Duplex With Transferable
New
For Sale
$1,099,000
2230 Spring Street, Paso Robles, CA 93446
Furnished two-unit property with TC-2 zoning and established short-term rental operations near downtown amenities.
Property Size1,757 SF
Days on Market7
Property Features for 2230 Spring Street
General Information
Standard status
Active
Size
1,757 SF
Property subtype
Duplex
Zoning
TC-2
Units
Unit Mix
1 x 2BR/1BA, 1 x 1BR/1BA
Multifamily Units
2
Additional Details
Furnished
Yes
Business Included
Yes
Building Details
Building Size
1,757 SF
Year Built
1895
Listing Agency:
Oak Shores Realty
(805) 239-1900
Listed By:
Patrick McCandless · License #02011697
Source:
Homeandranchsir
Added: Aug 24
Changed: Aug 30
Last Checked: Aug 30 at 9:05AM
Displayed information is deemed reliable but is not guaranteed and should be independently verified. All listing content including descriptions, pricing, images are the copyrighted material of Oak Shores Realty
Investment Insights
Based on property information with market context.
This duplex at 2230 Spring Street includes two furnished residential units configured as a 2-bedroom/1-bath unit and a 1-bedroom/1-bath unit. Both are upgraded and operating as short-term rentals, with short-term rental permits that can transfer to a new owner under the stated TC-2 zoning designation. The property was built in 1895.
The location places the property less than a mile from the Downtown Square and a few blocks from the Paso Robles Event Center/Fairgrounds and Paso MarketWalk. TC-2 zoning provides a commercial and residential designation within the Town Center, while the existing furnishings, improvements, and operating setup support continued short-term rental use.
The location places the property less than a mile from the Downtown Square and a few blocks from the Paso Robles Event Center/Fairgrounds and Paso MarketWalk. TC-2 zoning provides a commercial and residential designation within the Town Center, while the existing furnishings, improvements, and operating setup support continued short-term rental use.
Key Highlights
- Two‑unit duplex with a 2‑bedroom/1‑bath unit and a 1‑bedroom/1‑bath unit
- Transferable short‑term rental permits under TC‑2 zoning
- TC‑2 commercial/residential zoning in Paso Robles' Town Center
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
$36,739
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
3.34%
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%
$734,780
$734.8K
Cap Rate 7%
$524,843
$524.8K
Cap Rate 9%
$408,211
$408.2K
Market Conditions
NOI Build-Up for 1,757 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
$53.8K $30.60/SF
− Vacancy
−$1.3K −$0.73/SF
EGI
$52.5K $29.87/SF
− OpEx
−$15.7K −$8.96/SF
NOI
$36.7K $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%
$734,780
Cap Rate 7%
$524,843
Cap Rate 9%
$408,211
Alternative Uses
Best Use
Multifamily LT 5
$524.8K
$459.2K – $612.3K
NOI $36,739 @ 7.0% cap · market cap 3.34%
Second Best
Apartment 5plus
$484.6K
$424.0K – $565.3K
NOI $33,919 @ 7.0% cap · market cap 3.09%
Theoretical Best
Healthcare Medical
$691.0K
$604.6K – $806.2K
NOI $48,370 @ 7.0% cap · market cap 4.40%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
Turnkey business
Opportunity
Location Intelligence
Trade Area within ½ mile
802
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
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Frequently Asked Questions
What type of property is this?
Duplex - Furnished two-unit property with TC-2 zoning and established short-term rental operations near downtown amenities.
Where is this duplex located?
The property is located at 2230 Spring Street Paso Robles, CA.
What is the asking price?
The asking price for this property is $1,099,000.
What are key features of this property?
This property features: Two‑unit duplex with a 2‑bedroom/1‑bath unit and a 1‑bedroom/1‑bath unit; Transferable short‑term rental permits under TC‑2 zoning; TC‑2 commercial/residential zoning in Paso Robles' Town Center
