1143 Walnut Street, San Luis Obispo, CA 93401

• 5 beds |
• 3 baths |
• 1,953 sqft

Property Description

Investment Opportunity in Prime San Luis Obispo Location – R2 Lot with Expansion Potential! Unlock the possibilities with this centrally located property just minutes from downtown San Luis Obispo and convenient freeway access. Situated on an R2-zoned lot, this unique investment opportunity features a spacious 4-bedroom, 2-bathroom main house built in 1925, plus a detached 1-bedroom, 1-bathroom ADU built in 1938 - ideal for rental income, multi-generational living, or future development. Both units are currently rented, providing immediate cash flow for investors. The property offers flexible living arrangements and strong rental potential, with ample space to reconfigure, upgrade, or expand. Whether you're looking to add units, renovate, or build out, the R2 zoning opens doors for creative growth (buyer to verify all plans and zoning with the city). Enjoy the benefits of a downtown neighborhood near shops, restaurants, parks, and public transit. With income already in place and zoning that supports future development, this property is a smart addition to any portfolio. Explore the upside potential and make your move in one of SLO's most desirable investment corridors. Don't miss out-schedule a viewing and explore the potential today!

Listing Status:

Active

Date Added:

August 15, 2025

Data Last Updated:

March 5, 2026 at 4:08PM

Listing Office:

Farrell Smyth Real Estate : 805-543-2172

Listing Agent:

Jennifer Hamilton : 805-543-2172

MLS ID:

CRSC25180078

Interior

• General: Family Room
• Appliances: Gas RangeRefrigerator
• Laundry: Inside
• Flooring: VinylCarpet
• A/C: Ceiling Fan(s)None
• Heating: Central
• Fireplace: None
• Disability Feature: None

Exterior

• General: Front YardOther
• Pool: None

Construction

• General: 2

Location

• HOA Amenities: 0.0
• Originating MLS: CRMLS
• School District: San Luis Coastal Unified
• County: San Luis Obispo

Lot

• Zoning: R2002315006
• View: None

Utilities

• Utilities: Cable AvailableNatural Gas Connected

Financial

• Source: CRMLS