Renovated Duplex with Private
For Sale
$899,000
528 Creston, Paso Robles, CA 93446
MULTI_FAMILY - Paso Robles, CA
Property Size1,664 SF
Lot Size0.17 Acres
Price / SF$540.26
Days on Market80
Property Features for 528 Creston
General Information
Property type
Residential Multi Family
Property subtype
Duplex
Bedrooms
4
Bathrooms
2
Full bathrooms
2
Rooms
Bathroom 2, Bedroom 1, Laundry Room, Bathroom 1, Bedroom 4, Bedroom 2, Bedroom 3
Appliances
Gas Range
Subdivision
PR City Limits East(110)
Lot features
Yard
Elementary school district
Paso Robles Joint Unified
Middle school district
Paso Robles Joint Unified
High school district
Paso Robles Joint Unified
Directions
Property is on Creston Rd.
Standard status
Active
APN
009341004
Size
1,664 SF
Lot size
0.17 Acres
Utilities
Sewer type
Public Sewer
Water source
Public
Building Details
Year built
1953
Floors in Building
1
Number of units
2
Listing Agency:
SearchLight Properties
(805) 709-1412
Listed By:
Michelle Shipman · License #01703087
(805) 709-1412
Added: May 19
Changed: Aug 4
Last Checked: Aug 6 at 1:06PM
MLS# PI26109169
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.
528 Creston, Paso Robles, CA 93446 offers a renovated duplex set on a 7,250 SF R2-zoned lot. Built in 1953, the property contains two separate 2-bedroom, 1-bath units. Both units were fully gutted and remodeled, creating updated interiors with a gas range provided in the homes.
The front unit includes its own private front yard, while the rear unit features a separate backyard, giving each residence distinct outdoor space. One unit is currently leased, and the other unit is vacant, allowing flexibility for an owner-occupant or an investor looking to lease both.
Water and sewer service are public, supporting straightforward utility management for either tenancy strategy.
The front unit includes its own private front yard, while the rear unit features a separate backyard, giving each residence distinct outdoor space. One unit is currently leased, and the other unit is vacant, allowing flexibility for an owner-occupant or an investor looking to lease both.
Water and sewer service are public, supporting straightforward utility management for either tenancy strategy.
Key Highlights
- 7,250 SF lot zoned R2
- Two 2‑bedroom, 1‑bath units
- Fully gutted and remodeled duplex interior
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
$34,795
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
3.87%
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%
$695,900
$695.9K
Cap Rate 7%
$497,071
$497.1K
Cap Rate 9%
$386,611
$386.6K
Market Conditions
NOI Build-Up for 1,664 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
$50.9K $30.60/SF
− Vacancy
−$1.2K −$0.73/SF
EGI
$49.7K $29.87/SF
− OpEx
−$14.9K −$8.96/SF
NOI
$34.8K $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%
$695,900
Cap Rate 7%
$497,071
Cap Rate 9%
$386,611
Alternative Uses
Best Use
Multifamily LT 5
$497.1K
$434.9K – $579.9K
NOI $34,795 @ 7.0% cap · market cap 3.87%
Second Best
Apartment 5plus
$458.9K
$401.6K – $535.4K
NOI $32,124 @ 7.0% cap · market cap 3.57%
Theoretical Best
Healthcare Medical
$654.4K
$572.6K – $763.5K
NOI $45,810 @ 7.0% cap · market cap 5.10%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
366
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 - Renovated duplex on an R2-zoned lot with private front and rear outdoor spaces and gas ranges in the homes.
Where is this duplex located?
The property is located at 528 Creston Paso Robles, CA.
What is the asking price?
The asking price for this property is $899,000.
What are key features of this property?
This property features: 7,250 SF lot zoned R2; Two 2‑bedroom, 1‑bath units; Fully gutted and remodeled duplex interior
