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    The Largest CRE Database in the US with Over 1 Million Listings

    687 Islay St San Luis Obispo, CA 93401

    Sponsored
    For Sale
    $3,900,000

    Victorian, Apartment - San Luis Obispo, CA

    Type:Apartment
    Property size:
    5,888 SF
    Lot size:
    20,735.00 Acres
    Days on Market:
    9
    Last Refresh:
    Feb 21 at 5:06 pm

    Property Features for 687 Islay St

    General Information

    Property type
    Residential Multi Family
    Property subtype
    Apartment
    Standard status
    Active
    Window features
    Skylight(s)
    Rooms
    Basement, Bathroom 1, Bathroom 2, Bathroom 3, Bathroom 4, Bathroom 5, Bedroom 1, Bedroom 2, Bedroom 3, Bedroom 4, Bedroom 5, Bonus Room, Laundry
    Bedrooms
    9
    Bathrooms
    9
    APN
    003631006
    Parking
    15
    Parking features
    Driveway, Garage, Offsite, Side by Side, Unassigned
    Interior features
    Built-in Features, Ceiling Fan(s), High Ceilings, Laminate Counters, Storage, Wainscoting, None, Double Door Entry, Panel Doors, Sliding Doors, Carbon Monoxide Detector(s), Window Features: Bay Window(s), Screens, Skylight(s), Wood Frames
    Exterior features
    Fence, Community Features Included: Biking, Storm Drains, Street Lights, Urban, 6-10 Units/Acre, Back Yard, Corner Lot, Front Yard, Garden, Lawn, Level With Street, Lot 20000-39999 Sqft, Walkstreet, Yard
    Fencing
    Fenced
    Fireplace
    1
    Basement Y/N
    1
    Appliances
    Dishwasher, Range, Range - Gas, Refrigerator, Washer
    Size
    5,888 SF
    Lot size
    20,735.00 Acres

    Utilities

    Heating system
    Fireplace(s), Natural Gas, Wood (Heating), Wood Stove
    Cooling system
    None (Cooling)

    Building Details

    Year built
    1895
    Floors in Building
    2
    Number of units
    9
    Flooring type
    Carpet, Wood
    Building materials
    Lap Siding, Redwood Siding, Wood Siding
    Roof type
    Composition, Shingle
    Architectural style
    Victorian

    We can help!

    Listing Contact
    Linda Wilson

    Richardson Properties, Inc. (805) 781-6040

    Listing agent Linda Wilson (805) 781-6040 License #01045160

    Listing date Feb 13, 2026

    MLS# SC26013167 Listing URL

    Copyright © 2026 California Regional Multiple Listing Service, Inc. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.

    Learn more

    Property Insight Report

    Overview

    Historic Victorian Multifamily Investment Opportunity

    This historic Victorian residence, constructed in 1895, is situated on a prominent downtown San Luis Obispo property. The restored residence, updated over the past 50 years, occupies nearly half an acre of usable land and includes nine residential units. The unit mix comprises three one-bedroom residences and six studio units with lofts. Additionally, the property features nine outbuildings, currently utilized as garages, storage spaces, a bicycle garage, a social room, and a laundry facility. The property retains historic character through ornate Victorian detailing, original redwood construction with Douglas fir accents, soaring 12-foot ceilings, and expansive windows, while incorporating modern conveniences. A large basement, park-like grounds, patio areas, and a barbecue space enhance the property's appeal. 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. The building size is 5888 square feet and the lot size is approximately 0.476 acres.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    Apartment buildings

    Suggested Use

    Real Estate Agency Restaurant Law Firm Dental Office Spa & Massage Center Hair Salon Nail Salon Building Supply Daycare Center Gym & Fitness Center

    Zoning and permitted uses should be independently verified with local authorities.

    Location Insight

    • Map
    • Local Demand
    City
    San Luis Obispo
    County
    San Luis Obispo
    State
    California
    Longitude
    -120.6613248
    Latitude
    35.2747178

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    FAQs

    What type of property is this?
    Apartment building - Iconic Victorian residence in downtown San Luis Obispo with development potential.
    Where is this apartment building located?
    The property is located at 687 Islay St San Luis Obispo, CA.
    What is the asking price?
    The asking price for this property is $3,900,000.
    What are key features of this property?
    This property features: - Historic Victorian residence built in 1895 on a large downtown San Luis Obispo property.; - Income-producing property with nine residential units.; - Potential for future expansion and increased density, subject to local approvals.
    (805) 543-7727
    Request Owner's contact information
    687 Islay St San Luis Obispo, CA 93401
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    San Luis Obispo, CA 93401
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    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

    More about this property
    687 Islay St San Luis Obispo, CA 93401
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    We can help!
    Listing Contact
    Linda Wilson
    Real Estate License ID: 01045160
    (805) 543-7727 (805) 801-3232 (805) 781-6040
    Learn more
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