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$1,350,000

Beds
4
Baths
1.25
sq ft
2,068

1118 Palm St, San Luis Obispo, CA 93401

1118 Palm St

San Luis Obispo, CA 93401

  • 73 days on market
    • Price drop $100,000↓
Welcome to 1118 Palm Street in San Luis Obispo, CA! This exceptional property offers a rare opportunity to own a prime piece of downtown real estate, set on an expansive 12,000 square-foot lot. Situated in the versatile Office Zone, this property is ideal for a variety of uses, from a sophisticated office space to a charming residence, or even a combination of both. You may also explore the development of additional homes or apartments in the large area behind the existing home. The property boasts elegant architectural features including large windows, soaring 11-foot ceilings, and distinctive rooflines that enhance its functionality and historic charm. Brass door handles, Douglas Fir floors, artistic lighting fixtures, and a grand fireplace add a touch of quality and uniqueness you won’t find in newer construction. The property includes a kitchen area, two bathrooms, and a separate walk in shower room. Elevated above street level, the property provides stunning views of the surrounding mountains and downtown San Luis Obispo. At the rear, you’ll find a serene sitting area and a large parking lot with 8 onsite spaces. The expansive attic, accessible via staircase, offers ample storage space with the potential to convert into additional office or living areas. Whether you envision creating a Downtown SLO estate with gardens, guest units, and a detached garage/shop, or improving a premium office space, this property presents a unique opportunity. The seller has developed conceptual plans for additional housing units - please inquire for more information. Discover the potential of Palm Street and imagine the possibilities for this remarkable property in the heart of San Luis Obispo.

Details

Property type

Single Family Residence

Lot size

0.2755 acres

Price per sq ft

$653

Year built

1898

HOA

No

Price History

10/30/2024
CRMLS

CRMLS #SC24187371

Price change
$1,350,000
-6.9%
10/17/2024
CRMLS

CRMLS #SC24187371

Listed
$1,450,000
10/04/2024
CRMLS

CRMLS #SC24187371

Pending
$1,450,000

Schools & Community

Elementary school: 

Unknown

Middle school: 

Unknown

High school: 

Unknown

Community features: 

Sidewalks

High school district: 

San Luis Coastal Unified

Seller’s Loan History

Before you make an offer, understand who you are negotiating with so you can tailor your negotiation strategy to their situation.

Lender

Community West Bank Na

Loan start date

June 2022

Original loan amount

$808,892

Est. remaining balance

Not provided

Interest rate

3.69%

Loan type

Not Provided

Seller

Transitions Mental Health Association

Source: Public records data

If you're the owner, you can request to remove loan details. Email listingsupport@tomo.com

How insights can help you

Interest rate

If the seller has a low interest rate, they may be tempted to rent the property out if they can't get the price they have in mind.

Motivation

If the seller already got a job in a different city, they may feel pressure to sell quickly to free up cash for a new home.

Equity

If the seller stands to receive a large amount of cash when they sell the property, they might be willing to negotiate on the offer price.

Interested in learning more?

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Status: Active

Tomo last checked: 11/23/2024 at 4:00 PM

Listing updated: 10/30/2024 at 8:10 AM

Listed by: Erik Berg-Johansen, Richardson Sotheby's International Realty Phone #: (805) 781-6040

MLS: CRMLS #SC24187371

CRMLS logo

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