Two-Unit Ranch
For Sale
Under Contract
$799,900
309-311 15th Street, Paso Robles, CA 93446
MULTI_FAMILY - Ranch - Paso Robles, CA
Property Size2,100 SF
Lot Size0.16 Acres
Price / SF$380.90
Days on Market257
Property Features for 309-311 15th Street
General Information
Property type
Residential Multi Family
Property subtype
Duplex
Bedrooms
4
Bathrooms
3
Full bathrooms
3
Rooms
Laundry Room, Bedroom 1, Bedroom 2, Bathroom 3, Bedroom 4, Bathroom 1, Bathroom 2, Bedroom 3
Parking
4
Parking features
Carport
Window features
Screens
Patio and Porch features
Patio
Interior features
Storage
Fireplace
1
Subdivision
PR City Limits West(120)
Lot features
Treed Lot, Lot 6500-9999, Rectangular Lot
Elementary school district
Paso Robles Joint Unified
Middle school district
Paso Robles Joint Unified
High school district
Paso Robles Joint Unified
Directions
Spring to 15th Street. West on 15th. Property is located between Olive & Chestnut Street on the north side of the street
Standard status
Active Under Contract
APN
008317009
Size
2,100 SF
Lot size
0.16 Acres
Utilities
Utilities
Cable Available
Sewer type
Public Sewer
Heating system
Forced Air, Natural Gas
Cooling system
Central Air
Water source
Public
Amenities
storage
Building Details
Year built
1975
Floors in Building
1
Number of units
2
Flooring type
Laminate, Tile, Carpet
Building materials
Stucco, Drywall Walls
Roof type
Composition
Architectural style
Ranch
Additional Structures
Storage
Listing Agency:
RE/MAX Parkside Real Estate · RE/MAX International
(805) 239-3310
Listed By:
Vicki Silva · License #00463813
(805) 610-2650
Added: Nov 26, 2025
Changed: Aug 4
Last Checked: Aug 10 at 9:06PM
MLS# NS25274698
Copyright © 2026 California Regional Multiple Listing Service, Inc. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
This two-unit ranch duplex offers two separate residential units on a shared, tree-shaded lot. The front unit is a two bedroom, two bath configuration with approximately 1,200 square feet, while the back unit is a two bedroom, one bath layout. Both units include double carports with storage for added convenience.
The property is located on 15th Street in Paso Robles, within a short walk of downtown, including the city park and local restaurants and wine tasting rooms. The back unit’s parking also has alley access, which supports more private parking for both occupants.
Overall, the building presents a straightforward duplex setup with covered parking, storage, and separate unit layouts suitable for a residential income buyer seeking a manageable two-property configuration.
The property is located on 15th Street in Paso Robles, within a short walk of downtown, including the city park and local restaurants and wine tasting rooms. The back unit’s parking also has alley access, which supports more private parking for both occupants.
Overall, the building presents a straightforward duplex setup with covered parking, storage, and separate unit layouts suitable for a residential income buyer seeking a manageable two-property configuration.
Key Highlights
- 1975‑built ranch duplex with stucco and drywall construction and a composition roof
- Each unit has a double carport with storage; back unit has alley access for added privacy
- Front unit: approx. 1,200 SF with 2 bedrooms and 2 bathrooms
Financial Insights
Estimated NOI and Cap Rate
NOI = area × lease_rate × (100 − vacancy) / 100 × (1 − expense_ratio). Net Operating Income — what the owner takes home each year before mortgage payments and income tax. Effective rent (asking rent minus vacancy losses) minus operating costs (taxes, insurance, maintenance, management).
NOI / Yr
$43,911
Cap rate = NOI / list price × 100. Capitalization rate — annual return on a fully cash purchase, before financing. NOI divided by price. Higher means more income per dollar invested, but usually also more risk or older condition. 5–8% is typical for stabilized commercial property; double digits often signal distressed deals.
Cap Rate
5.49%
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$878,220
$878.2K
Cap Rate 7%
$627,300
$627.3K
Cap Rate 9%
$487,900
$487.9K
Market Conditions
NOI Build-Up for 2,100 SF
Vacancy — income lost from leasable area expected to sit empty during the year, subtracted from gross rent.
EGI (Effective Gross Income) — gross rent minus vacancy losses, the realistic income before paying operating costs.
OpEx (Operating Expenses) — recurring costs to operate the property (property tax, insurance, utilities, maintenance, management); excludes financing and capital improvements.
NOI (Net Operating Income) — income a property generates after operating costs but before financing and taxes.
Gross rent
$64.3K $30.60/SF
− Vacancy
−$1.5K −$0.73/SF
EGI
$62.7K $29.87/SF
− OpEx
−$18.8K −$8.96/SF
NOI
$43.9K $20.91/SF
Area
San Luis Obispo County, CA
Vacancy
2.38%
Lease Rate
$30.60 /SF/Yr
Expense Ratio
30.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$878,220
Cap Rate 7%
$627,300
Cap Rate 9%
$487,900
Alternative Uses
Best Use
Multifamily LT 5
$627.3K
$548.9K – $731.9K
NOI $43,911 @ 7.0% cap · market cap 5.49%
Second Best
Apartment 5plus
$579.2K
$506.8K – $675.7K
NOI $40,541 @ 7.0% cap · market cap 5.07%
Theoretical Best
Healthcare Medical
$825.9K
$722.7K – $963.6K
NOI $57,813 @ 7.0% cap · market cap 7.23%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
1,705
Businesses Nearby
Explore this area
Business Placement
Demographics for 93446, CA
45,979
Population
19,786
Households
2.3
Avg Household Size
41
Median Age
30%
College-Educated
91%
High-School Grad
428.3 sq mi
ZIP Area
107
Density / Sq Mi
$94,512
Median Household Income
$43,229
Median Earnings
$1,946
Median Rent
$661,400
Median Home Value
Market
Vacancy Rate% for Multifamily in West region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Duplex - Duplex on a tree-shaded lot with double carports and storage, featuring two bed/one-to-two bath units.
Where is this duplex located?
The property is located at 309-311 15th Street Paso Robles, CA.
What is the asking price?
The asking price for this property is $799,900.
What are key features of this property?
This property features: 1975‑built ranch duplex with stucco and drywall construction and a composition roof; Each unit has a double carport with storage; back unit has alley access for added privacy; Front unit: approx. 1,200 SF with 2 bedrooms and 2 bathrooms
