3411-& 3505 Spring Street, Paso Robles, CA 93446
Two adjacent two-story apartment buildings totaling 24 units on separate lots with an in-place utility billing program.
- Added:
- Apr 30, 2026
- Days on Market:
- 38
- Last Refresh:
- Jun 6 at 5:08 am
Property Features for 3411-& 3505 Spring Street
General Information
- Standard status
- Active
- Size
- 16,748 SF
- Lot size
- 0.79 Acres
- Property subtype
- Multifamily
Listing agent Abel Contreras License #2062620
Listing office Invest SLO (805) 773-7777
Listing date Apr 30, 2026
Source Crexi
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HighLights
- Two adjacent multifamily properties in Paso Robles totaling 24 units on separate lots
- 3411 Spring Street: 14‑unit, two‑story walk‑up built in 1970 with approx. 11,748 rentable SF
- 3505 Spring Street: 10‑unit, two‑story property originally constructed as a motel and converted to residential; approx. 5,000 rentable SF
- Over 0.79 acres combined along the Spring Street corridor; zoned PR/R4 (3411) and T‑4NC (3505)
- Both properties managed by MPM Inc. for a seamless transition to new ownership
- 3505 Spring Street is in a federally designated Opportunity Zone; RUBS program implemented Oct 2025 with tenants paying approx. 90% of gross utility costs
Overview
The properties are located along the Spring Street corridor in Paso Robles, California, on adjacent lots totaling over 0.79 acres. 3411 Spring Street is described as zoned PR/R4, while 3505 Spring Street is described as zoned T-4NC. The offering notes that 3505 Spring Street is within a federally designated Opportunity Zone. In addition, 3505 Spring Street operates under a RUBS program implemented in October 2025, under which tenants pay approximately 90% of gross utility costs.
For tenants and operators, the portfolio provides two closely paired residential buildings with established unit operations. The offering also states that current rents are averaging well below market and that some tenants at 3411 have been in place since as early as 2008. The materials further indicate a framework for rent adjustments through annual AB 1482 increases and natural turnover.
Local Financial Insights For Apartment 5plus
Simulate Cap Rate and NOI
NOI Build-Up
- 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.
| Component | $ | $/SF |
|---|---|---|
| Gross rent | $602.9k | $36.00 |
| − Vacancy | −$15.1k | −$0.90 |
| EGI | $587.9k | $35.10 |
| − OpEx | −$264.5k | −$15.80 |
| NOI | $323.3k | $19.31 |
Alternative Uses
Current Use by Public Records
Location Insight
- Map
- Local Demand
- City
- Paso Robles
- County
- San Luis Obispo
- State
- California
- Longitude
- -120.6936875
- Latitude
- 35.6507226
