$1,699,000/mo

3505 Spring Street, Paso Robles, CA 93446

  • 5,000 sqft
Rent shown is base rent as provided by the property owner or manager. Additional mandatory fees, deposits, or utilities may apply and are set by the property owner or manager.
  • Property Icon Rental
  • Property Year Built Icon Built in 1968
  • Property Lot Size Icon0.39acre lot
  • Property Parking Icon —— car garage
  • Property Price Per Square Feet Icon $340/sqft
  • Property List Date Icon Listed 2 months ago

Property Description

(PORTFOLIO SALE) Combined portfolio 3411 Spring Street and 3505 Spring Street offered at $4,500,000. 3505 Spring Street is a unique 10-unit multifamily property in the heart of Paso Robles, offered at approximately $169,000/unit, $339/SF with a stabilized cap rate of 8.91% and annual rent upside of approximately $53,340. The property spans approximately 5,000 rentable square feet across two stories on a ±0.40-acre lot. The diverse unit mix includes five (5) studios with one bathroom, one (1) studio with two bathrooms, two (2) one-bedroom/one-bathroom units, one (1) one-bedroom/two-bathroom unit, and one (1) two-bedroom/two-bathroom unit — catering to a broad renter demographic. The property is zoned T-4NC and sits within a federally designated Opportunity Zone, providing meaningful tax advantages for qualifying investors. A RUBS program implemented in October 2025 per CA Civil Code §827 passes approximately 90% of gross utility costs back to tenants, materially improving net operating income. With current rents below market and one unit presently vacant, a new owner is positioned to immediately begin closing the income gap toward stabilized returns. Investment Highlights: *Federally Designated Opportunity Zone — Significant Tax Incentives for Qualifying Investors *RUBS Program in Place Since October 2025 — Tenants Pay ~90% of Gross Utilities *Attractive Entry Basis at ~$339/SF *Attractive Entry Basis: $169,000/unit *Stabilized Cap Rate of 8.91% at Market Rents *Annual Rent Upside of ~$53,340 as Units Turn Over to Market

Listing Status:
Active
Date Added:
May 29, 2026
Data Last Updated:
July 27, 2026 at 7:18AM
Listing Office:
Invest SLO : 805-709-7143
Listing Agent:
Abel Contreras : 805-709-7143
MLS ID:
PI26094991
  • Laundry: Common Area
  • A/C: Wall/Window Unit(s)
  • Disability Feature: Parking
  • General: Shed(s)
  • Style: Traditional
  • Other Structures: Shed(s)
  • Pool: None
  • Parking: AssignedAsphaltOn SitePavedUncoveredParking spaces: 20
  • Roofing: Asphalt
  • General: 2
  • Road/Access: City Street
  • HOA Amenities: 0.0
  • Originating MLS: CRMLS_CRM
  • County: San Luis Obispo
  • Zoning: T-4NC008031028
  • Utilities: Cable AvailableElectricity ConnectedNatural Gas ConnectedPhone AvailableSewer ConnectedWater ConnectedStandard
  • Water: Public
  • Sewer: Public Sewer
  • Source: CRMLS_CRM

This listing courtesy of Abel Contreras , Invest SLO

Location