3411 & 3505 Spring Street,Paso Robles, CA 93446
Paso Robles, CA 93446
Description
The Spring Street Portfolio is a rare opportunity to acquire two adjacent multifamily properties totaling 24 units in the heart of Paso Robles, offered at $4,500,000 with a combined stabilized cap rate of 8.09% and annual rent upside of approximately $155,400 across both properties. The portfolio consists of 3411 Spring Street, a 14-unit two-story walk-up built in 1970 spanning approximately 11,748 rentable square feet, and 3505 Spring Street, a 10-unit two-story property originally constructed as a motel and thoughtfully converted to residential use, spanning approximately 5,000 rentable square feet. Together, the properties sit on adjacent lots totaling over ±0.79 acres along the Spring Street corridor, zoned PR/R4 and T-4NC respectively. Both properties are managed by MPM Inc., offering a seamless transition for new ownership. 3505 Spring Street sits within a federally designated Opportunity Zone, providing meaningful tax advantages for qualifying investors, and operates under a RUBS program implemented in October 2025 through which tenants pay approximately 90% of gross utility costs. With current rents averaging well below market across both properties several tenants at 3411 having been in place since as early as 2008 a new owner is positioned to systematically close the rent gap through annual AB 1482 increases and natural turnover. 3411 Spring Street was independently appraised at $3,550,000 in January 2026, underscoring the portfolio's strong in-place value. This is an exceptional opportunity to acquire operational scale on a single street in one of California's most supply-constrained multifamily markets. Investment Highlights: 24 Total Units Across 2 Adjacent Properties on Spring Street, Paso Robles Portfolio Asking Price: $4,500,000 $189,000/unit across both properties Combined Stabilized Cap Rate of 8.09% at Market Rents Current Entry Cap Rate: 5.00% Annual Rent Upside of ~$155,400 Across Both Properties 3505 Spring Street Located in a Federally Designated Opportunity Zone RUBS Program in Place at 3505 Tenants Pay ~90% of Gross Utilities Both Properties Managed by MPM Inc. Seamless Operational Transition 3411 Spring Street Independently Appraised at $3,550,000 (January 2026) Zero New Multifamily Supply in the North SLO Submarket Structural Rent Floor
Details
| MLS # | PI26117034 |
|---|---|
| Listing Type | For Sale |
| Style | Condominium |
| Sub-Type | Resale |
| Status | Active |
| Year | 1968 |
| Days On Site | 93 |
| Listing Provided By | Invest SLO | Abel Contreras |
Features
| SQ Feet | 16,808 |
|---|---|
| Garage | 14 |
| Story(s) | 2 |
| Units | 24 |
| Building(s) | 2 |
| Zoning | T-4NC, PR/R4 |
| Acreage | 0.77 |
Interior
| Cooling | Wall Window Units |
|---|---|
| Heating | Wall Furnace |
| Heating Yes / No | Yes |
| Cooling Yes / No | Yes |
| Interior Features | Balcony |
| Fireplace Yes / No | No |
Exterior
| Roof | Asphalt |
|---|---|
| Lot Features | Twenty One To Twenty Five Units Acre |
| Fencing | Wood |
Parking
| Parking Features | Assigned, Asphalt, Covered, On Site, Paved, One Space, Uncovered |
|---|---|
| Garage Yes / No | Yes |
Utilities
| Utilities | Cable Available, Electricity Connected, Natural Gas Connected, Phone Available, Sewer Connected, Water Connected |
|---|---|
| Electric | Standard |
| Sewer | Public Sewer |
Location
| Community Features | Curbs, Gutters, Storm Drains, Street Lights, Sidewalks |
|---|
Area Information
| State | CA |
|---|---|
| County | San Luis Obispo |
| City | Paso Robles |
| Zip Code | 93446 |
| Area | PSOR Paso Robles |
| Listing VS Median (in 93446) | |
Price: $4,500,000 low | high Med: $2,400,000 sqft: 16,808 low | high Med: 9,169 $ / sqft: $268 low | high Med: $538 On site: 93 low | high Med: 70.5 | |
Market Activity 93446
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Learn More About This Property
| State | CA |
|---|---|
| County | San Luis Obispo |
| City | Paso Robles |
| Zip Code | 93446 |
| Area | PSOR Paso Robles |
| Listing VS Median (in 93446) | |
Price: $4,500,000 low | high Med: $2,400,000 sqft: 16,808 low | high Med: 9,169 $ / sqft: $268 low | high Med: $538 On site: 93 low | high Med: 70.5 | |