Located in the heart of Downtown San Luis Obispo, 452, 458, 458½ and 504 Higuera Street presents a rare opportunity to acquire a creekside redevelopment site in one of California’s most tightly held downtown districts. The offering consists of two adjacent parcels totaling approximately 0.59 acres and currently improved with four residential rental units that provide holding income while future plans are pursued. The property is zoned CR Retail Commercial and is positioned within an established mixed-use environment surrounded by downtown retail, restaurants, offices, and residential development. Existing improvements include three 3-bedroom, 1-bath homes and one 1-bedroom, 1-bath home, all currently leased and generating $8,275 per month in rental income. The combination of current cash flow and redevelopment potential creates flexibility for investors, developers, and contractors evaluating both near-term and long-term strategies. A professional feasibility study completed by RRM Design Group outlines potential redevelopment scenarios, including an 11-unit luxury townhome project or a higher-density 20-unit condominium or apartment development. The site's downtown location, creekside setting, dual-parcel configuration, and zoning framework support consideration for future residential or mixed-use redevelopment consistent with urban infill objectives within the City of San Luis Obispo. The property's central location places future residents and businesses within walking distance of the city's commercial core, providing access to shopping, dining, employment centers, and community amenities. Opportunities of this scale and positioning are infrequent in Downtown San Luis Obispo, making the property a notable land acquisition opportunity with existing income in place.