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Located at 5190 & 5200 Palma Avenue, The Palms presents a rare and highly refined high-density multifamily developmentwith 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 Atascaderos 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 citys 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 parcelan 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 propertys defining strength, offering immediate walkability to Atascaderos revitalized downtownnow featuring a new pedestrian mall, mixed-use development, local dining, breweries, boutique shopping, and year-round community eventswhile 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.
| Last Updated | 2/20/2026 | Tract | ATNortheast(10) |
|---|---|---|---|
| Year Built | 1958 | 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 |
| CONSTRUCTION | Concrete, Stucco |
| GARAGE | Yes |
| HEAT | Natural Gas |
| LOT | 0.38 acre(s) |
| LOT DIMENSIONS | .25 to .5 AC |
| PARKING | Garage |
| SEWER | Public Sewer |
| STORIES | 1 |
| STYLE | Traditional |
| SUBDIVISION | ATNortheast(10) |
| UTILITIES | Electricity Available, Natural Gas Available, Cable Available, Electricity Connected, Natural Gas Connected, Phone Available, Sewer Connected, Water Connected |
| VIEW | Yes |
| VIEW DESCRIPTION | Neighborhood |
| WATER | Public |
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Properties on this website was last updated as recently as 3/7/26 7:21 AM PST.
This IDX solution is (c) Diverse Solutions 2026.
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