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An extraordinary development opportunity awaits in the heart of Downtown San Luis Obispo at 451 Higuera Street. This rare, creekside property spans two adjacent APNs and represents a premier acquisition for developers, contractors, and investors looking to capitalize on a highly prized location. While the site currently features four income-generating residential units (three 3-bedroom/1-bathroom homes and one 1-bedroom/1-bathroom home), the true value of this offering is in the land and its highest and best use as a high-density, mixed-use project. Zoned CR Retail Commercial and allowing for up to 36 density units per acre, the lot is perfectly positioned to support the City of SLO's long-term initiative for urban infill housing. Future residents will enjoy a vibrant lifestyle in the absolute center of downtown, surrounded by thriving shops, offices, and restaurants. To fast-track your development plans, a professional feasibility study by RRM Design Group has already been completed, highlighting two lucrative pathways: a boutique 11-unit luxury for-sale townhome development, or a higher-density 20-unit condo or apartment complex. Opportunities in this tightly held downtown corridor are exceptionally rare"”bring your vision to this premier location and shape the future of San Luis Obispo.
Property Type(s):
Single Family
| Last Updated | 6/16/2026 | Tract | San Luis Obispo(380) |
|---|---|---|---|
| Year Built | 1901 | Community | SLO - San Luis Obispo |
| County | San Luis Obispo |
Additional Details
| AIR | None |
|---|---|
| AREA | SLO - San Luis Obispo |
| HEAT | Wall Furnace |
| LOT | 0.59 acre(s) |
| LOT DESCRIPTION | Level |
| LOT DIMENSIONS | 0.59 |
| POOL DESCRIPTION | None |
| SEWER | Public Sewer |
| STORIES | 1 |
| SUBDIVISION | San Luis Obispo(380) |
| VIEW | Yes |
| VIEW DESCRIPTION | Neighborhood |
| WATER | Public |
Location
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Listed with Eighty20 Group
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.
This IDX solution is (c) Diverse Solutions 2026.
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