1428 Morro, San Luis Obispo, California 93401, San Luis Obispo, 93401 - 2 bed, 2 bath
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San Luis Obispo, California 93401
This property presents a High-Potential Investment Opportunity with a List Price of $970,000—positioned above the $898,202 Fair Market Value by 7%. While the price reflects a premium for its downtown location, the Fair Condition Rating (5) confirms the need for a full-scale renovation. The 5,695 square foot lot and detached 2-car garage provide significant value-add potential for an ADU or expansion. This asset is best suited for Buy-and-Hold Investors or Contractors capable of executing a comprehensive modernization to capture long-term appreciation.
Comparables within 1 miles sold in recently
| Address | Sold Price | Beds | Baths | Sq Ft | $/Sqft | Distance |
|---|---|---|---|---|---|---|
★ 1428 Morro Subject | $970,000* List Price | 2 | 2 | 986 | $911 | - |
A 1628 Nipomo Street Sold | $1,150,000 | 2 | 1 | 1,116 | $1,030 | 0.3 mi |
B 1329 Beach Sold | $1,075,000 | 2 | 2 | 1,343 | $800 | 0.3 mi |
* Subject property listed price vs sold prices of comps.
Property is extensive renovation needed.
Built in 1905 with no evidence of recent renovations. The kitchen and bathrooms feature mid-century tiling and fixtures (50+ years old), and the home utilizes dated wall heaters rather than modern HVAC. The exterior shows significant deferred maintenance (peeling paint), and the listing explicitly states it is 'ready for updates,' indicating a need for a full rehab.
Situated in the heart of San Luis Obispo, this property offers unparalleled walkability to the city's best restaurants, shopping, and cultural attractions.
The 5,695 square foot lot is substantial for a downtown location and includes a rare detached two-car garage, providing excellent storage and ADU potential.
As a 1905 historic home requiring updates, it presents a prime opportunity for investors or homeowners to add value through a custom renovation in a high-demand area.
The property is in need of significant modernization and updates, which will require a substantial budget and time commitment beyond the purchase price.
With under 1,000 square feet of living space and a 1.25-bath configuration, the current footprint may be too restrictive for modern families or those seeking spacious interiors.
Welcome to 1428 Morro Street in Downtown San Luis Obispo. This 2 bedroom 1.25 bath home features 986 square feet of living space built in 1905. Jack and Jill bathroom. Enclosed porch with .25 bath and laundry hook-up. Situated on a generous 5,695 square foot lot. Includes a detached 2 car garage for added convenience and storage. This single-family home offers buyers a chance to bring their vision to life. Ready for updates, it has tremendous potential as a dream home or investment property. It’s unbeatable downtown location, puts you just minutes from restaurants, shopping, parks, and everything San Luis Obispo has to offer. This home presents a rare opportunity to own a piece of downtown San Luis Obispo. Offered at $970,000
No exterior & parking available.
No sensitive facilities data found.
| Feature | Subject | Average Home |
|---|---|---|
| Beds | 2.0 | 3.0 |
| Baths | 2.0 | 3.0 |
| Square foot | 986 | 1,846 |
| Lot Size | 5,695 | 5,168 |
| Price | $970.0K | $1.23M |
| Price per sq ft | $984 | $655 |
| Built year | 1905 | 1989 |
| HOA | $0 | $116 |
| Days on market | 15 | 48 |
Jul 7, 2026
$970,000
Initial Listing