
San Luis Obispo, California 93401
This 1952 Cape Cod Residence is a Strong Value Opportunity, listed at $1,398,000—positioned well below the $1,404,418 Fair Market Value by 0.46%. This valuation gap offers $6,418 in Instant Equity. Featuring a Condition Rating of 3, the home includes recent upgrades like refinished hardwoods and a tankless water heater. The property offers significant versatility with a 441 sq. ft. secondary structure ideal for an ADU. This is an excellent acquisition for Buy-and-Hold Investors or Owner-Occupants seeking a prime location near Cal Poly.
Comparables within 1 miles sold in recently
| Address | Sold Price | Beds | Baths | Sq Ft | $/Sqft | Distance |
|---|---|---|---|---|---|---|
★ 1560 Phillips Lane Subject 3 bd · 3 ba · 1,848 sqft · $740 | $1,350,000* List Price | 3 | 3 | 1,848 | $740 | - |
A 1879 San Luis Drive Sold 4 bd · 2 ba · 2,200 sqft · $761 · 0.4 mi | $1,675,000 | 4 | 2 | 2,200 | $761 | 0.4 mi |
B 975 Broad Street Sold 3 bd · 3 ba · 1,809 sqft · $760 · 0.8 mi | $1,375,000 | 3 | 3 | 1,809 | $760 | 0.8 mi |
C 879 Islay Sold 2 bd · 3 ba · 1,960 sqft · $663 · 0.9 mi | $1,299,000 | 2 | 3 | 1,960 | $663 | 0.9 mi |
D 667 671 Howard Active Under Contract 4 bd · 3 ba · 1,705 sqft · $880 · 0.3 mi | $1,500,000 List Price | 4 | 3 | 1,705 | $880 | 0.3 mi |
* Subject property listed price vs sold prices of comps.
Property is move-in ready.
Built in 1952 but recently renovated with updated bathrooms, new kitchen flooring and appliances, and a modern tankless water heater. The home features refinished original hardwoods and fresh paint, making it well-maintained and move-in ready, though it retains original character that allows for further modernization.
Situated in the desirable San Luis Obispo foothills near the Mill Street Historic District and within walking distance to Cal Poly, offering exceptional lifestyle convenience and high demand.
The property includes a permitted 441 sq. ft. secondary structure with a half bath, providing a versatile space for a home office, studio, or a future income-generating ADU.
This classic 1952 Cape Cod home blends vintage charm with significant recent updates, including refinished hardwoods, new appliances, fresh paint, and a tankless water heater.
Living area discrepancy between mls listing and other public or private record. mls listing living area = 1848, other record living area = 1407.
The main residence features only one and a half bathrooms for three bedrooms, which may be a drawback for families or buyers seeking modern primary suite configurations.
As a 1950s-era home, the property may require ongoing maintenance or further modernization of original systems that were not included in the recent cosmetic improvements.
Welcome to 1560 Phillips Lane, a 1952 Cape Cod–style home tucked into the San Luis Obispo foothills near the Mill Street Historic District and within walking distance of Cal Poly. With its dormer windows, inviting front porch, established setting, and mountain views, the home offers an appealing urban cottagecore feel—classic cottage character with the convenience of an in-town location. Never before on the market, the home was built from L. F. Garlinghouse Company Plan No. 5035 and retains many of its original architectural details. The approximately 1,407 sq. ft. main residence features three bedrooms, one and a half baths, a formal dining room, kitchen with breakfast area, and attached one-car garage. Recent improvements include refinished original hardwood floors, fresh interior and exterior paint, new kitchen and laundry room flooring, updated bathrooms, a new range and microwave, and a tankless water heater. Outside, improvements include a new driveway, front-yard irrigation, refreshed landscaping, new gates, and an updated redwood front porch. The home offers the next owner an opportunity to continue the improvements. Also on the property is an original permitted secondary structure dating to the 1940s, offering approximately 441 sq. ft. of bonus space with a half bath. Recently improved with new flooring and fresh interior and exterior paint, this versatile space offers potential for a future ADU, extended living area, home office, studio, or guest space. Buyers should check with the City regarding requirements and permitting for their intended use. The spacious yard provides room for outdoor living, gardening, and entertaining. With its cottage character, in-town setting, recent improvements, and versatile secondary structure, 1560 Phillips Lane offers a unique combination of vintage charm and possibilities for the future.
No exterior & parking available.
No sensitive facilities data found.
| Feature | Subject | Average Home |
|---|---|---|
| Beds | 3.0 | 3.1 |
| Baths | 3.0 | 3.0 |
| Square foot | 1,848 | 1,906.09 |
| Lot Size | 6,600 | 6,523.766 |
| Price | $1.35M | $1.28M |
| Price per sq ft | $731 | $683 |
| Built year | 1952 | 1986 |
| HOA | $0 | $86 |
| Days on market | 24 | 49 |
Oct 10, 2026
$1,350,000
$1,398,000
-3% Price Drop
Initial Listing
Sep 30, 2026
$1,398,000
Initial Listing