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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.
Property Type(s):
Single Family
| Last Updated | 2/20/2026 | Tract | ATNortheast(10) |
|---|---|---|---|
| Year Built | 1958 | Community | ATSC - Atascadero |
| Garage Spaces | 2.0 | County | San Luis Obispo |
Price History
| Prior to Feb 20, '26 | $1,100,000 |
|---|---|
| Feb 20, '26 - Today | $999,999 |
Additional Details
| AIR | Wall/Window Unit(s) |
|---|---|
| AIR CONDITIONING | Yes |
| APPLIANCES | Gas Cooktop, Gas Oven, Gas Water Heater, Range Hood, Water Heater |
| AREA | ATSC - Atascadero |
| CONSTRUCTION | Concrete, Stucco |
| GARAGE | Attached Garage, Yes |
| HEAT | Natural Gas, Wall Furnace |
| INTERIOR | Ceiling Fan(s), Master Downstairs, Open Floorplan |
| LOT | 0.38 acre(s) |
| LOT DESCRIPTION | Rectangular Lot |
| LOT DIMENSIONS | 0.38 |
| PARKING | Attached, Concrete, Driveway, Garage Faces Front, Garage, On Site |
| POOL DESCRIPTION | None |
| SEWER | Public Sewer |
| STORIES | 1 |
| STYLE | Traditional |
| SUBDIVISION | ATNortheast(10) |
| UTILITIES | Cable Available, Electricity Connected, Natural Gas Connected, Phone Available, Sewer Connected, Water Connected |
| VIEW | Yes |
| VIEW DESCRIPTION | Neighborhood |
| WATER | Public |
Location
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Listed with Invest SLO
The information being provided by Conejo Simi Moorpark Association of REALTORS® (“CSMAR”) is for the visitor's personal, non-commercial use and may not be used for any purpose other than to identify prospective properties visitor may be interested in purchasing. Any information relating to a property referenced on this web site comes from the Internet Data Exchange (“IDX”) program of CSMAR. This web site may reference real estate listing(s) held by a brokerage firm other than the broker and/or agent who owns this web site. Any information relating to a property, regardless of source, including but not limited to square footages and lot sizes, is deemed reliable but not guaranteed and should be personally verified through personal inspection by and/or with the appropriate professionals. The data contained herein is copyrighted by CSMAR and is protected by all applicable copyright laws. Any dissemination of this information is in violation of copyright laws and is strictly prohibited.
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