3505 Spring St Paso Robles, CA 93446
- Apartment buildings
- 0.37 lot acres
Current Use by Public Records
- Apartment buildings
Property Details for 3505 Spring St
- Year built
- 1968
- Construction
- WOOD FRAME
- Lot size
- 0.37 lot acres
- Zone code
- CR
- Property type
- Apartment buildings
- APN
- 008-031-028
- APU
- 8031028
Description
This exceptional 10-unit apartment building presents a compelling investment opportunity in Paso Robles, California. Located within an Opportunity Zone, this stabilized property boasts a strong financial profile, with a current NOI of $118,000 and a pro-forma NOI of $130,000, translating to a 5.76% cap rate and a pro-forma cap rate of 6.34%. The asking price is $2,050,000, representing a price per square foot of $410 and a price per unit of $205,000. The property comprises 5,000 square feet of net rentable space within a single, two-story building situated on a 16,030 square foot lot. Built in 1968, the property has undergone significant renovations in 2003, 2018, and most recently in 2024, including upgrades to the electrical, plumbing, and roof. The unit mix includes five studios, one one-bedroom unit, one two-bedroom/two-bathroom unit, and three additional one-bedroom units. All units are currently 100% occupied, generating stable rental income. The property features convenient amenities such as paved parking, a fenced backyard, and covered patio areas. This well-maintained property offers a rare combination of strong cash flow, significant upside potential, and a desirable location in a thriving California market. The property's APN is 008031028.
Value Estimations
-
AI approach
- Method
- Estimation
- Statistic approach
- $1,690,000
- ML approach
- $1,650,000
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Location Insight
- Map
- Local Demand
- City
- Paso Robles
- County
- San Luis Obispo
- State
- California
- Longitude
- -120.694
- Latitude
- 35.6507
- CBSA code
- 42020
- CBSA name
- SAN LUIS OBISPO-PASO ROBLES, CA METROPOLITAN STATISTICAL AREA
