Electric Dryer Hookup, In Garage

Exterior

Parking Features Concrete, Driveway

Garage Spaces 2.0

Pool None

Community Features Gutters, Sidewalks, Suburban

Utilities Available Sewer Connected, Water Connected, Cable Available, Electricity Connected, Natural Gas Connected, Phone Available

View Y/N Yes

Building

Lot Description Level with Street, Lot 10000-19999 Sqft, Rectangular Lot, 0-1 Unit/Acre

Sewer Other, Public Sewer

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Paul Ward

+1(805) 479-5004

Agent | License ID: 01354001

Agent License ID: 01354001

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5190 Palma Avenue Atascadero, CA 93422

Paul Ward

Key Details

Location

Interior

Exterior

Building

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