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 building plans 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
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.
