Nestled in a prime San Luis Obispo location just minutes from downtown, 1420 & 1428 Johnson Avenue presents a rare and versatile investment opportunity featuring three well-maintained residential units on one property. Thoughtfully configured for flexible ownership, rental income, or multi-generational living, this unique property blends charm, privacy, and functionality. The front bungalow at 1420 Johnson, originally built in 1925, offers approximately 800± square feet and enjoys a private setting separate from the other units. This charming 2-bedroom, 1-bath home features a comfortable living room, a separate eat-in kitchen, and a private front yard space that enhances its classic character and livability. The attached studio unit, added on in 1943, approximately 400± square feet, has been tastefully updated in recent years and features its own private rear entrance. Highlights include newer dual-pane replacement windows, an oversized updated kitchen, a 3/4 bathroom, spacious studio living area with room for both bedroom and living furnishings, and a built-in closet organization system. The bungalow and studio share laundry facilities and utilities. Built in 2005, the detached rear residence at 1428 Johnson Avenue is approximately 1,000± square feet and operates independently with separate utilities. Positioned above an expansive 3-car garage, this thoughtfully designed upstairs home offers an open-concept floor plan with the kitchen and living room flowing seamlessly together, creating a bright and airy atmosphere. The layout includes a spacious primary bedroom and full bathroom situated privately on one side of the home, along with a private balcony for outdoor enjoyment. Separate laundry is conveniently located within the garage. 5+ Onsite Parking Spaces. Exceptionally maintained and ideally located, this property offers strong investment potential, flexible living arrangements, and long-term value in one of San Luis Obispo’s most desirable neighborhoods.