35 Blarney, San Luis Obispo, California 93405, San Luis Obispo, 93405 - 14 bed, 7 bath
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San Luis Obispo, California 93405
Analysis of 35 Blarney, San Luis Obispo, California 93405 is currently available with a list price of $2,950,000. The property maintains a Fair Condition Rating (50/100), suggesting the property is in acceptable condition with potential for value enhancement through selective updates and improvements. Located in a high-demand neighborhood within the San Luis Obispo Unified School District, this asset is categorized as a low-risk, high-reward acquisition suitable for both Buy-and-Hold Investors and Owner-Occupants willing to undertake light renovation work.
Property is moderate renovation needed.
The property is a 1930s-built multi-unit rental complex that has undergone partial updates. While the kitchens in some units feature granite countertops and relatively modern cabinetry, the overall condition shows signs of age and heavy rental use, including worn carpeting and dated light fixtures. The property appears well-maintained for its age and purpose, but the infrastructure is aged and the finishes are basic, fitting the criteria for a property that is functional but outdated.
The property features seven long-term rentals plus a rented barn and a versatile shop, providing immediate and robust cash flow from multiple sources.
Situated on a massive 4.78-acre lot, there is substantial upside to add additional units subject to county approval, offering excellent long-term value appreciation.
The property offers a rare combination of a peaceful country setting with iconic views of Bishop Peak and Madonna Mountain while remaining just minutes from town.
Living area discrepancy between mls listing and other public or private record. mls listing living area = 5398, other record living area = 429. Bedroom count discrepancy between mls listing and other public or private record. mls listing bedroom count = 14, other record bedroom count = 1.
With an original build date of 1930, the property may require significant ongoing maintenance or capital expenditures to update older systems and structures.
The potential to add more units is not guaranteed and is subject to county approval, which can be a complex and uncertain process for investors.
This exceptional multi-unit property delivers strong cash flow from day one with 7 long-term rentals plus additional rentable spaces. Most units feature private fenced yards for enhanced tenant appeal and privacy. Set in a peaceful country location yet just minutes from town, it boasts beautiful views of Bishop Peak and Madonna Mountain—ideal for enjoying Central Coast living. Highlights include a rented barn for extra income and a versatile shop ready for use or future rental. With room to add units (subject to county approval, buyer to verify), this is a turnkey cash-flow opportunity with excellent growth potential in one of California's most sought-after areas. Perfect for investors seeking proven performance, privacy, stunning scenery, and prime location. A rare find—don't miss out!
No exterior & parking available.
No sensitive facilities data found.
| Feature | Subject | Average Home | Neighborhood Ranking (50 Listings) |
|---|---|---|---|
| Beds | 14.0 | 1.0 | 75% |
| Baths | 7.0 | 1.0 | 75% |
| Square foot | 5,398 | 4,539 | 75% |
| Lot Size | 208,217 | 8,550 | 75% |
| Price | $2.95M | $3.02M | 50% |
| Price per sq ft | $546 | $604 | 25% |
| Built year | 1930 | 1977 | 25% |
| HOA | $0 | $0 | 50% |
| Days on market | 19 | 125 | 25% |
Apr 3, 2026
$2,950,000
Initial Listing
Mar 31, 2005
$1,025,000
Public Record
Jun 30, 2000
$500,000
Public Record