A great opportunity to own a classic multi-family property located three blocks from downtown San Luis Obispo. All-encompassing Spanish style; tile roof, old growth landscaping, and koi pond with waterfall. A most ideal living experience, with no through traffic in the Historic Railroad Square neighborhood adjacent to the popular bike path. The three units encompass a 2 bedroom, 1 bathroom upper unit, a 3 bedroom 1 bathroom legal, non-conforming living quarters, which together can be converted back to a single residence. Separated by the drive space is a 1 bedroom, 1 bathroom home adjoined with a non-conforming walk-out basement and bathroom. The entire property generates $5,850 a month, which is below market, and the nearly 7,000 square foot R3 lot allows room for development. Enjoy living here while offsetting your expenses, or acquiring a fully leased investment property within this coveted part of town.