Adjacent Apartment Portfolio with 24
For Sale
$1,699,000
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.
Property Size5,000 SF
Lot Size0.79 Acres
Price / SF$101.44
Days on Market88
Property Features for 3505 Spring Street
General Information
Standard status
Active
Size
5,000 SF
Total Parking Spaces
20
Lot size
0.79 Acres
Property subtype
Residential Income
Zoning
T-4NC
Net Operating Income
$101,526
Financials
Cap Rate
7.17%
Opportunity Zone
Yes
Additional Details
Multifamily Units
24
Amenities
Curbs, Street Lights, Sidewalks
Wall/Window Unit(s)
Assigned, Asphalt, On Site, Paved
Traditional
Building Details
Building Size
5,000 SF
Year Built
1968
Buildings
1
Stories
2
Listing Agency:
Invest SLO
(805) 709-7143
Listed By:
Abel Contreras · License #2062620
(805) 709-7143
Source:
Evrealestate
Added: May 29
Changed: Aug 23
Last Checked: Aug 3 at 3:36AM
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
Property Analytics
Property Profile
Current Use
Lease Details
24
Residential units
Location Intelligence
Trade Area within ½ mile
188
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?
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 3505 Spring Street Paso Robles, CA.
What is the asking price?
The asking price for this property is $1,699,000.
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
