
Cayucos, California 93430
This Luxury Three-Unit Coastal Compound is listed at $2,600,000, representing a stable and fair entry point aligned with its $2,548,440 Fair Market Value. Delivering an exceptional $200,000 in gross annual income, the property features a turnkey luxury renovation, panoramic ocean views, and a rare three-car garage. Situated steps from the beach within the Coast Unified School District, the flexible layout allows for a private sanctuary or a high-yield rental portfolio. This is a premier acquisition for Buy-and-Hold Investors or Owner-Occupants seeking a sophisticated California lifestyle.
Property is new construction or fully renovated.
Although originally built in 1957, the property has undergone a meticulous and extensive renovation, resulting in a turnkey luxury coastal compound. The interiors feature modern kitchen designs, updated bathrooms, and high-end finishes throughout. With all components meeting current quality standards and the property being marketed as fully remodeled and move-in ready, it qualifies for the highest condition rating.
This rare three-unit configuration delivers approximately $200,000 in gross annual rental income, providing a proven and robust investment opportunity or a significant mortgage offset for an owner-occupant.
Situated on a coveted double lot on Studio Drive, the property offers immediate beach access and breathtaking panoramic views of the Pacific Ocean, coastline, and hills.
Meticulously renovated throughout, the flexible layout allows the main residence to function as one large home or two independent units, complemented by a rare three-car garage and a resort-style backyard.
With three distinct living units and a three-car garage occupying a 4,400 square foot lot, the property may feel high-density with limited private yard space compared to traditional single-family coastal estates.
Despite extensive modern renovations, the original 1957 structure may require specialized ongoing maintenance typical of older coastal properties exposed to salt air and marine environments.
Welcome to 2873 and 2971 Studio Drive, a rare luxury THREE UNIT coastal property on one of Cayucos’ most coveted streets, just steps from the sand. Situated on an oversized DOUBLE LOT, this exceptional offering consists of a legal duplex with one residence thoughtfully configured into two separate living spaces, creating three distinct residences in total. The property has been meticulously renovated throughout and delivers an impressive approximate $200,000 in gross annual rental income. The property has undergone significant updates in 2024/2025, including new appliances, new HVAC and wall heaters, new in-slab plumbing, new bathrooms, and updated electrical throughout the home, offering a truly turnkey coastal investment. The main residence offers a modern four-bedroom, two-bathroom layout that is currently separated into upper and lower living areas, each with its own kitchen and private access, connected by an interior door when desired. This flexible design allows the home to function as a single expansive coastal residence or as two independent living spaces, ideal for maximizing income potential or accommodating extended family. The interiors are highlighted by fireplaces, sweeping ocean views, and an open, light-filled layout designed for both everyday comfort and refined coastal entertaining. The second residence is a beautifully remodeled two-bedroom, one bathroom home featuring a gas fireplace and a private, resort-style backyard complete with a covered patio, tranquil water feature, and outdoor kitchen. This residence is perfectly suited for guest accommodations, multigenerational living, or premium rental use. A rare THREE-CAR GARAGE provides additional parking and storage, a highly sought-after amenity in this prime beachside location. With BEACH ACCESS just steps from the front door, panoramic coastal views, turnkey condition, and exceptional layout flexibility, this property presents a unique opportunity to enjoy the ultimate California beach lifestyle while benefiting from strong, proven rental performance. Live in one residence while generating income from the others, or create a stunning multigenerational coastal compound. Opportunities like this on Studio Drive are exceptionally rare and represent a compelling offering for buyers seeking luxury, versatility, and long-term value on the Central Coast.
No exterior & parking available.
No sensitive facilities data found.
| Feature | Subject | Average Home | Neighborhood Ranking (50 Listings) |
|---|---|---|---|
| Beds | 6.0 | 3.0 | 90% |
| Baths | 3.0 | 2.0 | 75% |
| Square foot | 2,772 | 1,643.5 | 85% |
| Lot Size | 4,400 | 3,671 | 65% |
| Price | $2.60M | $1.32M | 80% |
| Price per sq ft | $938 | $828 | 65% |
| Built year | 1957 | 1971 | 25% |
| HOA | $0 | $0 | 50% |
| Days on market | 79 | 204 | 10% |
Mar 15, 2026
$2,600,000
$2,749,000
-5% Price Drop
Initial Listing
Feb 26, 2026
$2,749,000
Initial Listing
Feb 2, 2026
$2,899,000
Initial Listing
Jun 3, 2024
$2,175,000
Public Record
Aug 15, 2022
$1,600,000
Public Record
Apr 20, 2004
$785,000
Public Record