Address
3411 & 3505 Spring Street, Paso Robles, CA
Price
$ 4,500,000
Property Attributes
- MLS#PI26117034
- TypeSingle Family
- Listing Status Active
- CountySan Luis Obispo
- CityPaso Robles
- Area Paso Robles
- Zip93446
- Style
- Year Built1968
- Price$ 4,500,000
- Bedrooms0
- Full Bathrooms1
- Half Bathrooms0
- Sqr Footage16808
- Lot Size0.7662 Acres
Data Source:
California Regional MLS (CRMLS)
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 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 opportunity to acquire operational scale on a single street in one of California's most supply-constrained multifamily markets. Investment Highlights: 24 Total Units Across 2 Adjacent Properties on Spring Street, Paso Robles Portfolio Asking Price: $4,500,000 — $189,000/unit across both properties Combined Stabilized Cap Rate of 8.09% at Market Rents Current Entry Cap Rate: 5.00% Annual Rent Upside of ~$155,400 Across Both Properties 3505 Spring Street Located in a Federally Designated Opportunity Zone RUBS Program in Place at 3505 — Tenants Pay ~90% of Gross Utilities Both Properties Managed by MPM Inc. — Seamless Operational Transition 3411 Spring Street Independently Appraised at $3,550,000 (January 2026) Zero New Multifamily Supply in the North SLO Submarket — Structural Rent Floor
| Price History | |
|---|---|
| 6/3/2026 | Listed $5,000,000 |
| 6/23/2026 | 2$4,900,000 |
| 6/30/2026 | 8$4,500,000 |
General Features
| Sewer | PublicSewer |
|---|---|
| Heating | WallFurnace |
| Cooling | WallWindowUnits |
| Utilities | CableAvailable,ElectricityConnected,NaturalGasConnected,PhoneAvailable,SewerConnected,WaterConnected |
| Possession | CloseOfEscrow,Negotiable |
| Roof | Asphalt |
| Zoning | T-4NC, PR/R4 |
| Garage Spaces | 14 |
| Architectural Style | Traditional |
| Pool Features | None |
| Year Built | 1968 |
| Electric | Standard |
| Tenant Pays | CableTv,Electricity,Gas,SeeRemarks,Sewer,TrashCollection,Water |
| Stories Count | 2 |
| Levels | Two |
| Property Subtype | Apartment |
| Gross Income | 370511 |
| Community Features | Curbs,Gutters,StormDrains,StreetLights,Sidewalks |
| Accessibility | Parking |
| Additional Parcels Description | 008031028 |
| County | San Luis Obispo |
| Net Operating Income | 225904 |
| New Construction | false |
| Property Type | ResidentialIncome |
| HOA | false |
| Garage Y/N | true |
| Other Structures | Sheds |
| Special Listing Conditions | Standard |
| Status | Active |
| Directions | Start on US-101 N, take exit 232 for Spring St, destination will be on the right. |
| City | Paso Robles |
| Entry Location | Front |
| Senior Community Y/N | false |
| Open Parking Spaces | 20 |
| Number Of Units Total | 24 |
| MLS Area | PSOR - Paso Robles |
| Lot Size Units | Acres |
| Lot Size Square Feet | 33375.67 |
| Number of Units Leased | 23 |
| Listing Terms | Cash,Conventional,FHA,VaLoan |
| Spa Features | None |
| Property Attached Y/N | true |
| Land Lease Y/N | false |
| Additional Parcels Y/N | true |
| Rent Control Y/N | false |
| Building Area Units | SquareFeet |
| Standard Status | Active |
| Year Built Source | Assessor |
| Total Actual Rent | 368400 |
| Property Sub Type Additional | Apartment |
| PostalCity | PASO ROBLES |
Interior Features
| Interior Amenities | Balcony |
|---|---|
| Fireplace Features | None |
| Total Stories | 2 |
| Common Walls | TwoCommonWallsOrMore |
| Air Conditioning Y/N | true |
| Heating Y/N | true |
| Fireplace Y/N | false |
| Laundry Features | CommonArea |
| Entry Level | 1 |
Exterior Features
| Fencing | Wood |
|---|---|
| Parking Features | Assigned,Asphalt,Covered,OnSite,Paved,OneSpace,Uncovered |
| Lot Features | TwentyOneToTwentyFiveUnitsAcre |
| Water Source | Public |
| Total Parking | 34 |
| Lot Size Area | 0.7662 |
| Number of Buildings | 2 |
| Spa | false |
| Building Area Total | 16808 |
| Lot Size Acres | 0.7662 |
| Road Surface Type | Paved |
| Private Pool | false |
| Lot Size Source | Assessor |
| Number of Separate Water Meters | 2 |
| Number of Separate Gas Meters | 16 |
| Number of Separate Electric Meters | 16 |
| Road Frontage Type | CityStreet |
Amenities
- Foreclosure
- Views
- Short Sale
- New Construction
- Adult 55+
- Lease To Own
- No HOA Fees
- Furnished
- Primary On Main
- Air Conditioning
- Seller Finance
- Green
- Fixer Upper
- Horse
- Golf
- Fireplace
- Deck
- Garage
- Basement
- Pool
Property vs Single Family Average in 93446
Price
Year Built
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