
San Luis Obispo, California 93405
This Single Family Residence is a High-Potential Investment Opportunity, listed at $999,900—positioned above the $888,418 Fair Market Value. While the property commands a premium, it offers a Condition Rating of 3, featuring a Modernized Kitchen with granite countertops and stainless steel appliances. The Iconic Mountain Views of Bishop Peak and the Versatile Bonus Space provide significant lifestyle appeal. Despite the compact 847 square foot footprint, the property serves as a unique asset for Buy-and-Hold Investors or Owner-Occupants seeking a prime San Luis Obispo location.
Comparables within 1 miles sold in recently
| Address | Sold Price | Beds | Baths | Sq Ft | $/Sqft | Distance |
|---|---|---|---|---|---|---|
★ 31 Rafael Way Subject 2 bd · 1 ba · 847 sqft · $1,028 | $949,900* List Price | 2 | 1 | 847 | $1,028 | - |
A 71 Rafael Way Sold 3 bd · 2 ba · 1,160 sqft · $849 · 0.1 mi | $985,000 | 3 | 2 | 1,160 | $849 | 0.1 mi |
B 25 Chorro Sold 2 bd · 1 ba · 950 sqft · $868 · 0.5 mi | $825,000 | 2 | 1 | 950 | $868 | 0.5 mi |
C 137 E Foothill Boulevard Active 3 bd · 1 ba · 1,003 sqft · $886 · 0.3 mi | $889,000 List Price | 3 | 1 | 1,003 | $886 | 0.3 mi |
* Subject property listed price vs sold prices of comps.
Property is move-in ready.
Although built in 1946, the property features a renovated kitchen with granite countertops, stainless steel appliances, and recessed lighting consistent with a 5-15 year old remodel. The bathroom has been updated with tile surrounds, and the living areas feature modern vinyl flooring, making the home functional and move-in ready despite dated elements like popcorn ceilings in bedrooms and unfinished bonus spaces.
The property boasts exceptional views of Bishop Peak directly from the kitchen window and the backyard, offering a highly desirable and quintessential San Luis Obispo backdrop.
The kitchen features high-quality finishes including granite countertops, stainless steel appliances, and warm wood cabinetry, providing a contemporary workspace within a charming classic home.
Beyond the primary living area, the home includes an expansive bonus/storage space with skylights and multiple outdoor sheds, offering significant flexibility for a workshop, studio, or hobby room.
At only 847 square feet with a single bathroom, the living space is quite compact, which may be a constraint for growing families or those requiring more indoor room.
With a list price of $999,900 for a sub-900 square foot residence, the property commands a premium price point that may challenge buyers looking for more living area for their investment.
Bishop Peak views, classic SLO charm, and plenty of possibilities come together at 31 Rafael Way in San Luis Obispo. Situated on a 6,063 square foot lot, this 2-bedroom, 1-bath home offers 847 square feet of living space along with a garage, additional storage, and flexible bonus space. Inside, the inviting living room features a fireplace and vinyl flooring, while the adjoining dining area is surrounded by windows that bring in natural light. The kitchen features granite countertops, warm wood cabinetry, recessed lighting, tile flooring, and stainless steel appliances, including a gas range and built-in microwave. Even washing dishes comes with a view, with Bishop Peak visible right from the kitchen window. The home offers two bedrooms and a full bathroom, creating a comfortable and efficient floor plan within its 847 square feet. The bathroom features tile flooring and a tiled tub/shower surround. Beyond the main living area, an expansive bonus/storage space with skylights offers additional versatility for hobbies, projects, a workshop, or simply extra storage. A garage and multiple outdoor storage sheds provide even more room for tools, equipment, and belongings. Outside, the 6,063 square foot lot offers plenty of opportunity to reimagine the yard and create an outdoor space all your own. A covered outdoor area provides additional space to gather and enjoy the Central Coast climate, while beautiful views of Bishop Peak create a distinctly San Luis Obispo backdrop. Whether you're looking for a place to make your own or an investment opportunity in San Luis Obispo, 31 Rafael Way offers the chance to enjoy the SLO lifestyle with one of the area's most recognizable peaks right outside your door. Conveniently located near downtown SLO, Cal Poly, hiking trails, and parks, with the award-winning wineries of Edna Valley and beautiful Central Coast beaches just a short drive away. Don’t miss this opportunity to make 31 Rafael Way your own. Live the SLO Life!
No exterior & parking available.
No sensitive facilities data found.
| Feature | Subject | Average Home |
|---|---|---|
| Beds | 2.0 | 3.1 |
| Baths | 1.0 | 3.0 |
| Square foot | 847 | 1,906.09 |
| Lot Size | 6,063 | 6,523.766 |
| Price | $949.9K | $1.28M |
| Price per sq ft | $1.1K | $683 |
| Built year | 1946 | 1986 |
| HOA | $0 | $86 |
| Days on market | 22 | 49 |
Oct 9, 2026
$949,900
$999,900
-5% Price Drop
Initial Listing
Oct 2, 2026
$999,900
Initial Listing