Duplex With Transferable STR
New
For Sale
$1,099,000
2230 Spring Street, Paso Robles, CA 93446
Paso Robles, CA
Property Size1,757 SF
Lot Size0.16 Acres
Price / SF$625.50
Days on Market4
Property Features for 2230 Spring Street
General Information
Property type
Residential Multi Family
Property subtype
Duplex
Bedrooms
2
Bathrooms
2
Full bathrooms
2
Rooms
Bedroom 1, Bathroom 1, Bedroom 2, Bathroom 2, Laundry Room
Parking
6
Parking features
Covered, Garage
Window features
Double Pane Windows
Interior features
Furnished
Exterior features
Barbecue Private
Appliances
Gas Cooktop, Microwave, Refrigerator, Gas Water Heater, Freezer, Gas Oven
Subdivision
PR City Limits West(120)
Lot features
0-1 Unit/ Acre
Elementary school district
Paso Robles Joint Unified
Middle school district
Paso Robles Joint Unified
High school district
Paso Robles Joint Unified
Directions
Just north of 22nd St on Spring. Parking in alley behind unit as well.
Standard status
Active
APN
008165002
Size
1,757 SF
Lot size
0.16 Acres
Utilities
Sewer type
Public Sewer
Heating system
Ductless (Heating), Electric (Heating)
Cooling system
Ductless, Electric
Water source
Public
Building Details
Year built
1895
Floors in Building
1
Number of units
2
Flooring type
Vinyl
Roof type
Composition
Listing Agency:
Oak Shores Realty
(805) 472-9030
Listed By:
Patrick McCandless · License #02011697
(805) 443-7777
Added: Aug 24
Changed: Aug 25
Last Checked: Aug 27 at 2:06PM
MLS# NS26182281
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 1,757-square-foot duplex, built in 1895, contains two furnished short-term rental units. The advertised unit mix includes one two-bedroom, one-bath residence and one one-bedroom, one-bath residence. Interior improvements include vinyl flooring, ductless heating and cooling, electric systems, and kitchens equipped with gas cooktops, gas ovens, microwaves, refrigerators, freezers, and gas water heaters. The property also offers covered garage parking, a private barbecue, a composition roof, public water, and public sewer.
Located at 2230 Spring Street in Paso Robles, the property sits less than one 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, while the existing short-term rental permits are identified as transferable to a new owner under city regulations.
Located at 2230 Spring Street in Paso Robles, the property sits less than one 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, while the existing short-term rental permits are identified as transferable to a new owner under city regulations.
Key Highlights
- 1,757‑square‑foot duplex on a 0.1607‑acre lot
- Two furnished short‑term rental units: 2‑bedroom/1‑bath and 1‑bedroom/1‑bath
- Transferable short‑term rental permits identified under TC‑2 zoning
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 units operate as short-term rentals with transferable permits, TC-2 zoning, covered parking, and public utilities.
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: 1,757‑square‑foot duplex on a 0.1607‑acre lot; Two furnished short‑term rental units: 2‑bedroom/1‑bath and 1‑bedroom/1‑bath; Transferable short‑term rental permits identified under TC‑2 zoning
