BEAUTIFUL RENOVATION POSSIBILITIES! Atascadero Colony home with three additional single story units on over a third of an acre. The main house is over 1200 square feet with two bedrooms and one bath. The units were built in 1986 and are 960 square feet each with two bedrooms and one and three-quarter baths each. This property has so much to offer, is a wonderful investment opportunity, plus it's located close to beautiful downtown Atascadero. Call your favorite Realtor and make plans to see it today.
This desirable and well-maintained 4-plex is located less than two miles from El Camino Real in a quiet, low noise setting. The property consists of two buildings totaling approximately 4,300 square feet, plus two oversized shared storage units. Fully fenced with attractive landscaping, wide sidewalks, and a welcoming courtyard-style entry. The property offers four thoughtfully designed units with vaulted ceilings, ceiling fans, private patios/decks, and newer flooring in three units. All units include full bathrooms and appliances including refrigerator, dishwasher, stove/oven, microwave, and washer/dryer (one set excluded). Roofs are approximately seven years old. Unit mix includes: • (1) 2-story 3BD/2BA (~1,300 SF) • (1) 2-story 3BD/1BA (~1,100 SF) • (2) 1-story 2BD/1BA (~950 SF each) Additional highlights include 13 parking spaces and a large common backyard with lawn and recreation area. Units A, B, and D are tenant-occupied with renters wishing to stay, while Unit C will be delivered vacant by February 1—ideal for an owner-occupant or market-rate reposition.
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.
Fully renovated historic triplex located in the heart of Atascadero, offering strong rental income potential and modern upgrades throughout. This turnkey property has been remodeled from the foundation up, featuring a re-engineered and reinforced foundation, new roof, updated siding, fresh interior and exterior paint, new dual-pane windows, wood laminate flooring, and new appliances. The property includes three residential units: Unit A is a 3-bedroom, 1-bath with full kitchen (projected rent $2,600/month); Unit B is a 1-bedroom, 1-bath with full kitchen (projected rent $1,800/month); and Unit C, located upstairs, is a 2-bedroom, 1-bath with full kitchen (projected rent $2,200/month). Each unit has designated parking and its own locking storage closet. There is a shared laundry area for Units A and B, while Unit C offers washer/dryer hookups. Additional amenities include guest parking and an income-producing gravel lot at the rear of the property, currently leased to a neighboring business for $1,000/month. Prime location near downtown, shopping, and public transit
Sweet little investment property ready for it's new owner. 6 units, 4 1 bedroom 1 bath and 2 2 bedroom 1 bath units with a cultivated group of tenants that treat the complex like its own community. Many of the units have been updated throughout the years. The roofs of both buildings were replaced in April 2025 with 50 year shingles, and the exterior has been recently painted. There are over 11 parking spaces available. Seller pays water and trash, tenants cover other utilities. With minimal expenses and very little maintenance required this is a wonderful investment at a cap rate of 5.9%. P & L and rent roll available upon request. Call your realtor today, deals this good don't come along very often.
MASSIVE PRICE IMPROVEMENT! Don’t Miss This Unbeatable Investment Opportunity! Now is the time to act on this incredible value in one of Atascadero’s most desirable locations! Whether you're a savvy investor, experienced developer, or someone with a vision, this property is now priced to MOVE—and the potential here is simply unmatched. Located on a spacious prime corner lot, this property comes with approved plans to build eight 2-bedroom, 1-bathroom apartment units, plus upstairs and downstairs laundry facilities—all behind the existing home. That’s right: plans and a bid package are already in place, making it seamlessly ready for development. Opportunities like this are extremely rare, especially at this new price point! The front residence is a well-maintained 4-bedroom, 2-bathroom home currently generating $3,600/month in rental income. Inside, you’ll find thoughtful upgrades including dual-pane windows, laminate wood flooring, updated stucco exterior, stamped concrete patio and walkways, and low-maintenance landscaping. The open-concept layout and modern finishes make the home both stylish and functional. Situated in highly sought-after West Atascadero, just moments from the Atascadero Lake, Charles Paddock Zoo, Stadium Park, and Downtown—plus less than 15 minutes to the beach and Central Coast wine country—this location checks every box. Whether you're looking to build out your portfolio, generate long-term rental income, or live onsite while developing, this is your moment. Big Price Drop. Bigger Potential. Schedule your showing today before this rare opportunity is gone!
4 units in the heart of downtown Atascadero. One 2 Bedroom on the ground floor. Two 1 bedrooms on the second floor. 1 small standalone 1-bedroom home with large backyard.
Atascadero is located in California. Atascadero, California has a population of 29,771. Atascadero is more family-centric than the surrounding county with 29.32% of the households containing married families with children. The county average for households married with children is 26.98%.
The median household income in Atascadero, California is $82,777. The median household income for the surrounding county is $82,514 compared to the national median of $69,021. The median age of people living in Atascadero is 40 years.
The average high temperature in July is 88 degrees, with an average low temperature in January of 36.5 degrees. The average rainfall is approximately 20.7 inches per year, with 0.1 inches of snow per year.
