About the Listing PI3339 - pi02152275,pi02062620

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.

Listing Highlights