5340 Palma, Atascadero, California 93422, Atascadero, 93422 - 0 bed, 0 bath
Loading property details...
Atascadero, California 93422
This Multi-Unit Residential Income Property is a strategic asset listed at $999,000, reflecting its high-yield potential relative to the $881,981 Fair Market Value. The property features a rare Four-Unit Configuration—comprising a 1915 main house and three 1986 units—situated on an Expansive 17,150 Sq Ft Lot near downtown Atascadero. With a Condition Rating of 4, the structures offer substantial Value-Add Potential for those prepared to modernize and address deferred maintenance. Located in the Atascadero Unified district, this acquisition is ideal for Buy-and-Hold Investors or Value-Add Specialists seeking long-term ROI.
Comparables within 1 miles sold in recently
| Address | Sold Price | Beds | Baths | Sq Ft | $/Sqft | Distance |
|---|---|---|---|---|---|---|
★ 5340 Palma Subject | $999,000* List Price | 0 | 0 | 4,084 | $216 | - |
A 7100 Navajoa Avenue Sold | $890,000 | 6 | 4 | 3,209 | $277 | 0.9 mi |
B 8412 Alta Vista Active Under Contract | $999,000 List Price | 4 | 4 | 3,228 | $309 | 0.7 mi |
* Subject property listed price vs sold prices of comps.
Property is moderate renovation needed.
The property consists of a 1915 main house and three additional units built in 1986. The listing explicitly highlights 'renovation possibilities' and 'deferred maintenance,' suggesting that while the structures are functional, they are significantly outdated. The 1980s units are nearly 40 years old without mention of major recent updates, and the main house requires substantial modernization to meet current aesthetic and efficiency standards.
The property has a large lot size, which is more than 4 times of its living area. lot size in square feet = 17150, living area = 4084.
The property features a unique multi-unit configuration with a main house and three additional 2-bedroom units, offering substantial rental income opportunities on a single lot.
Situated near beautiful downtown Atascadero, the property provides excellent proximity to local amenities, shopping, and dining, which is a major draw for potential tenants.
Living area discrepancy between mls listing and other public or private record. mls listing living area = 4084, other record living area = 1204.
The 1915 main house and 1980s units are marketed as having 'renovation possibilities,' indicating a need for significant capital investment to modernize and repair the structures.
Maintaining four separate dwellings across different construction eras (1915 and 1986) increases long-term upkeep costs and operational oversight for the owner.
BEAUTIFUL RENOVATION POSSIBILITIES! Atascadero Colony home with three additional single story units on over a third of an acre. The main house is over 1200 square feet with two bedrooms and one bath. The units were built in 1986 and are 960 square feet each with two bedrooms and one and three-quarter baths each. This property has so much to offer, is a wonderful investment opportunity, plus it's located close to beautiful downtown Atascadero. Call your favorite Realtor and make plans to see it today.
No exterior & parking available.
No sensitive facilities data found.
| Feature | Subject | Average Home | Neighborhood Ranking (50 Listings) |
|---|---|---|---|
| Beds | 0.0 | 3.0 | 4% |
| Baths | 0.0 | 2.0 | 4% |
| Square foot | 4,084 | 1,942 | 97% |
| Lot Size | 17,150 | 32,234.4 | 32% |
| Price | $999.0K | $850.0K | 67% |
| Price per sq ft | $245 | $453 | 2% |
| Built year | 1915 | 1986 | 2% |
| HOA | $0 | $0 | 50% |
| Days on market | 79 | 171 | 24% |
Mar 10, 2026
$999,000
$1,100,000
-9% Price Drop
Initial Listing
Feb 2, 2026
$1,100,000
Initial Listing
Oct 12, 2000
$333,000
Public Record
Apr 1, 1997
$86,000
Public Record