San Luis Obispo Homes with Apartment Subtype

San Luis Obispo Homes with Apartment Subtype

San Luis Obispo County, located in the state of California, is a picturesque and vibrant region that offers a wide range of opportunities for residents and visitors alike. Known for its stunning natural beauty, welcoming community, and thriving real estate market, San Luis Obispo County is an ideal place to call home.

One of the popular housing options in this county is homes with apartment subtypes. These properties offer a unique opportunity for homeowners to have an additional source of income by renting out a separate apartment or unit within their home. This arrangement can be beneficial for both homeowners and tenants, as it provides affordable housing options and additional financial stability.

Homes with apartment subtypes in San Luis Obispo County come in various styles and sizes, ranging from charming cottages to modern townhouses. They often feature separate entrances, private living spaces, and sometimes even separate utilities. This setup allows for privacy and independence for both the homeowner and the tenant.

Investing in a home with an apartment subtype in San Luis Obispo County can be a wise choice, as the demand for rental properties is high in this area. Whether you're looking for a property to generate rental income or seeking a multi-generational living arrangement, these homes offer flexibility and potential financial benefits.

With its breathtaking landscapes, vibrant communities, and diverse real estate options, San Luis Obispo County continues to attract homebuyers and investors. If you're considering purchasing a home with an apartment subtype, this county provides an ideal backdrop for a comfortable and prosperous lifestyle.

Newest San Luis Obispo Homes with Apartment Subtype

$2,800,000
SC26150620 MLS ⋅ Active Status
Well-maintained 7-unit apartment building in an excellent Grover Beach location. Conveniently located near the popular Grand Avenue corridor with shopping, restaurants, and ongoing new development, the property also offers easy access to the beach, community parks, the Amtrak station, public transportation, Highway 1, and Highway 101. Five of the seven units have been updated with updated flooring, countertops, fixtures, and appliances. A recently installed MeterNet water sub-metering system allows the owner to recover water costs from tenants, helping improve operating efficiency. Additional amenities include seven private garages, off-street parking, and a community coin-operated laundry facility. With recent capital improvements, utility cost recovery through water sub-metering, and future rental upside, this property presents an excellent investment opportunity.

839 Longbranch, Grover Beach
$4,100,000
SC26142002 MLS ⋅ Active Status
Located just minutes from Cal Poly and downtown San Luis Obispo, 135 Ferrini Rd presents a rare opportunity to acquire a 5 unit fully leased, purpose-built student housing investment completed in 2018. The property is currently generating $24,775 in monthly gross income ($297,300 annually) and offers modern construction, efficient floor plans, and strong in-place cash flow. Ideally situated in one of San Luis Obispo's most desirable rental locations, the property provides convenient access to Cal Poly, downtown, shopping, restaurants, public transit, nearby parks, and some of the area's most popular outdoor recreation, including the Bishop Peak and Madonna Mountain trail systems. With its excellent location, strong income, and contemporary construction, this turnkey investment is well positioned in one of California's most supply-constrained rental markets.

135 Ferrini Road, San Luis Obispo
$4,500,000
PI26117034 MLS ⋅ Active Status
The Spring Street Portfolio is a rare opportunity to acquire two adjacent multifamily properties totaling 24 units in the heart of Paso Robles, offered at $4,500,000 — with a combined stabilized cap rate of 8.09% and annual rent upside of approximately $155,400 across both properties. The portfolio consists of 3411 Spring Street, a 14-unit two-story walk-up built in 1970 spanning approximately 11,748 rentable square feet, and 3505 Spring Street, a 10-unit two-story property originally constructed as a motel and thoughtfully converted to residential use, spanning approximately 5,000 rentable square feet. Together, the properties sit on adjacent lots totaling over ±0.79 acres along the Spring Street corridor, zoned PR/R4 and T-4NC respectively. Both properties are managed by MPM Inc., offering a seamless transition for new ownership. 3505 Spring Street sits within a federally designated Opportunity Zone, providing meaningful tax advantages for qualifying investors, and operates under a RUBS program implemented in October 2025 through which tenants pay approximately 90% of gross utility costs. With current rents averaging well below market across both properties — several tenants at 3411 having been in place since as early as 2008 — a new owner is positioned to systematically close the rent gap through annual AB 1482 increases and natural turnover. 3411 Spring Street was independently appraised at $3,550,000 in January 2026, underscoring the portfolio's strong in-place value. This is an exceptional opportunity to acquire operational scale on a single street in one of California's most supply-constrained multifamily markets. Investment Highlights: 24 Total Units Across 2 Adjacent Properties on Spring Street, Paso Robles Portfolio Asking Price: $4,500,000 — $189,000/unit across both properties Combined Stabilized Cap Rate of 8.09% at Market Rents Current Entry Cap Rate: 5.00% Annual Rent Upside of ~$155,400 Across Both Properties 3505 Spring Street Located in a Federally Designated Opportunity Zone RUBS Program in Place at 3505 — Tenants Pay ~90% of Gross Utilities Both Properties Managed by MPM Inc. — Seamless Operational Transition 3411 Spring Street Independently Appraised at $3,550,000 (January 2026) Zero New Multifamily Supply in the North SLO Submarket — Structural Rent Floor

