Built in 1895, this iconic Historic Victorian residence sits on one of downtown San Luis Obispo’s most prominent properties. Restored over the past 50 years, the residence is set on nearly a half-acre of usable land and currently features nine residential units, including three one-bedroom residences and six studio units with lofts. The property also includes nine outbuildings used as garages, storage, a bicycle garage, social room, and laundry facility.
Historic character is preserved through ornate Victorian detailing, original redwood built with Douglas fir accents, soaring 12-foot ceilings, and expansive windows, while offering modern conveniences throughout. A large basement, park-like grounds, patio areas, and barbecue space enhance the property’s appeal.
In addition to its existing income-producing layout, the property offers potential for future expansion and increased density, subject to local zoning and planning approvals. Development flexibility may allow for additional units or alternative configurations, presenting a rare opportunity for investors and owner-users alike.
Historic character is preserved through ornate Victorian detailing, original redwood built with Douglas fir accents, soaring 12-foot ceilings, and expansive windows, while offering modern conveniences throughout. A large basement, park-like grounds, patio areas, and barbecue space enhance the property’s appeal.
In addition to its existing income-producing layout, the property offers potential for future expansion and increased density, subject to local zoning and planning approvals. Development flexibility may allow for additional units or alternative configurations, presenting a rare opportunity for investors and owner-users alike.
Property Details
Price:
$2,600,000
MLS #:
SC26013167
Status:
Pending
Beds:
0
Baths:
0
Type:
Multi Family
Subtype:
Apartment
Subdivision:
San Luis Obispo380
Neighborhood:
slosanluisobispo
Listed Date:
May 15, 2026
Total Sq Ft:
5,888
Lot Size:
20,735 sqft / 0.48 acres (approx)
Year Built:
1895
Units:
9
See this Listing
Schools
Interior
Appliances
Water Heater, Refrigerator, Gas Range, Dishwasher
Cooling
None
Flooring
Carpet, Wood
Heating
Fireplace(s), Natural Gas, Wood Stove
Interior Features
Laminate Counters, Built-in Features, Wainscoting, High Ceilings, Ceiling Fan(s), Storage
Laundry Features
Gas Dryer Hookup, Community
Levels
Two
Exterior
Accessibility Features
None
Architectural Style
Victorian
Common Walls
2+ Common Walls
Community Features
Biking, Street Lights, Urban, Storm Drains
Construction Materials
Wood Siding, Lap Siding, Redwood Siding
Covered Spaces
6
Exterior Features
Lighting
Fencing
Wood
Garage Spaces
6
Lot Features
Yard, Lawn, Level with Street, Front Yard, Back Yard, Lot 20000-39999 Sqft, Walkstreet, 6-10 Units/Acre, Garden, Corner Lot
Open Parking Spaces
9
Open Parking YN
1
Other Structures
Workshop, Storage, Shed(s), Outbuilding
Parking Features
On Site, Garage – Single Door, Driveway Level, Driveway, Side By Side, Garage Faces Side, Unpaved, Off Site, Unassigned
Parking Spots
15
Parking Total
15
Roof
Composition, Shingle
Security Features
Carbon Monoxide Detector(s), Smoke Detector(s)
Spa Features
None
Stories
2
View
City Lights, Neighborhood, Hills
Window Features
Bay Window(s), Wood Frames, Skylight(s), Screens
Financial
Maintenance Fee
$11,628
Taxes
$3,306
Map
Community
- Address687 Islay San Luis Obispo CA
- SubdivisionSan Luis Obispo(380)
- CitySan Luis Obispo
- CountySan Luis Obispo
- Zip Code93401
Subdivisions in San Luis Obispo
Market Summary
Current real estate data for Multi Family in San Luis Obispo as of Oct 20, 2026
10
Multi Family Listed
85
Avg DOM
$2,559,000
Avg List Price
Property Summary
- Located in the San Luis Obispo(380) subdivision, 687 Islay San Luis Obispo CA is a Multi Family for sale in San Luis Obispo, CA, 93401. It is listed for $2,600,000 To schedule a showing of MLS#sc26013167 at 687 Islay in San Luis Obispo, CA, contact your Outland and Associates Real Estate agent at 8054813939.
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Courtesy of Central Coast Sotheby’s International Realty. Disclaimer: All data relating to real estate for sale on this page comes from the Broker Reciprocity (BR) of the California Regional Multiple Listing Service. Detailed information about real estate listings held by brokerage firms other than Outland and Associates Real Estate include the name of the listing broker. Neither the listing company nor Outland and Associates Real Estate shall be responsible for any typographical errors, misinformation, misprints and shall be held totally harmless. The Broker providing this data believes it to be correct, but advises interested parties to confirm any item before relying on it in a purchase decision. Copyright 2026. California Regional Multiple Listing Service. All rights reserved.687 Islay
San Luis Obispo, CA