3505 Spring StPaso Robles, CA 93446

Property Details for 3505 Spring St

Year built

1968

Construction

WOOD FRAME

Lot size

0.37 AC

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.

• CAP approach

  CAP return

  Valuation

  6%

  $2,817,741

  6.5%

  $2,600,992

  7%

  $2,415,207

• Comparable approach

  Method

  Valuation

  Relative Method

  $3,299,166

  Geo Method

  $6,929,505

• Alternative Use

  Use

  Valuation

  Residential

  $2,600,992

  Hospitality

  $2,382,495

  Educational

  $1,982,208

  Medical

  $2,050,379

  Retail

  $3,083,434

Location Insight

City

Paso Robles

County

San Luis Obispo

State

California

Latitude

35.6507

Longitude

-120.694

CBSA code

42020

CBSA name

SAN LUIS OBISPO-PASO ROBLES, CA METROPOLITAN STATISTICAL AREA

Property Tax & Assessments

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