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Donnie Bowen

[email protected] +1(949) 290-9754

$ 5,000,000

Est. payment | -/mo

0.77 Acres Lot

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$ 5,000,000

Est. payment | -/mo

Save

0.77 Acres Lot

Key Details

Property Type Apartment

Sub Type Apartment

Listing Status Active

Purchase Type For Sale

MLS Listing ID PI26117034

HOA Y/N No

Year Built 1968

Lot Size 0.766 Acres

Property Sub-Type Apartment

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 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: $5,000,000 — ~$263/SF (3411) and ~$380/SF (3505)

Combined Stabilized Cap Rate of 7.17% at Market Rents

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

Buyers Making an Offer on the Entire Portfolio Will Be Given Preference

Location

State CA

County San Luis Obispo

Area Psor - Paso Robles

Zoning T-4NC, PR/R4

Rooms

Other Rooms Shed(s)

Interior

Interior Features Balcony

Heating Wall Furnace

Cooling Wall/Window Unit(s)

Fireplaces Type None

Fireplace No

Laundry Common Area

Exterior

Parking Features Assigned, Asphalt, Covered, On Site, Paved, One Space, Uncovered

Garage Spaces 14.0

Garage Description 14.0

Fence Wood

Pool None

Community Features Curbs, Gutter(s), Storm Drain(s), Street Lights, Sidewalks

Utilities Available Cable Available, Electricity Connected, Natural Gas Connected, Phone Available, Sewer Connected, Water Connected

Roof Type Asphalt

Accessibility Parking

Total Parking Spaces 34

Private Pool No

Building

Lot Description 21-25 Units/Acre

Story 2

Entry Level Two

Sewer Public Sewer

Water Public

Architectural Style Traditional

Level or Stories Two

Additional Building Shed(s)

New Construction No

Others

Senior Community No

Tax ID 008031009

Acceptable Financing Cash, Conventional, FHA, VA Loan

Listing Terms Cash, Conventional, FHA, VA Loan

Special Listing Condition Standard

Lease Land No

CRMLS Full IDX Feed (MAIN Website Search)

Listed by Abel Contreras Invest SLO 805-709-7143, DRE #02062620

NEARBY SCHOOL & BUSINESS

+1(949) 290-9754

[email protected]

22502 Avenida Empresa, Rancho Santa Margarita, California, 92688, USA

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3411 & 3505 Spring ST Paso Robles, CA 93446