Iconic Restaurant Building in
815 Palm St San Luis Obispo, CA
For Sale
Contact for pricing
Two-story restaurant property in the heart of downtown San Luis Obispo.
Property Size2,078 SF
Lot Size0.03 Acres
Price / SF$430.70
Days on Market399
Property Features for 815 Palm St
General Information
Standard status
Active
Size
2,078 SF
Lot size
0.03 Acres
Property subtype
RETAIL
Listing Agency:
Anderson Commercial Real Estate Services
(805) 801-7352
Listed By:
Derek Senn · License #01252131
Source:
Moodyscre
Added: Jun 26, 2025
Changed: Jul 6
Last Checked: Jul 21 at 6:28AM
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 Anderson Commercial Real Estate Services
Investment Insights
Based on property information with market context.
This iconic two-story structure, located in San Luis Obispo’s Chinatown and adjacent to the Palm Theatre, is currently outfitted as a restaurant. Situated in the heart of downtown San Luis Obispo, the property is located near Hotel SLO and steps from Mission Plaza. A large parking garage is located directly across from the building. The property offers 2,078 square feet of space. This location presents an opportunity to own a piece of San Luis Obispo history.
Key Highlights
- Prime downtown San Luis Obispo location, steps from Mission Plaza and near Hotel SLO.
- Situated in SLO's Chinatown, adjacent to the Palm Theatre.
- Currently outfitted as a restaurant.
Financial Insights For Retail
Simulate Cap Rate and NOI
NOI Build-Up
- Vacancy
- income lost from leasable area expected to sit empty during the year — subtracted from gross rent.
- EGI (Effective Gross Income)
- gross rent minus vacancy losses — the realistic income before paying operating costs.
- OpEx (Operating Expenses)
- recurring costs to operate the property (property tax, insurance, utilities, maintenance, management) — excludes financing and capital improvements.
- NOI (Net Operating Income)
- income a property generates after operating costs but before financing and taxes.
| Component | $ | $/SF |
|---|---|---|
| Gross rent | $49.9k | $24.00 |
| − Vacancy | −$1.6k | −$0.79 |
| EGI | $48.2k | $23.21 |
| − OpEx | −$14.5k | −$6.96 |
| NOI | $33.8k | $16.25 |
2,078 SF · lease $24.00/SF/yr · vacancy 3.30% · expense 30.00%
Alternative Uses
Best Use
Retail
$482.3K
$422.0K – $562.6K
NOI $33,758 @ 7.0% cap · market cap 3.77%
Second Best
Specialty Retail
$424.8K
$371.7K – $495.6K
NOI $29,733 @ 7.0% cap · market cap 3.32%
Theoretical Best
Healthcare Medical
$817.2K
$715.1K – $953.5K
NOI $57,207 @ 7.0% cap · market cap 6.39%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Location Intelligence
Current Use
Similar Off Market Nearby
- Tap Truck SLO — 1974 Jennifer St, San Luis Obispo, CA 93401
- Splash Cafe Gourmet Catering — 1491 monterey st, san luis obispo, ca 93401
- Chefs Table Catering — 1244 Johnson Ave Suite 127, San Luis Obispo, CA 93401
- Gold Land BBQ — 570 Higuera St #135, San Luis Obispo, CA 93401
Frequently Asked Questions
What type of property is this?
Restaurant - Two-story restaurant property in the heart of downtown San Luis Obispo.
Where is this restaurant located?
The property is located at 815 Palm St San Luis Obispo, CA.
What is the asking price?
The asking price for this property is $895,000.
What are key features of this property?
This property features: Prime downtown San Luis Obispo location, steps from Mission Plaza and near Hotel SLO.; Situated in SLO's Chinatown, adjacent to the Palm Theatre.; Currently outfitted as a restaurant.
