Add Listing
    For Sale
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    Back to Search
    Iconic Restaurant Building in SLO Title is generated by Realmo AI

    815 Palm St, San Luis Obispo, CA

    View on Map
    Claim this Listing
    Loading data...
    Loading data...
    Loading data...
    For Sale
    Contact for pricing

    Two-story restaurant property in the heart of downtown San Luis Obispo.

    Type:RETAIL
    Property size:
    2,078 SF
    Lot size:
    0.03 Acres
    Price / SF:
    $430/SF
    Added:
    Jun 26, 2025
    Days on Market:
    329
    Last Refresh:
    Apr 5 at 10:39 pm

    Property Features for 815 Palm St

    General Information

    Standard status
    Active
    Size
    2,078 SF
    Lot size
    0.03 Acres
    Property subtype
    RETAIL

    We can help!

    Listing Contact
    Derek Senn

    Listing agent Derek Senn License #01252131

    Listing office Anderson Commercial Real Estate Services

    Listing date Jun 26, 2025

    Source Moodyscre

    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

    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.
    • Large parking garage directly across from the building.
    • Iconic two‑story structure.
    • Opportunity to own a piece of San Luis Obispo history.

    Overview

    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.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    Mee Heng Low ... Restaurant

    Suggested Use

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

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

    Similar Places 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

    Location Insight

    • Map
    • Local Demand
    City
    San Luis Obispo
    County
    San Luis Obispo
    State
    California
    Longitude
    -120.664
    Latitude
    35.2814

    Nearby Similar for Sale

    • $1,250,000
      1,727 SF

      Charming Multi-Unit Property in San Luis Obispo

      Three-unit property with strong income potential in a desirable location.
      2101 Johnson Avenue, San Luis Obispo, CA 93401
      View Details
    • $390,000
      1,275 SF

      San Luis Obispo Commercial Suite

      Commercial suite with outdoor patio in San Luis Obispo, CA.
      2475 Victoria Avenue, San Luis Obispo, CA 93401
      View Details
    • $2,900,000
      5,888 SF

      Historic Victorian Residence in San Luis Obispo

      Iconic Victorian residence with income potential in downtown San Luis Obispo.
      687 Islay, San Luis Obispo, CA 93401
      View Details
    • $1,695,000
      1,714 SF

      Dual Residence in San Luis Obispo

      Remodeled dual-residence property near Cal Poly and downtown.
      667 Howard Street 671, San Luis Obispo, CA 93401
      View Details
    • $1,425,000
      1,826 SF

      San Luis Obispo Triplex Investment

      Three income-producing units on a 7,500 square foot parcel.
      462 Islay Street & 458, San Luis Obispo, CA 93401
      View Details
    • $1,395,000

      Mixed-Use Commercial Property Near Courthouse

      Mixed-use commercial property with flexible office space and on-site parking.
      1022 Mill St, San Luis Obispo, CA 93401
      View Details
    • $1,599,000
      1,600 SF

      Downtown SLO Historical Office Property

      Historical downtown San Luis Obispo office property with potential residential expansion.
      1334 Chorro St, San Luis Obispo, CA 93401
      View Details
    • $1,395,000
      1,930 SF

      San Luis Obispo Triplex Investment

      Income-producing triplex near downtown San Luis Obispo with strong rental income.
      1719 Chorro 1721, San Luis Obispo, CA 93401
      View Details
    • $6,900,000

      285-Acre Vineyard and Citrus Ranch

      Premier San Luis Obispo ranch with vineyard, citrus, and rangeland.
      5502 Los Ranchos Road, San Luis Obispo, CA 93401
      View Details
    • $6,995,000
      24,496 SF

      San Luis Obispo Retail Center

      24,496 SF retail center 100% occupied on busy corridor.
      12300-12334 Los Osos Valley Rd, San Luis Obispo, CA
      View Details
    • $1,150,000
      5,000 SF

      Downtown San Luis Obispo Investment

      Commercial property in downtown San Luis Obispo with investment potential.
      283 Higuera Street, San Luis Obispo, CA 93401
      View Details
    • $15,000,000
      43,218 SF

      Winery Production Facility in Edna Valley

      Turnkey winery with high-capacity production and expansion potential.
      4915 Orcutt Road, San Luis Obispo, CA 93401
      View Details

    FAQs

    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.
    (805) 543-1400 Call to check price and availability
    We can help!
    Contact for Pricing
    Please call us for current price
    and status of this listing
    Derek Senn
    Real Estate License ID: 01252131
    Learn More
    Request Owner's contact information
    Message sent successfully
    Error
    If you are the owner or broker of this property and would like to edit or remove this listing please send a message to web site administrator.
    Message sent successfully
    Error
    Email to Your Friends
    Link copied to clipboard
    Separate multiple addresses with a comma
    Message sent successfully
    Error

    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
    Thanks! Your message was sent.
    Error! Your message wasn't sent.
    Please enter your name
    Please enter email
    Please enter the email in the correct format
    Please enter phone
    Please enter the number in the correct format
    Please enter message
    Thank You

    You are Unsubscribed From Notifications

    Thank You for Inquiry
    815 Palm St, San Luis Obispo, CA
    letter with green check mark
    Check your email
    We sent you the
    agent's contact details. yellow underline
    Can't find it?
    Please check your junk/spam folder.
    Google sign-in failed. Please try again or use another login method.
    Sign Up Successful!
    You now have access to more from Realmo!