3281 Rockview Place, San Luis Obispo, California 93401, San Luis Obispo, 93401 - 0 bed, 0 bath
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San Luis Obispo, California 93401
This High-Performing Income Asset is listed at $1,295,000—positioned well below the $1,304,908 Fair Market Value by 1%, representing a fair and stable entry point. This valuation offers $9,908 in Instant Equity for a property already generating $97,200 in gross annual rent. With a Condition Rating of 4, the asset provides significant value-add potential through approved plans for a third residence on a massive 41,818 sqft lot featuring mountain views. This strategic acquisition is ideal for Buy-and-Hold Investors or Developers looking to maximize cash flow in San Luis Obispo.
Comparables within 1 miles sold in recently
| Address | Sold Price | Beds | Baths | Sq Ft | $/Sqft | Distance |
|---|---|---|---|---|---|---|
★ 3281 Rockview Place Subject | $1,295,000* List Price | 0 | 0 | 2,240 | $583 | - |
A 3291 Rockview Place Active | $1,425,000 List Price | 0 | 0 | 2,232 | $638 | 0.0 mi |
* Subject property listed price vs sold prices of comps.
Property is moderate renovation needed.
Built in 1944, the property is a well-maintained income-producing asset but remains largely dated. The kitchen features older white appliances and cabinetry, while the bathrooms and living areas show vintage finishes and fixtures consistent with a home that has had regular upkeep but no recent comprehensive renovation. It is functional and livable but requires modernization to meet current aesthetic standards.
The property has a large lot size, which is more than 4 times of its living area. lot size in square feet = 41818, living area = 2240.
The property is a high-performing asset generating approximately $97,200 in gross annual rent from two fully leased units, providing instant ROI for investors.
With approved plans for a third 4-bedroom residence, there is a clear path to increase annual income by an estimated $65,000+, significantly enhancing the property's long-term value.
Living area discrepancy between mls listing and other public or private record. mls listing living area = 2240, other record living area = 1640.
Built in 1944, the existing structures may require higher maintenance costs or modernization to meet contemporary standards compared to newer developments.
Realizing the full income potential depends on the buyer verifying permit status and development requirements with the City, which introduces regulatory risk and timing uncertainty.
Two leased units generating ~ $97,200 annually plus approved plans per seller for a future 4-bedroom, 2-bath residence capable of producing an estimated ~$65,000+ in additional annual income. 3281 Rockview presents a strong income-producing property in one of San Luis Obispo’s convenient hillside locations. The property includes a 5-bedroom, 3-bath main residence and a separate 2-bedroom, 1-bath unit, creating a flexible configuration for investors or owner-users seeking rental income with long-term upside. Both units are currently leased, producing approximately ~$97,200 in gross annual rent. Approved plans per seller exist for a future 4-bedroom, 2-bath residence on the property, offering the potential to significantly increase income or expand living space. Buyers should verify permit status, square footage, and development potential with the City of San Luis Obispo. The property also includes two RV parking spaces on the upper portion of the lot, and utilities have been extended on the property per seller. Located just minutes from downtown San Luis Obispo, restaurants, shopping, and major commuter routes, the property benefits from proximity to established neighborhoods and evolving restaurant and retail areas. Both 3281 and 3291 Rockview are offered for sale, creating the potential for a larger estate footprint or expanded investment strategy.
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 | 2,240 | 1,811 | 64% |
| Lot Size | 41,818 | 6,000 | 94% |
| Price | $1.29M | $1.19M | 55% |
| Price per sq ft | $578 | $645 | 25% |
| Built year | 1944 | 2002 | 10% |
| HOA | $0 | $32 | 47% |
| Days on market | 43 | 188 | 4% |
Mar 10, 2026
$1,295,000
Initial Listing
May 23, 2024
$400,000
Public Record