
San Luis Obispo, California 93401
This Versatile Dual-Residence Asset provides a strategic entry into the San Luis Obispo market, featuring two detached homes on a single lot. Listed at $1,485,000, the property is positioned relative to a $1,373,776 Fair Market Value, offering a rare combination of R2 Zoning and dual-income potential. The property holds a Condition Rating of 4, with residences that are move-in ready within the San Luis Coastal Unified district. Boasting Mountain and Creek Views, this is an exceptional find for Owner-Occupants looking to house-hack or Buy-and-Hold Investors seeking a stable, multi-unit acquisition.
Comparables within 1 miles sold in recently
| Address | Sold Price | Beds | Baths | Sq Ft | $/Sqft | Distance |
|---|---|---|---|---|---|---|
★ 3204 Rockview Place Subject | $1,485,000* List Price | 0 | 0 | 2,388 | $575 | - |
A 1304 Sydney Street Sold | $1,155,000 | 3 | 2 | 1,772 | $652 | 0.8 mi |
B 527 Stoneridge Sold | $1,215,000 | 4 | 3 | 2,244 | $541 | 0.3 mi |
C 544 Stoneridge Drive Sold | $1,077,500 | 3 | 2 | 1,717 | $628 | 0.3 mi |
D 3202 Rockview Place Active | $1,425,000 List Price | 4 | 5 | 2,453 | $581 | 0.0 mi |
* Subject property listed price vs sold prices of comps.
Property is moderate renovation needed.
The property consists of a 1957 front home and a 2000 back home. While functional and currently tenant-occupied, the interiors are dated with finishes likely exceeding 20 years of age, including oak cabinetry, white appliances, and basic tile flooring. It is move-in ready but requires cosmetic updates and modernization of systems to meet current market standards.
Featuring two separate detached homes on an R2-zoned lot, this property offers exceptional versatility for investors or owner-occupants looking to offset their mortgage with rental income.
Both residences include bonus rooms and additional living areas with the potential to be converted into extra bedrooms, providing significant value-add opportunities and multi-generational utility.
Situated in a desirable San Luis Obispo neighborhood with easy access to downtown, the property boasts scenic mountain and seasonal creek views, enhancing its long-term desirability.
Lot size discrepancy between mls listing and other public or private record. mls listing lot size in square feet =8680, other record lot size in square feet = 7674. Living area discrepancy between mls listing and other public or private record. mls listing living area = 2388, other record living area = 448.
Both units are currently tenant-occupied, which may limit immediate possession for buyers and requires coordination for showings and inspections.
With the primary front residence dating back to 1957, buyers should anticipate potential needs for modernization or system upgrades to match the standards of the newer secondary unit.
Versatile investment opportunity in a desirable San Luis Obispo location — two separate detached homes on an R2-zoned lot totaling 8,680 sq ft. Whether you're an investor, a buyer looking to live in one unit while offsetting your mortgage with the other, or someone in need of flexible multi-generational housing, this property delivers options. 3204 Rockview Place – Front Home | 1,318 Sq Ft This multi-level, 4-bedroom, 2-bathroom home welcomes you into a living room with access to a bedroom and full bathroom. Up a few stairs you'll find the kitchen, which overlooks the living room below, along with two additional bedrooms and a sliding glass door leading to the back porch. Downstairs, a bonus room offers the potential to be converted into the 5th bedroom, accompanied by the 4th bedroom and a full bathroom. The laundry area is tucked conveniently beneath the back porch along with additional storage space. A front lawn and covered front porch complete this home's inviting curb appeal. 3206 Rockview Place – Back Home | 1,070 Sq Ft Added in 2000, this two-story, 1-bedroom, 1.5-bathroom home is thoughtfully laid out. The main level features a half bath, a kitchen opening to the living room, laundry hookups, and a sliding glass door to a concrete patio overlooking a seasonal creek. Upstairs you'll find the bedroom and full bathroom, plus an additional living area with potential to be converted into a second bedroom. Buyers should verify with the City of San Luis Obispo regarding bedroom addition requirements. The property includes 4 off-street parking spaces. Both homes are fully landscaped and currently tenant-occupied — please do not disturb occupants. Conveniently located with easy access to Broad Street and the heart of downtown SLO. The neighboring property at 3202 Rockview Place is also available for sale, presenting a rare opportunity to expand your portfolio further. Information deemed reliable but not guaranteed. Buyer to verify all details.
No exterior & parking available.
No sensitive facilities data found.
| Feature | Subject | Average Home | Neighborhood Ranking (50 Listings) |
|---|---|---|---|
| Beds | 0.0 | 3.0 | 2% |
| Baths | 0.0 | 3.0 | 2% |
| Square foot | 2,388 | 1,811 | 74% |
| Lot Size | 8,680 | 6,000 | 78% |
| Price | $1.49M | $1.19M | 68% |
| Price per sq ft | $622 | $645 | 45% |
| Built year | 1957 | 2002 | 16% |
| HOA | $0 | $32 | 47% |
| Days on market | 2 | 188 | 1% |
Apr 20, 2026
$1,485,000
Initial Listing
Apr 16, 1999
$160,000
Public Record