1536 Mill, San Luis Obispo, California 93401, San Luis Obispo, 93401 - 1 bed, 1 bath
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San Luis Obispo, California 93401
Analysis of 1536 Mill, San Luis Obispo, California 93401 is currently available with a list price of $925,000. The property maintains a Tear down Condition Rating (10/100), reflecting significant deferred maintenance. This property is best suited for experienced investors or developers prepared for substantial renovation work. Located in a high-demand neighborhood within the San Luis Obispo Unified School District, this asset is categorized as a low-risk, high-reward acquisition suitable for Experienced Investors and Fix-and-Flip Specialists.
Property is land value only, full reconstruction required.
Built in 1918 with no evidence of recent renovation, this structure exceeds the 50-year threshold for land-value focus. The exterior shows significant deferred maintenance, and the high price point for a 540 sqft dwelling on a large R2 lot indicates the value is primarily in the land for potential redevelopment.
The property has a large lot size, which is more than 4 times of its living area. lot size in square feet = 7500, living area = 540.
The property is situated on a large 7,500 sqft R2-zoned lot, providing significant opportunities for expansion, multi-unit development, or the addition of an ADU.
Boasting a high walkability score, the home is located within walking distance to downtown San Luis Obispo, local schools, and diverse dining options, ensuring strong demand.
At a list price of $925,000 for only 540 sqft of living space, the property represents an extremely high cost per square foot that may deter traditional residential buyers.
The current 1-bedroom, 1-bathroom configuration is very small by modern standards, likely requiring a substantial additional investment in renovations or additions to be functional for most occupants.
Classic style home on a large R2 lot with great potential for expansion or additional units! Sitting on a long, deep parcel, this property offers endless possibilities for investors, developers, or buyers looking for a great location! Walking distance to Cal Poly, restaurants and downtown.
No exterior & parking available.
No sensitive facilities data found.
| Feature | Subject | Average Home | Neighborhood Ranking (50 Listings) |
|---|---|---|---|
| Beds | 1.0 | 3.0 | 3% |
| Baths | 1.0 | 3.0 | 7% |
| Square foot | 540 | 1,879 | 1% |
| Lot Size | 7,500 | 5,781 | 72% |
| Price | $925.0K | $1.23M | 17% |
| Price per sq ft | $1.7K | $646 | 99% |
| Built year | 1918 | 2002 | 3% |
| HOA | $0 | $45 | 45% |
| Days on market | 16 | 139 | 2% |
May 29, 2026
$925,000
Initial Listing