$ 4,500,000
-
$4,500,000
Price -
3
Bed -
2
Bath -
16,808
SqFt
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About the Listing Pi3420 - pi02062620,pi02152275
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
Listing Highlights
Status
Active
Days on Site
32
Property Type
Multi-Family
MLS ®
PI26117034
Year Built
1968
Total Square Footage
16,808
Lot/Acreage
0.77
County
San Luis Obispo
Area
PSOR - Paso Robles
Interior Details
- Bedrooms: 3
- Bathrooms: 2 Full
- Appliances:
- Air Cond: Wall/Window Unit(s)
- Heating: Wall Furnace
- Fireplaces:
- Floor:
- Above Ground Sq Ft:
- Below Ground Sq Ft: n/a
- Basement:
- Other: Balcony
- Water: Public
Exterior Details
- Lot Description: 21-25 Units/Acre,No Land Lease
- Garage Capacity: 14 car
- Parking Spaces: 34
- Zoning: T-4NC, PR/R4
- Roof: Asphalt
- Others: 2+ Total Units
- Sewer: Public Sewer
- Parking Features: Assigned,Asphalt,Covered,On Site,Paved,One Space,Uncovered
Financial Details
- Tax Amount: N/A
- Taxes w/Assessments: N/A
- Tax/Property ID: 008031009
- Tax Year: N/A
Payment Calculator
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Questions About..
3411 Spring St Paso Robles, CA 93446
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