
Arroyo Grande, California 93420
This Versatile Residential Property represents a Strong Value Opportunity, listed at $875,000—positioned above the $835,312 Fair Market Value. While priced slightly above market, the property offers a unique Permitted ADU and VA Loan Assumption potential, providing significant long-term financial flexibility. With a Condition Rating of 4, the home is move-in ready but offers clear upside for modernization. Its prime location in the Lucia Mar Unified School District and proximity to Highway 101 make this an ideal acquisition for Buy-and-Hold Investors or Owner-Occupants seeking multigenerational living solutions.
Comparables within 1 miles sold in recently
| Address | Sold Price | Beds | Baths | Sq Ft | $/Sqft | Distance |
|---|---|---|---|---|---|---|
★ 617 Cornwall Subject 3 bd · 1 ba · 1,696 sqft · $493 | $875,000* List Price | 3 | 1 | 1,696 | $493 | - |
A 1245 Newport Sold 3 bd · 2 ba · 1,866 sqft · $445 · 0.8 mi | $830,000 | 3 | 2 | 1,866 | $445 | 0.8 mi |
B 555 S Halcyon Sold 4 bd · 2 ba · 1,498 sqft · $501 · 0.7 mi | $750,000 | 4 | 2 | 1,498 | $501 | 0.7 mi |
C 612 Gaynfair Sold 3 bd · 2 ba · 1,700 sqft · $494 · 0.9 mi | $839,000 | 3 | 2 | 1,700 | $494 | 0.9 mi |
D 1015 Sycamore Sold 3 bd · 2 ba · 1,515 sqft · $574 · 0.9 mi | $870,000 | 3 | 2 | 1,515 | $574 | 0.9 mi |
E 857 Forest Glen Drive Sold 3 bd · 2 ba · 1,610 sqft · $614 · 0.7 mi | $989,000 | 3 | 2 | 1,610 | $614 | 0.7 mi |
F 407 Chaparral Sold 4 bd · 2 ba · 1,575 sqft · $610 · 0.9 mi | $960,000 | 4 | 2 | 1,575 | $610 | 0.9 mi |
G 1176 Maple Street Sold 3 bd · 2 ba · 1,303 sqft · $583 · 0.6 mi | $760,000 | 3 | 2 | 1,303 | $583 | 0.6 mi |
H 281 Chelsea Court Pending 3 bd · 2 ba · 1,820 sqft · $547 · 0.9 mi | $995,000 List Price | 3 | 2 | 1,820 | $547 | 0.9 mi |
* Subject property listed price vs sold prices of comps.
Property is moderate renovation needed.
Built in 1962 with renovations (kitchen/flooring) appearing to be 15-25 years old. The property is functional and move-in ready but dated, featuring older wall heaters instead of central HVAC and significant cracking in the concrete driveway. The ADU shows more recent cosmetic updates, but the main residence requires modernization of systems and finishes.
The inclusion of a permitted 1-bedroom, 1-bathroom ADU offers significant flexibility for multigenerational living or the opportunity to generate rental income to offset mortgage costs.
The potential for qualified buyers to assume the seller's existing VA loan provides a rare chance to secure a lower interest rate, greatly increasing the property's long-term affordability.
Located 'West of 101' in Arroyo Grande, the property boasts a prime location near high-demand amenities, schools, and Central Coast beaches, ensuring strong resale value.
Living area discrepancy between mls listing and other public or private record. mls listing living area = 1696, other record living area = 1094.
The main residence contains three bedrooms but only one bathroom, which may be a functional challenge for families and falls below modern expectations for a home at this price point.
Built in 1962, the property may require updates to its original systems or layout to meet contemporary energy efficiency and aesthetic standards.
Versatile Arroyo Grande property featuring a 3-bedroom, 1-bath main residence plus a permitted 1-bedroom, 1-bath ADU! The property offers approximately 1,696 sq. ft. of total living space on an approximately 6,250 sq. ft. lot. This unique configuration is ideal for multigenerational living, extended family, guests, or rental income. The main residence offers a comfortable, light-filled floor plan with attractive wood-look flooring throughout much of the home and a stone fireplace anchoring the living area. The kitchen opens to the living space and features ample cabinetry and counter space, a gas range, refrigerator, and window overlooking the yard. The permitted ADU provides a separate living space with its own kitchen, living area, bedroom, and bathroom—adding tremendous flexibility and income potential. Outside, brick walkways, established landscaping and garden areas provide inviting outdoor space with room to personalize. Conveniently located near shopping, dining, schools, Highway 101, and the many amenities of Arroyo Grande and the Central Coast. An additional opportunity may be available for qualified buyers to assume the seller's existing VA loan. Loan assumption is subject to lender/servicer and VA approval and applicable requirements. With two distinct living spaces, a permitted ADU, and the potential for favorable financing, 617 Cornwall Avenue offers a combination of flexibility and opportunity that's difficult to find. Call your Realtor for a showing today!!
No exterior & parking available.
No sensitive facilities data found.
| Feature | Subject | Average Home |
|---|---|---|
| Beds | 3.0 | 3.5 |
| Baths | 1.0 | 2.8 |
| Square foot | 1,696 | 2,290.855 |
| Lot Size | 6,250 | 17,332.316 |
| Price | $875.0K | $1.21M |
| Price per sq ft | $516 | $575 |
| Built year | 1962 | 1994 |
| HOA | $0 | $155 |
| Days on market | 43 | 46 |
Sep 11, 2026
$875,000
Initial Listing
May 16, 2013
$262,000
Public Record
Jun 15, 1995
$132,000
Public Record