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Listed by Abel Contreras, DRE #02062620 • Invest SLO
$ 4,500,000
Est. payment /mo
Price Dropped by $400K
3411 & 3505 Spring ST Paso Robles, CA 93446
UPDATED:
Key Details
Property Type Commercial
Listing Status Active
Purchase Type For Sale
MLS Listing ID CRPI26117034
Style Traditional
Year Built 1968
Source California Regional MLS
Property Description
The Spring Street Portfolio is a rare opportunity to acquire two adjacent multifamily properties totaling 24 units in the heart of Paso Robles, offered at $4,500,000 - with a combined stabilized cap rate of 8.09% and annual rent upside of approximately $155,400 across both properties. The portfolio consists of 3411 Spring Street, a 14-unit two-story walk-up built in 1970 spanning approximately 11,748 rentable square feet, and 3505 Spring Street, a 10-unit two-story property originally constructed as a motel and thoughtfully converted to residential use, spanning approximately 5,000 rentable square feet. Together, the properties sit on adjacent lots totaling over ±0.79 acres along the Spring Street corridor, zoned PR/R4 and T-4NC respectively. Both properties are managed by MPM Inc., offering a seamless transition for new ownership. 3505 Spring Street sits within a federally designated Opportunity Zone, providing meaningful tax advantages for qualifying investors, and operates under a RUBS program implemented in October 2025 through which tenants pay approximately 90% of gross utility costs. With current rents averaging well below market across both properties - several tenants at 3411 having been in place since as early as 2008 - a new owner is positioned to systematically close
Location
State CA
County San Luis Obispo
Area Psor - Paso Robles
Interior
Heating Wall Furnace
Cooling Window / Wall Unit
Laundry Laundry Area, Community Facility
Exterior
Parking Features Assigned Spaces, Covered Parking, Common Parking Area, Other, Parking Area, Uncovered Parking
Garage Spaces 34.0
Pool 31, None
Roof Type 2
Building
Water District - Public
Architectural Style Traditional
Others
Tax ID 008031009
Special Listing Condition Not Applicable
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