1142 Montalban St San Luis Obispo, CA 93405-2428

This exceptional mixed-use property in San Luis Obispo, California, presents a compelling value-add investment opportunity. Located at 1142 Montalban St, 93405, this 8,915 square foot lot boasts a 1,208 square foot, two-bedroom, one-bathroom home built in 1910, currently leased at $4,390 per month until January 31, 2025, providing immediate income. The property is zoned for Mixed Complex use, allowing for a significant development project. Pre-approved plans are included in the sale, detailing a five-unit development comprising two commercial units (262 and 869 square feet respectively), two residential units (1,880 square feet each), and an 855 square foot accessory dwelling unit (ADU), totaling 5,746 square feet. Preliminary architectural review is complete, and Title 24 compliance is slated for submission in September 2024. This property offers substantial income potential, situated within walking distance of Cal Poly and downtown San Luis Obispo. The asking price is $1,500,000. The property's APN is 001-113-005. The sale is offered by owner. The existing structure requires extensive renovation or demolition.