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3505 Spring St
For Sale $1,699,000
$1,699,000
- Unknown Bedrooms
- Unknown Bathrooms
- Unknown Sq Ft
- 16,948 Sq Ft
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
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Amenities
Garage
Pool
Garden
Security System
Internet
Telephone
Heating
Fireplace
Balcony & Patio
TV / Cable
Laundry
Hardwood Floors
Spa
Air Conditioning
Solar Power
Floor Plan
Great Views
Natural Light
Quiet
Water View
Elevator
Guest Unit(s)
Furnished
220 Volt
Property Details
| List Price | $1,699,000 |
| Property Type | Condo/Co-Op |
| Usable Sqft | Unknown |
| Number of Stories | 2 stories |
| Parking Spots | 0 spots |
| Year Built | 1968 |
| Last Sold | Unknown |
| Sold Price | Unknown |
| HOA Fees: | $0 |
| Association Name: | Unknown |
| Association Amenities: | Unknown |
| APN # | 008031028 |
| MLS # | PI26094991 |
| Property ID | 319664665 |
| Lot Sqft | 16,948 |
| Zoning | T-4NC |
| Total Units | 10 |
| Days on Market | 72 |
| Original List Price | $1,900,000 |
| Date Updated | June 30, 2026 |
| Date Created | April 30, 2026 |
| Unit # | Beds | Baths | Current Rent | Proforma Rent |
| Unit #1 | $135,900 | $0 |
| Net Income (Yr) | $ 101,526 |
| Cap Rate | 5.98% |
Listing Provided By
Abel Contreras an agent of Invest SLO. Lic #02062620
© 2026 CRMLS. All rights reserved. Some listings on this website are from CRMLS as of June 30, 2026 The information being provided is for consumers personal, non-commercial use and may not be used for any purpose other than to identify prospective properties consumers may be interested in purchasing.
Robert Crawford
REAL ESTATE AGENT