Located just minutes from Cal Poly and downtown San Luis Obispo, 135 Ferrini Rd presents a rare opportunity to acquire a 5 unit fully leased, purpose-built student housing investment completed in 2018. The property is currently generating $24,775 in monthly gross income ($297,300 annually) and offers modern construction, efficient floor plans, and strong in-place cash flow. Ideally situated in one of San Luis Obispo's most desirable rental locations, the property provides convenient access to Cal Poly, downtown, shopping, restaurants, public transit, nearby parks, and some of the area's most popular outdoor recreation, including the Bishop Peak and Madonna Mountain trail systems. With its excellent location, strong income, and contemporary construction, this turnkey investment is well positioned in one of California's most supply-constrained rental markets.
Foothill, located between California Polytechnic State University and the Irish Hills, is a residential and hillside San Luis Obispo neighborhood with winding streets and trailhead views. The neighborhood’s character concentrates around Foothill Boulevard at Santa Rosa Street, where coffee counters, bike traffic, and campus-bound footpaths set a steady daytime rhythm. Mid-century ranch homes and compact cottages mix with newer infill, often framed by oaks and broad sky. Laguna Lake Park and the nearby Irish Hills Natural Reserve shape an outdoors-forward routine. Cultural touchstones such as the Fremont Theater, San Luis Obispo Museum of Art, and the Thursday Night Farmers’ Market in Downtown SLO add a polished, local cadence.
Provided by Walk Score and Local Logic
Property details
Interior
Exterior
Finance
Interior features
Balcony
Living room balcony
Ceiling fan
Storage space
Sliding glass door(s)
Double pane windows
Window blinds
Window screens
Fire sprinklers
Carbon monoxide detector(s)
Smoke detector
Bedrooms
Primary bedroom
Bathrooms
Primary bathroom
Kitchen
Garbage disposal
Microwave
Refrigerator
Dishwasher
Laundry & utility
Washer included
Dryer included
Washer hookup
Laundry in closet
Flooring
Vinyl
Carpet
Heating & cooling
Central furnace
Central cooling
Exterior features
Level with street
Rectangular lot shape
Park nearby
Partial wood fencing
Home design
Condominium
Three total stories
Turnkey condition
Two levels
Has a view
Parking
Assigned parking
On-site parking
Off-street parking
Concrete driveway
Carport
10 parking spaces (including 10 carport spaces)
Construction
Stucco construction
Composition roof
Raised/combination foundation with concrete slab
Built year per assessor
Utilities
Public sewer
District/public water
Natural gas connected
Electricity connected
Sewer connected
Water connected
Telephone in street
Cable available
HOA & community
Curbs
Street lighting
Sidewalks
Storm drains
Biking
Hiking
Park
Golf course
Financial info
Total building area 7,524
5 total units
All 5 units leased
Actual total rent $24,775
Gross scheduled income $297,300
Gross operating income $104,055
Net operating income $193,245
Total expenses approximately $45,000 (includes trash $3,772; insurance $4,552; gardener $1,675; new taxes $22,000)
Other income $3,000 (internet)
Other
Each unit has separate water, gas, and electric meters (5 each)
5 units include refrigerator, range, disposal, and dishwasher
Partially furnished units
Electricity and solar
View estimated energy costs and solar savings for this home
R4 Zoned! Value in land, density allows 4 2-bedroom units. Multi-family projects going up on similar size R4 lots bringing in $140,000 plus per year in rental income. Wonderful opportunity to add units around existing dwelling or live in home and add on to home in future.
CRMLS #SP1056748
Jul 8, 2015
Listing Removed
—
Jun 30, 2015
Listed
$785,000
$104/sq ft
CRMLS #SP1056645
Jul 8, 2015
Listing Removed
—
Jun 29, 2015
Listed
$785,000
$104/sq ft
NSBCRMLS #998136
Jan 6, 2000
Sold
$235,000
$31/sq ft
Oct 28, 1999
Listed
$249,000
$33/sq ft
CRMLS #PI998136
Jan 6, 2000
Sold
$235,000
$31/sq ft
Oct 28, 1999
Listed
$249,000
$33/sq ft
As the MLS and public records start to fill up, we'll list the details here.
Public record
Public record
Zoning
Beds
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Baths
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Stories
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Lot width
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Lot depth
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Lot size
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Year renovated
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Finished Sq. Ft.
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Unfinished Sq. Ft.
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Total Sq. Ft.
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Year built
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Style
Single Family Residential
County
San Luis Obispo County
APN
052-032-047
Parking Spaces
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Basement
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Accessible
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HOA Dues
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Garage
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Features
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Last updated by owner on Feb 25, 2026.
R-4
SAN LUIS OBISPO SUB AREA NORTH
INLAND AREA
SAN LUIS OBISPO PLANNING AREA
High-Density Residential Zone
The R-4 zone is intended primarily to provide for attached dwellings with common outdoor areas and compact private outdoor spaces, and to accommodate various types of group housing. Further, the R-4 zone intended to allow for dense housing close to concentrations of employment and college enrollment, in the downtown core, along transit corridors and nodes, and in areas largely committed to high-density residential development.
Zone overlays
Permitted uses
Include but are not limited to:
Garden center
Housing-Single unit
Housing-Multiple units
Housing-Senior
Housing-Other
Housing-Mobile home park
Park & open space
Climate risks
3/10 Flood Factor
Estimated 10-14% chance of a flood reaching the building in the next 30 years
5/10 Fire Factor
4% chance of being in a wildfire in next 30 years
4/10 Heat Factor
7 days above 85° expected this year, 18 days in 30 years
1/10 Wind Factor
Minimal risk of severe winds over next 30 years
6/10 Air Factor
11 unhealthy days expected this year, 11 days in 30 years
Provided by First Street
Historical weather
San Luis Obispo, CA • 93405
Average low and high temperatures (°F)
67
46
66
48
69
50
67
49
68
50
70
53
70
54
76
55
75
56
75
53
67
49
67
49
Jan
Feb
Mar
Apr
May
Jun
Jul
Aug
Sep
Oct
Nov
Dec
Sun exposure
83/ 100
Very good sunlight
Sunscore
This home receives average direct sun exposure in San Luis Obispo. There appears to be minimal shading by surrounding buildings, terrain, and vegetation.
8.9 hrs
5.8 hrs
JuneDecember
Provided by Shadowmap
Redfin Estimate for 135 Ferrini Rd
There isn’t enough information to generate an accurate estimate at this time. Learn More