Historic Victorian Residence in San Luis
For Sale
$2,600,000
Pending
687 Islay Street, San Luis Obispo, CA 93401
Iconic Victorian residence with income potential in downtown San Luis Obispo.
Property Size20,735 SF
Lot Size0.50 Acres
Days on Market246
Property Features for 687 Islay Street
General Information
Standard status
Pending
Size
20,735 SF
Lot size
0.50 Acres
Property subtype
2-4 Units / Res Income 2-4 Units
Zoning
Assessor
Amenities
2 Story
N/K
Fireplace
4.0
2
4
Composition
1
Wood
Listing Agency:
Central Coast Sotheby's International Realty
Listed By:
Linda Wilson · License #01045160
(805) 801-3232
Source:
Compass
Added: Feb 13
Changed: Sep 2
Last Checked: Oct 16 at 11:01AM
Displayed information is deemed reliable but is not guaranteed and should be independently verified. All listing content including descriptions, pricing, images are the copyrighted material of Central Coast Sotheby's International Realty
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Investment Insights
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This historic Victorian residence, constructed in 1895, is situated on a prominent property in downtown San Luis Obispo. The restored residence, updated over the past 50 years, is set on nearly a half-acre of usable land and includes nine residential units. The unit mix comprises three one-bedroom residences and six studio units with lofts. Additionally, there are nine outbuildings on the property, which are utilized as garages, storage spaces, a bicycle garage, a social room, and a laundry facility. The property retains its 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 existing income-producing layout 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 an opportunity for investors and owner-users.
Key Highlights
- Historic Victorian residence on a large (nearly half‑acre) downtown lot.
- Income‑producing property with nine residential units (3 one‑bedroom, 6 studio lofts).
- Development potential for expansion and increased density (subject to approvals).
Property Analytics
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Current Use
Location Intelligence
Trade Area within ½ mile
3,209
Businesses Nearby
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Business Placement
Demographics for 93401, CA
29,877
Population
14,363
Households
2.1
Avg Household Size
39
Median Age
57%
College-Educated
96%
High-School Grad
64.2 sq mi
ZIP Area
465
Density / Sq Mi
$95,386
Median Household Income
$47,898
Median Earnings
$1,859
Median Rent
$943,500
Median Home Value
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Market
Vacancy Rate% for Multifamily in West region
Frequently Asked Questions
What type of property is this?
Apartment building - Iconic Victorian residence with income potential in downtown San Luis Obispo.
Where is this apartment building located?
The property is located at 687 Islay Street San Luis Obispo, CA.
What is the asking price?
The asking price for this property is $2,600,000.
What are key features of this property?
This property features: Historic Victorian residence on a large (nearly half‑acre) downtown lot.; Income‑producing property with nine residential units (3 one‑bedroom, 6 studio lofts).; Development potential for expansion and increased density (subject to approvals).