3411 & 3505 Spring Street, Paso Robles
$1,699,000
PI26094991 MLS ⋅ Active Status
(PORTFOLIO SALE) Combined portfolio 3411 Spring Street and 3505 Spring Street offered at $4,500,000. 3505 Spring Street is a unique 10-unit multifamily property in the heart of Paso Robles, offered at approximately $169,000/unit, $339/SF with a stabilized cap rate of 8.91% and annual rent upside of approximately $53,340. The property spans approximately 5,000 rentable square feet across two stories on a ±0.40-acre lot. The diverse unit mix includes five (5) studios with one bathroom, one (1) studio with two bathrooms, two (2) one-bedroom/one-bathroom units, one (1) one-bedroom/two-bathroom unit, and one (1) two-bedroom/two-bathroom unit — catering to a broad renter demographic. The property is zoned T-4NC and sits within a federally designated Opportunity Zone, providing meaningful tax advantages for qualifying investors. A RUBS program implemented in October 2025 per CA Civil Code §827 passes approximately 90% of gross utility costs back to tenants, materially improving net operating income. With current rents below market and one unit presently vacant, a new owner is positioned to immediately begin closing the income gap toward stabilized returns. Investment Highlights: *Federally Designated Opportunity Zone — Significant Tax Incentives for Qualifying Investors *RUBS Program in Place Since October 2025 — Tenants Pay ~90% of Gross Utilities *Attractive Entry Basis at ~$339/SF *Attractive Entry Basis: $169,000/unit *Stabilized Cap Rate of 8.91% at Market Rents *Annual Rent Upside of ~$53,340 as Units Turn Over to Market

3505 Spring Street, Paso Robles
$2,799,000
PI26094992 MLS ⋅ Active Status
3411 Spring Street is a 14-unit multifamily property situated in a well-established Paso Robles neighborhood, offered at approximately $263/SF with a stabilized cap rate of 7.60 % and annual rent upside of approximately $102,060. Built in 1970 and spanning approximately 11,748 rentable square feet across two stories, the property consists of ten (10) one-bedroom/one-bathroom apartments and four (4) two-bedroom/one-bathroom apartments — all currently occupied. Units feature functional floor plans with ample natural light, and residents enjoy 14 covered carport spaces and on-site parking. The property is zoned PR/R4, supporting its established multifamily use, and sits on a generous ±0.39-acre lot. Located minutes from downtown Paso Robles, residents have convenient access to the city's acclaimed dining, wine country, shopping, and employment corridors. With current rents averaging well below market rate — several tenants having been in place since as early as 2008 — a new owner has a clear path to substantially increase income through organic lease-up as units turn over. The appraised value of $3,550,000 (January 2026) further underscores the asset's underlying strength. Investment Highlights: *Unit Mix: (10) 1 Bed/1 Bath; (4) 2 Bed/1 Bath * Stabilized cap rate of 7.60% *14 Covered Carport Spaces *100% Occupied — 14/14 Units * $200,000 per unit *Attractive Entry Basis at ~$237.04/SF

3411 Spring Street, Paso Robles
$1,249,000
PI26056354 MLS ⋅ Active Status
4 Unit Apartment building in Grover Beach. Built in 1976. The maintenance has been deferred for a few years. The property is being sold "AS IS" with no exceptions. No work or repairs should be requested in any offer. One apt will be available for viewing. After an accepted offer by the seller the other units will be available for inspection.

956 S 13th Street, Grover Beach
$2,900,000
SC26013167 MLS ⋅ Active Status
Built in 1895, this iconic Historic Victorian residence sits on one of downtown San Luis Obispo’s most prominent properties. Restored over the past 50 years, the residence is set on nearly a half-acre of usable land and currently features nine residential units, including three one-bedroom residences and six studio units with lofts. The property also includes nine outbuildings used as garages, storage, a bicycle garage, social room, and laundry facility. Historic character is preserved through ornate Victorian detailing, original redwood built with Douglas fir accents, soaring 12-foot ceilings, and expansive windows, while offering modern conveniences throughout. A large basement, park-like grounds, patio areas, and barbecue space enhance the property’s appeal. In addition to its existing income-producing layout, the property offers potential for future expansion and increased density, subject to local zoning and planning approvals. Development flexibility may allow for additional units or alternative configurations, presenting a rare opportunity for investors and owner-users alike.

687 Islay Unit 1-9, San Luis Obispo
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Based on information from California Regional Multiple Listing Service, Inc. as of . This information is for your personal, non-commercial use and may not be used for any purpose other than to identify prospective properties you may be interested in purchasing. Display of MLS data is usually deemed reliable but is NOT guaranteed accurate by the MLS. Buyers are responsible for verifying the accuracy of all information and should investigate the data themselves or retain appropriate professionals. Information from sources other than the Listing Agent may have been included in the MLS data. Unless otherwise specified in writing, Broker/Agent has not and will not verify any information obtained from other sources. The Broker/Agent providing the information contained herein may or may not have been the Listing and/or Selling Agent.