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    Paso Robles Development Opportunity Title is generated by Realmo AI

    845 Creston Road, Paso Robles, CA 93446

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    Claim this Listing
    For Sale
    $399,000

    Land/Lot - Paso Robles, CA

    Lot size:
    39,204.00 Acres
    Added:
    Oct 20, 2021
    Days on Market:
    1690
    Last Refresh:
    Jun 5 at 4:06 pm

    Property Features for 845 Creston Road

    General Information

    Property type
    Land
    Property subtype
    Other
    Zoning
    R1 B
    Exterior features
    Community Features Included: Street Lights
    Standard status
    Active
    APN
    009451017
    Lot size
    39,204.00 Acres

    Building Details

    Architectural style
    Other

    We can help!

    Listing Contact
    Michelle Brown
    Michelle Brown

    Listing agent Michelle Brown License #01455656

    Listing office Merrill & Associates Real Estate 4815 El Camino Real, Atascadero, CA

    Listing date Oct 20, 2021

    MLS# NS21228265 Listing URL

    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.

    HighLights

    • Entitled for 5 units (triplex and duplex) within Paso Robles city limits.
    • Permits prepared and ready to be paid for, potentially expediting the build process (subject to conditions).
    • Approved plans feature +/- 1248 sqft units with 3 bedrooms and 2 bathrooms.
    • Units designed with open concept, island kitchens, walk‑in pantries, and indoor laundry rooms.
    • Balconies may provide an additional +/- 300 sqft of storage space per unit.
    • Convenient location near grocery stores, schools, dining, and downtown Paso Robles.

    Overview

    Located within Paso Robles city limits, this approximately 0.9-acre parcel presents a development opportunity in the heart of the Creston Corridor. The property has the potential to develop 5 units in total, consisting of one triplex and one duplex. According to the seller, the parcel received entitlement from the city, with permits prepared and ready to be paid for by the new buyer, subject to additional conditions for the property buildout. The seller reports spending over two years on planning, designing, revisions, attending public hearings, and preparing plans with local engineers and an architect. Plans illustrate each unit consisting of approximately 1248 square feet, featuring 3 bedrooms and 2 bathrooms with an open concept design. Additional amenities noted on the plans include kitchens offering an island, walk-in pantry, indoor laundry room, storage, and a balcony that may provide an additional approximately 300 square feet of storage space. The floor plan renderings offer a dramatically chic and upscale vibe utilizing wood, glass, and metal finishes. The property is located near grocery stores, schools, dining, and historical downtown Paso Robles. Intended use of the property is for development.
    Location Intelligence

    Current Use by Public Records

    Land

    Suggested Use

    Real Estate Agency Restaurant Law Firm Spa & Massage Center Dental Office Hair Salon Nail Salon Building Supply Auto Repair Shop Gym & Fitness Center

    Zoning and permitted uses should be independently verified with local authorities.

    Location Insight

    • Map
    • Local Demand
    City
    Paso Robles
    County
    San Luis Obispo
    State
    California
    Longitude
    -120.669722
    Latitude
    35.6256263

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    FAQs

    What type of property is this?
    Land - 0.9 acre lot with potential for five units.
    Where is this land located?
    The property is located at 845 Creston Road Paso Robles, CA.
    What is the asking price?
    The asking price for this property is $399,000.
    What are key features of this property?
    This property features: Entitled for 5 units (triplex and duplex) within Paso Robles city limits.; Permits prepared and ready to be paid for, potentially expediting the build process (subject to conditions).; Approved plans feature +/- 1248 sqft units with 3 bedrooms and 2 bathrooms.
    (805) 712-1949
    We can help!
    Listing Contact
    Michelle Brown
    Michelle Brown
    Real Estate License ID: 01455656
    Learn More
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    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

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    845 Creston Road, Paso Robles, CA 93446
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