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!
Sold for $915,000
Listed by: Farrell Smyth Real Estate • Jennifer Hamilton • Contact: 805-543-2172
Bought with: Compass
$915,000
1143 Walnut St, San Luis Obispo, CA 93401
5beds
1,953sqft
Single Family Residence
Built in 1925
7,500 Square Feet Lot
$-- Zestimate®
$469/sqft
$6,081 Estimated rent
Home value
Not available
Estimated sales range
Not available
$6,081/mo
Zestimate® history
Owner options
List your home for rent
$6,081/mo
Rent Zestimate®
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$6,081/mo
Rent Zestimate®
Refinance and save
$5,719/mo
Est. payment
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$5,719/mo
Est. payment
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Zillow last checked:
Listing updated:
Listed by:
Jennifer Hamilton DRE #01800791 jennifer@farrellsmyth.com,
Farrell Smyth Real Estate
Bought with:
Courtney Riddle, DRE #02235516
Compass
Jensen Lossing, DRE #02107386
Compass
Source: CRMLS,MLS#: SC25180078
Originating MLS: California Regional MLS
Originating MLS: California Regional MLSFacts & features
Interior
Bedrooms & bathrooms
- Bedrooms: 5
- Bathrooms: 3
- Full bathrooms: 3
- Main level bathrooms: 3
- Main level bedrooms: 3
Rooms
- Room types: Family Room, Utility Room
Bathroom
- Features: Bathtub, Separate Shower
Heating
- Central
Cooling
- None
Appliances
- Included: Gas Oven, Gas Range, Refrigerator
- Laundry: Inside
Features
- Ceiling Fan(s), Utility Room
- Flooring: Carpet, Vinyl
- Has fireplace: No
- Fireplace features: None
- Common walls with other units/homes: No Common Walls
Interior area
- Total interior livable area: 1,953 sqft
- Finished area below ground: 0
Property
Parking
- Total spaces: 2
- Parking features: Concrete, Driveway
- Garage spaces: 2
Accessibility
- Accessibility features: None
Features
- Levels: Two
- Stories: 2
- Entry location: 1
- Patio & porch: Front Porch, Wood
- Pool features: None
- Spa features: None
- Has view: Yes
- View description: None
Lot
- Size: 7,500 Square Feet
- Features: Sloped Down, Front Yard, Yard
Details
- Parcel number: 002315006
- Zoning: R2
- Special conditions: Standard,Trust
Construction
Type & style
- Home type: SingleFamily
- Property subtype: Single Family Residence
Condition
- Fixer
- New construction: No
- Year built: 1925
Utilities & green energy
- Sewer: Public Sewer
- Water: Public
- Utilities for property: Cable Available, Electricity Connected, Natural Gas Connected, Phone Available, Sewer Connected, Water Connected
Community & HOA
Community
- Features: Sidewalks
Location
- Region: San Luis Obispo
Financial & listing details
- Price per square foot: $469/sqft
- Date on market: 8/15/2025
- Cumulative days on market: 151 days
- Listing terms: Cash to New Loan
- Road surface type: Paved
Price history
| Date | Event | Price |
|---|---|---|
| 5/1/2026 | Sold | $915,000-16.4%$469/sqft |
Source:  CRMLS #SC25180078 Report a problem | ||
| 4/1/2026 | Pending sale | $1,095,000$561/sqft |
Source: CRMLS #SC25180078 Report a problem | ||
| 2/5/2026 | Listed for sale | $1,095,000$561/sqft |
Source: CRMLS #SC25180078 Report a problem | ||
Public tax history
Tax history is unavailable.
Neighborhood: 93401
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Nearby schools
GreatSchools rating
- 6/10Hawthorne Elementary SchoolGrades: K-6Distance: 1.1 mi
- 9/10Laguna Middle SchoolGrades: 7-8Distance: 2.5 mi
- 10/10San Luis Obispo High SchoolGrades: 9-12Distance: 0.7 mi
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- California
- San Luis Obispo County
- San Luis Obispo
- 93401
- 1143 Walnut St
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