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687 Islay, San Luis Obispo, CA 93401

$2,200,000
: 5,888
SqFt

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List Price: $2,200,000
Price Change: ▼ $400,000 1792622195
Status: PENDING
MLS#: SC-26013167
Year Built: 1895
Living Sq. Ft: 5,888
Lot Size: 20,735
Days on Market: 165
Property Type: Multifamily
Style: Victorian
Stories: 2

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Property Description

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.

760-880-8385

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Additional Information

Land Lease Type: Fee
Other Buildings: Storage, Outbuilding, Workshop
Appliances: Dishwasher, Refrigerator, Gas Range, Water Heater
Fireplace Description: Free Standing, Gas
View: City Lights, Hills, Neighborhood
Parking: Garage - Single Door, Garage Faces Side, Off Site, Side by Side, Unassigned, Driveway Level, On Site, Unpaved
Garage Spaces Total: 6