25
See all 25 photos
$5,000,000
Est. payment /mo
3 Beds
0.77 Acres Lot
New
3411-& 3505 Spring Street Paso Robles, CA 93446
REQUEST A TOUR If you would like to see this home without being there in person, select the "Virtual Tour" option and your agent will contact you to discuss available opportunities.
In-PersonVirtual Tour
UPDATED:
Key Details
Property Type Multi-Family
Sub Type Res Income 2-4 Units
Listing Status Active
Purchase Type For Sale
MLS Listing ID PI26117034
Bedrooms 3
Lot Size 0.766 Acres
Property Sub-Type Res Income 2-4 Units
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 $5,000,000 approximately $263/SF for 3411 Spring Street and $380/SF for 3505 Spring Street with a combined stabilized cap rate of 7.17% 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 the rent gap through annual AB 1482 increases and natural turnover. 3411 Spring Street was independently appraised at $3,550,000 in January 2026, underscoring the portfolio's strong in-place value. This is an exceptional op
Location
State CA
County San Luis Obispo
Zoning Assessor
Direction Start on US-101 N, take exit 232 for Spring St, destination will be on the right.
Interior
Cooling Wall/Window
Fireplace No
Exterior
View Y/N No
Building
Story 2
Level or Stories 2
Others
Senior Community No
Tax ID 008031009
Acceptable Financing Cash, Conventional, FHA, VA
Listing Terms Cash, Conventional, FHA, VA
Listed by Abel Contreras, DRE#02062620 Invest SLO
NEARBY SCHOOL & BUSINESS
GET MORE INFORMATION