Adjacent Apartment Portfolio with 24
3411-& 3505 Spring Street Paso Robles, CA 93446
3411-& 3505 Spring Street, Paso Robles, CA, 93446
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For Sale
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Two adjacent two-story apartment buildings totaling 24 units on separate lots with an in-place utility billing program.
Property Size16,748 SF
Lot Size0.79 Acres
Price / SF$292.57
Days on Market83
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 agency
Invest SLO
(805) 773-7777
Listed by
Abel Contreras · License #2062620
Source
Crexi
Added: Apr 30 Updated: Jul 10 at 1:52PM Checked: Jul 21 at 4:37AM
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 Invest SLO
Investment Insights
Based on property information with market context.
The Spring Street Portfolio offers two adjacent multifamily properties comprising 24 total units. 3411 Spring Street is a 14-unit, two-story walk-up built in 1970, with approximately 11,748 rentable square feet. 3505 Spring Street is a 10-unit, two-story property originally constructed as a motel and converted to residential use, totaling approximately 5,000 rentable square feet. Both buildings are managed by MPM Inc., supporting continuity for a new owner.
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.
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.
Key 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
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 |
16,748 SF · lease $36.00/SF/yr · vacancy 2.50% · expense 45.00%
Alternative Uses
Best Use
Apartment 5plus
$4.62M
$4.04M – $5.39M
NOI $323,320 @ 7.0% cap · market cap 6.60%
Second Best
—
—
no second resolved use
Theoretical Best
Healthcare Medical
$6.59M
$5.76M – $7.68M
NOI $461,071 @ 7.0% cap · market cap 9.41%
Zoning and permitted uses should be independently verified with local authorities.
Property Analytics
Property Profile
Location Intelligence
Current Use by Public Records
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FAQs
What type of property is this?
Multifamily property - Two adjacent two-story apartment buildings totaling 24 units on separate lots with an in-place utility billing program.
Where is this multifamily property located?
The property is located at 3411-& 3505 Spring Street Paso Robles, CA.
What is the asking price?
The asking price for this property is $4,900,000.
What are key features of this property?
This property features: 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
