335 12Th St Paso Robles, CA 93446
- Residential income homes
- 6,060 SF
Current Use by Public Records
- Residential income homes
Property Details for 335 12Th St
- Year built
- 1940
- Property size
- 6,060 SF
- Property type
- Residential income homes
- APN
- 009-082-014
Description
This exceptional mixed-use investment opportunity in downtown Paso Robles comprises two parcels totaling approximately 29,048 square feet. Parcel one, at 336 12th Street, features a 1,820 square foot commercial building currently leased to a dental office until April 1, 2027, under a 10-year modified lease. Four additional one-bedroom, one-bathroom bungalows, each approximately 900 square feet, are also located on this parcel and are currently occupied on month-to-month leases. A garage/storage building with five parking spaces serves the tenants. Parcel two, at 1121 Olive Street, encompasses a 640 square foot, two-bedroom, one-bathroom single-family residence under a one-year lease, and provides designated parking for the commercial building on the adjacent parcel. The entire 6,060 square foot portfolio currently boasts 100% occupancy, generating a current NOI of $87,344 and a 2.50% cap rate. However, a pro-forma NOI of $147,000 and a 4.00% cap rate project significant upside potential. The property, built in 1940 and renovated in 2015, is zoned for mixed use and offers a unique blend of commercial and residential income streams. Located two blocks from the downtown park, restaurants, and shopping, this property presents a compelling value-add investment opportunity. The asking price is $3,500,000, translating to $577 per square foot.
Value Estimation
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CAP approach
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Alternative Use
Location Insight
- Map
- Local Demand
- City
- Paso Robles
- County
- San Luis Obispo
- State
- California
- Longitude
- -120.6955651
- Latitude
- 35.6266699
