3505 Spring Street,Paso Robles, CA 93446
Paso Robles, CA 93446
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
Details
| MLS # | PI26094991 |
|---|---|
| Listing Type | For Sale |
| Style | Condominium |
| Sub-Type | Resale |
| Status | Active |
| Year | 1968 |
| Days On Site | 96 |
| Listing Provided By | Invest SLO | Abel Contreras |
Features
| SQ Feet | 5,000 |
|---|---|
| Story(s) | 2 |
| Units | 10 |
| Building(s) | 1 |
| Zoning | T-4NC |
| Acreage | 0.39 |
Interior
| Cooling | Wall Window Units |
|---|---|
| Cooling Yes / No | Yes |
Exterior
| Roof | Asphalt |
|---|---|
| Lot Features | Six To Ten Units Acre, Paved |
Parking
| Parking Features | Assigned, Asphalt, On Site, Paved, Uncovered |
|---|---|
| Garage Yes / No | No |
Utilities
| Utilities | Cable Available, Electricity Connected, Natural Gas Connected, Phone Available, Sewer Connected, Water Connected |
|---|---|
| Electric | Standard |
| Sewer | Public Sewer |
Location
| Community Features | Curbs, Gutters, Storm Drains, Street Lights, Sidewalks |
|---|
Area Information
| State | CA |
|---|---|
| County | San Luis Obispo |
| City | Paso Robles |
| Zip Code | 93446 |
| Area | PSOR Paso Robles |
| Listing VS Median (in 93446) | |
Price: $1,699,000 low | high Med: $2,400,000 sqft: 5,000 low | high Med: 15,741 $ / sqft: $340 low | high Med: $152 On site: 96 low | high Med: 89 | |
Market Activity 93446
Request a showing
Request a showing
Contact
Learn More About This Property
| State | CA |
|---|---|
| County | San Luis Obispo |
| City | Paso Robles |
| Zip Code | 93446 |
| Area | PSOR Paso Robles |
| Listing VS Median (in 93446) | |
Price: $1,699,000 low | high Med: $2,400,000 sqft: 5,000 low | high Med: 15,741 $ / sqft: $340 low | high Med: $152 On site: 96 low | high Med: 89 | |