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$1,699,000
Est. payment /mo
3 Beds
6 Baths
0.39 Acres Lot
UPDATED:
Key Details
Property Type Multi-Family
Sub Type Res Income 2-4 Units
Listing Status Active
Purchase Type For Sale
MLS Listing ID PI26094991
Bedrooms 3
Lot Size 0.389 Acres
Property Sub-Type Res Income 2-4 Units
Property Description
(PORTFOLIO SALE) Combined portfolio 3411 Spring Street and 3505 Spring Street offered at $4,500,000. 3505 Spring Street is a unique 10-unit multifamily property in the heart of Paso Robles, offered at approximately $169,000/unit, $339/SF with a stabilized cap rate of 8.91% and annual rent upside of approximately $53,340. The property spans approximately 5,000 rentable square feet across two stories on a 0.40-acre lot. The diverse unit mix includes five (5) studios with one bathroom, one (1) studio with two bathrooms, two (2) one-bedroom/one-bathroom units, one (1) one-bedroom/two-bathroom unit, and one (1) two-bedroom/two-bathroom unit catering to a broad renter demographic. The property is zoned T-4NC and sits within a federally designated Opportunity Zone, providing meaningful tax advantages for qualifying investors. A RUBS program implemented in October 2025 per CA Civil Code 827 passes approximately 90% of gross utility costs back to tenants, materially improving net operating income. With current rents below market and one unit presently vacant, a new owner is positioned to immediately begin closing the income gap toward stabilized returns. Investment Highlights: *Federally Designated Opportunity Zone Significant Tax Incentives for Qualifying Investors *RUBS Program in Place Since October 2025 Tenants Pay ~90% of Gross Utilities *Attractive Entry Basis at ~$339/SF *Attractive Entry Basis: $169,000/unit *Stabilized Cap Rate of 8.91% at Market Rents *Annual Rent Upside of ~$53,340 as Units Turn Over to Market
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 008031028
Acceptable Financing Cash, Conventional, Exchange
Listing Terms Cash, Conventional, Exchange
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Listed by Abel Contreras, DRE#02062620 Invest SLO
Nearby School & Business
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