Date
Details
Price
Change
Source
1/12/2026
Listed
$1,100,000
—
MLS
Disclaimer: Historical sales information is derived from public records provided by the county offices. Information is not guaranteed and should be independently verified.
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1/18
$1,100,000 Just Listed
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Property Description
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.
Full Property Details
Full Property Details for 5190 & 5200 Palma Ave
General
- Price: $1,100,000
- Status: Active
- Type: Duplex
- Source: MRMLS
- MLS ID: PI25278792
- Updated: 1/14/2026
- Days on Market: 3 days
- Added to Site: 3 day(s) ago
Interior
- Rooms/Areas: All Bedrooms Down, Attic, Living Room, Main Floor Bedroom, Main Floor Primary Bedroom
- Interior Features: Ceiling Fan(s), Open Floorplan
- Fireplace(s): None
- Eating Areas: Area
- Appliances: Gas Oven, Gas Cooktop, Gas Water Heater, Range Hood, Water Heater
- Flooring: Tile, Vinyl
Rooms
Bathrooms
- Total Bathrooms: 2
- Full Bathrooms: 2
Bedrooms
- Total Bedrooms: 4
Other Rooms
- Laundry: Gas & Electric Dryer Hookup, In Garage
Additional Information
- Pool Description: None
- Spa Description: None
Exterior
- Deck/Patio: Front Porch
Parking
- Garage: Yes
- Garage Spaces: 2
- Parking: Driveway, Concrete, Garage, Garage Faces Front, Garage (Single Door), On-Site
Location
- County: San Luis Obispo
- Subdivision: ATNortheast(10)
- Driving Directions: Start on US-101 N, take exit 220A for Traffic Way, turn right onto Traffic Way, turn left onto Palma Ave, the destination will be on your left.
School Information
- School District: Atascadero Unified
Community
- Community Features: Gutters, Sidewalks, Suburban
Heating & Cooling
- Cooling Type: Wall/Window Unit(s)
- Heating Type: Natural Gas, Wall Furnace
Utilities
- Sewer: Public Sewer
- Water: Public
Structural Information
- Architectural Style: Traditional
- Structure Type: Duplex
- Construction: Concrete, Stucco
- Foundation: Raised
- Roof: Asphalt, Shingle
- Common Walls: 1 Common Wall
- Disability Access: Parking
- Entry Location: Front Door
- Stories/Levels: One
- Stories Description: One
- Square Feet: 2,000
- Sq. Ft. Source: Public Records
- Year Built: 1958
- Year Built Source: Public Records
Lot Features
- Property View: Neighborhood
- Lot Size (Acres): 0.38
- Lot Size (Sq. Ft.): 16,552.8
- Lot Size Source: Assessor
- Zoning: RMF-10
- Lot Description: 0-1 Unit/Acre, Level with Street, Lot 10000-19999 Sqft, Rectangular Lot
- Fencing (Description): Wire, Wood
Financial Considerations
- Price Per Sq. Ft.: $550
Disclosures and Reports
- Special Conditions: Standard
Listed by Invest SLO, Chelsea King and Invest SLO, Abel Contreras
We Value Your Privacy
We Value Your Privacy
We Value Your Privacy
Listing agents
— 5190 & 5200 Palma Ave —
Chelsea King
Invest SLO
Abel Contreras
Invest SLO
805-540-9333
NMLS#: 1598647Get Pre-Approved Today
Schools
Schools serving 5190 & 5200 Palma Ave
School District:Atascadero Unified School District
| Name | Grades | Distance |
|---|---|---|
San Benito Elementary School 4300 San Benito Road, Atascadero, CA 93422 | K-5 | 1.5 mi |
Atascadero Middle School 6501 Lewis Avenue, Atascadero, CA 93422 | 6-8 | 0.6 mi |
Atascadero High School 1 High School Hill Road, Atascadero, CA 93422 | 9-12 | 0.6 mi |
Disclaimer:
School attendance boundaries provided by Pitney Bowes and are for reference only. Contact the school directly to verify enrollment eligibility.
Price & Sales History for 5190 & 5200 Palma Ave
Estimate the Cost
Estimate the Cost for 5190 & 5200 Palma Ave
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- Single Family
- Active
- Updated 10 hours ago
- 3Beds
- 2Total Baths
- 1,747Sq. Ft.
- Single Family
- Active
- Updated 2 hours ago
- 4Beds
- 4Total Baths
- 3,221Sq. Ft.
- Mobile Home
- Active
- Updated 2 hours ago
- 2Beds
- 2Total Baths
- 1,152Sq. Ft.
- Single Family
- Active
- Updated 4 hours ago
- 3Beds
- 2Total Baths
- 1,350Sq. Ft.
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- Single Family
- Active
- Updated 1 day ago
- 4Beds
- 4Total Baths
- 6,022Sq. Ft.
- Single Family
- Active
- Updated 5 days ago
- 5Beds
- 3Total Baths
- 2,426Sq. Ft.
- Single Family
- Active
- Updated 4 hours ago
- 3Beds
- 1Total Bath
- 1,176Sq. Ft.
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5190 & 5200 Palma Avenue, Atascadero, CA 93422 (MLS# PI25278792) is a Duplex property with 4 bedrooms and 2 full bathrooms. 5190 & 5200 Palma Avenue is currently listed for $1,100,000 and was received on January 12, 2026. Want to learn more about 5190 & 5200 Palma Avenue? Do you have questions about finding other Duplex real estate for sale in Atascadero? You can browse all Atascadero real estate or contact a Coldwell Banker agent to request more information.