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Rare Santa Margarita Opportunity-Two Homes on One Acre. Rarely does an opportunity like this come to market! This versatile property features two separate homes, offering an exceptional combination of rental income, multi-generational living, guest accommodations, or future investment potential. The main residence offers 3 bedrooms and 2 bathrooms across approximately 1,080+/- square feet, along with a detached two-car garage and plenty of usable outdoor space. A separate 1-bedroom plus office, 2-bath 804+/- square foot guest home provides additional flexibility and opportunity. Both residences are currently tenant occupied, generating a combined $2,375 per month in rental income ($1,350/month for the main home and $1,025/month for the guest home) and boast separately metered utilities, providing immediate income for an investor while preserving the potential to enhance the property's value over time. The approximately one-acre setting offers room to spread out, with potential space for horses and other rural lifestyle uses. Enjoy the charm and community of Santa Margarita while remaining conveniently located near San Luis Obispo, Paso Robles, Atascadero, and the Central Coast. Whether you're looking for an income-producing investment, a property for extended family, or a unique opportunity to own multiple residences on one parcel, this rare Santa Margarita offering deserves a closer look. If you're looking to add even more land and a third home, check out the neighboring property at 22815 I Street, Santa Margarita also being offered for sale at $699,900. MLS#NS26216088. BONUS- The sellers are open to considering seller financing for 5-7 years with 20-30% down at only a 4% interest on at least one of these parcels
| Last Updated | 10/5/2026 | Tract | Santa Margarita In Town(70) |
|---|---|---|---|
| Year Built | 2002 | Community | SMRG - Santa Margarita |
| Garage Spaces | 2.0 | County | San Luis Obispo |
Additional Details
| AIR | Central Air |
|---|---|
| AIR CONDITIONING | Yes |
| AREA | SMRG - Santa Margarita |
| GARAGE | Yes |
| LOT | 1 acre(s) |
| LOT DESCRIPTION | Back Yard, Front Yard |
| LOT DIMENSIONS | 1 |
| PARKING | Driveway, Garage, RV Access/Parking |
| POOL DESCRIPTION | None |
| SEWER | Septic Tank |
| STORIES | 1 |
| SUBDIVISION | Santa Margarita In Town(70) |
| VIEW | Yes |
| VIEW DESCRIPTION | Hills |
| WATER | Public |
Location
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The multiple listing data appearing on this website, or contained in reports produced therefrom, is owned and copyrighted by California Regional Multiple Listing Service, Inc. ("CRMLS") and is protected by all applicable copyright laws. Information provided is for viewer's personal, non-commercial use and may not be used for any purpose other than to identify prospective properties the viewer may be interested in purchasing. All listing data, including but not limited to square footage and lot size is believed to be accurate, but the listing Agent, listing Broker and CRMLS and its affiliates do not warrant or guarantee such accuracy. The viewer should independently verify the listed data prior to making any decisions based on such information by personal inspection and/or contacting a real estate professional.
Based on information from California Regional Multiple Listing Service, Inc. as of 10/6/26 6:03 PM PDT and /or other sources. All data, including all measurements and calculations of area, is obtained from various sources and has not been, and will not be, verified by broker or MLS. All information should be independently reviewed and verified for accuracy. Properties may or may not be listed by the office/agent presenting the information
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