3505 Spring St Paso Robles, CA 93446
Estimated payment $11,394/month
Highlights
- Traditional Architecture
- No HOA
- Accessible Parking
- Paso Robles High School Rated A-
- Cooling System Mounted To A Wall/Window
- Shed
About This Home
(PORTFOLIO SALE) Combined portfolio 3411 Spring Street and 3505 Spring Street offered at $5,000,000. 3505 Spring Street is a unique 10-unit multifamily property in the heart of Paso Robles, offered at approximately $190,000/unit, $380/SF with a stabilized cap rate of 7.84% 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 ~$380/SF
*Attractive Entry Basis: $190,000/unit
*Stabilized Cap Rate of 7.84% at Market Rents
*Annual Rent Upside of ~$53,340 as Units Turn Over to Market
Listing Agent
Invest SLO Brokerage Phone: 805-709-7143 License #02062620 Listed on: 05/29/2026
Property Details
Home Type
- Multi-Family
Year Built
- Built in 1968
Lot Details
- 16,948 Sq Ft Lot
- Two or More Common Walls
- Paved or Partially Paved Lot
- Density is 6-10 Units/Acre
Home Design
- Traditional Architecture
- Apartment
- Entry on the 1st floor
- Asphalt Roof
Interior Spaces
- 5,000 Sq Ft Home
- 2-Story Property
- Laundry in unit
Bedrooms and Bathrooms
- 4 Bedrooms
- 7 Bathrooms
Parking
- 20 Open Parking Spaces
- 20 Parking Spaces
- Parking Available
- Driveway
- Paved Parking
- Assigned Parking
Accessible Home Design
- Accessible Parking
Outdoor Features
- Exterior Lighting
- Shed
- Rain Gutters
Utilities
- Cooling System Mounted To A Wall/Window
- Natural Gas Connected
- Phone Available
- Cable TV Available
Listing and Financial Details
- Assessor Parcel Number 008031028
- Tax Block 1
Community Details
Overview
- No Home Owners Association
- 10 Units
Amenities
- Laundry Facilities
Building Details
- 9 Leased Units
- 1 Separate Electric Meter
- 1 Separate Gas Meter
- 1 Separate Water Meter
- Insurance Expense $6,912
- Maintenance Expense $7,443
- Professional Management Expense $6,699
- New Taxes Expense $21,375
- Operating Expense $49,594
- Gross Income $148,860
- Net Operating Income $99,266
Map
Tax History
We collect this data history from publicly available records. To have your information removed, we recommend requesting removal directly through your county’s website.
| Year | Tax Paid | Tax Assessment Tax Assessment Total Assessment is a certain percentage of the fair market value that is determined by local assessors to be the total taxable value of land and additions on the property. | Land | Improvement |
|---|---|---|---|---|
| 2025 | $17,055 | $1,540,200 | $255,000 | $1,285,200 |
| 2024 | $9,292 | $1,510,000 | $250,000 | $1,260,000 |
| 2023 | $9,292 | $833,023 | $200,301 | $632,722 |
| 2022 | $9,154 | $816,690 | $196,374 | $620,316 |
| 2021 | $8,998 | $800,677 | $192,524 | $608,153 |
| 2020 | $8,875 | $792,468 | $190,550 | $601,918 |
| 2019 | $8,750 | $776,930 | $186,814 | $590,116 |
| 2018 | $8,631 | $761,697 | $183,151 | $578,546 |
| 2017 | $8,115 | $746,762 | $179,560 | $567,202 |
| 2016 | $7,956 | $732,121 | $176,040 | $556,081 |
| 2015 | $7,927 | $721,125 | $173,396 | $547,729 |
| 2014 | $7,686 | $710,208 | $170,771 | $539,437 |
Property History
We collect this data history from publicly available records. To have your information removed, we recommend requesting removal directly through your county’s website.
| Date | Event | Price | List to Sale | Price per Sq Ft | Prior Sale |
|---|---|---|---|---|---|
| 06/23/2026 06/23/26 | Price Changed | $1,850,000 | -2.6% | $370 / Sq Ft | |
| 05/29/2026 05/29/26 | For Sale | $1,900,000 | +25.8% | $380 / Sq Ft | |
| 08/14/2023 08/14/23 | Sold | $1,510,000 | +0.7% | $302 / Sq Ft | View Prior Sale |
| 07/18/2023 07/18/23 | Pending | -- | -- | -- | |
| 07/03/2023 07/03/23 | For Sale | $1,499,000 | +112.0% | $300 / Sq Ft | |
| 01/03/2014 01/03/14 | Sold | $707,000 | -- | $141 / Sq Ft | View Prior Sale |
Source: California Regional Multiple Listing Service (CRMLS)
MLS Number: PI26094991
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The multiple listing data appearing on this website, or contained in reports produced therefrom, is owned and copyrighted by California Regional Multiple Listing Service, Inc. ("CRMLS") and is protected by all applicable copyright laws. Information provided is for viewer's personal, non-commercial use and may not be used for any purpose other than to identify prospective properties the viewer may be interested in purchasing. All listing data, including but not limited to square footage and lot size is believed to be accurate, but the listing Agent, listing Broker and CRMLS and its affiliates do not warrant or guarantee such accuracy. The viewer should independently verify the listed data prior to making any decisions based on such information by personal inspection and/or contacting a real estate professional.
Based on information from California Regional Multiple Listing Service, Inc. and /or other sources. All data, including all measurements and calculations of area, is obtained from various sources and has not been, and will not be, verified by broker or MLS. All information should be independently reviewed and verified for accuracy. Properties may or may not be listed by the office/agent presenting the information
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