$999,999
Est. $5,600/mo5190 & 5200 Palma Avenue, Atascadero, CA 93422
About this home
Located at 5190 & 5200 Palma Avenue, “The Palms” presents a rare and highly refined high-density multifamily development—with the opportunity to collect fair market value rents for two units while building two additional units. On a 0.38-acre parcel in the heart of Atascadero’s Downtown District, the property features two attached residential units with two attached garages. It is ideally situated just steps from the historic Sunken Gardens and the Atascadero Administration Building, placing it at the center of the city’s pedestrian-friendly civic core. Zoned RMF-10, with two units and the opportunity to have a total of 4 units, the site offers meaningful future density upside on an efficiently sized, centrally located parcel—an increasingly scarce combination in downtown Atascadero. The property currently features a duplex and includes approval for two additional units, allowing for immediate expansion, with active building permits for two additional residences, along with flexible design standards allowing for expanded bedroom and bathroom configurations. Location remains the property’s defining strength, offering immediate walkability to Atascadero’s revitalized downtown—now featuring a new pedestrian mall, mixed-use development, local dining, breweries, boutique shopping, and year-round community events—while also providing convenient access to Highway 101. Strategically positioned between the Paso Robles wine region to the north and the academic and cultural center of San Luis Obispo to the south, “The Palms” occupies a central position within a region experiencing sustained economic growth, making it an ideal opportunity for investors seeking both current income and long-term development potential.
infoProperty Facts
Bedrooms
4
Bathrooms
2
Square Feet
2,000
Lot Size
16,552.8 sqft
Year Built
1958
Property Type
Duplex
Days on Market
43
HOA Fee
N/A
Garage Total
2
MLS #
PI25278792
chairInterior Details
General Interior
Interior Features
Ceiling Fans, Open Floorplan, All Bedrooms Down, Attic, Bedroom On Main Level, Main Level Primary
Flooring
Tile, Vinyl
Accessibility
Parking
Kitchen & Appliances
Appliances
Gas Cooktop, Gas Oven, Gas Water Heater, Range Hood, Water Heater
Laundry
Electric Dryer Hookup, Gas Dryer Hookup, In Garage
Bed & Bath
Main Level Bedrooms
4
Main Level Bathrooms
2
Climate Control
Cooling
Wall Window Units
Heating
Natural Gas, Wall Furnace
garageParking
Total Parking Spaces
2
Garage Spaces
2
Attached Garage
Yes
Parking Features
Concrete, Door Single, Driveway, Garage Faces Front, Garage, On Site
deckExterior & Lot
Building & Construction
Patio & Porch
Front Porch
Fencing
Wood, Wire
Construction
Concrete, Stucco
Foundation
Raised
Roof
Asphalt, Shingle
Lot & Grounds
Lot Features
Zero To One Unit Acre, Rectangular Lot, Street Level
Sewer
Public Sewer
Water Source
Public
diversity_3Community & HOA
Association Info
Community Features
Gutters, Suburban, Sidewalks
Mortgage Calculator
$0
Nearby Schools
| Rating | School Name |
|---|---|
9 | GreatSchools High (Demo) public School • ratio 22:1 |
7 | Valley View Elementary (Demo) public School • ratio 18:1 |
6 | Lincoln Middle School (Demo) public School • ratio 20:1 |
NR | St. Mary Example Academy (Demo) private School • ratio 12:1 |
Walkability
Market Insights
Estimated Value
Market Temperature
Balanced market
Avg. time on market
This is a Balanced Market. Homes are selling at a moderate pace.
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