3411-3505 Spring St

Paso Robles, CA 93446

$5,000,000
Price
3
Beds
—
Baths
16,808 Sq. Ft.
$297 / Sq. Ft.
16,808
Sq. Ft.
$297
per Sq. Ft.
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3411 Spring St -Lot Lines
3411 Spring St -Front
3411 Spring St -Exterior
3411 Spring St -Parking
3411 Spring St -Courtyard
3411 Spring St -Courtyard
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3411 Spring St -Exterior
3411 Spring St -Parking Space
3411 Spring St -Aerial
3411 Spring St -Aerial
3411 Spring St -Aerial
3411 Spring St -Aerial
3411 Spring St -Aerial
3411 Spring St -Aerial
3411 Spring St -Aerial
3505 Spring St -Lot Lines
3505 Spring St -Front
3505 Spring St -Exterior
3505 Spring St -Exterior
3505 Spring St -Exterior
3505 Spring St -Interior
3505 Spring St -Aerial
3505 Spring St -Interior
3505 Spring St -Interior
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3505 Spring St -Interior
3505 Spring St -Aerial
3505 Spring St -Aerial
3505 Spring St -Interior
3505 Spring St -Interior
3505 Spring St -Interior
3505 Spring St -Interior
3505 Spring St -Interior
3505 Spring St -Interior
3505 Spring St -Interior

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 $5,000,000 — approximately $263/SF for 3411 Spring Street and $380/SF for 3505 Spring Street — with a combined stabilized cap rate of 7.17% 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...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 $5,000,000 — approximately $263/SF for 3411 Spring Street and $380/SF for 3505 Spring Street — with a combined stabilized cap rate of 7.17% 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: $5,000,000 — ~$263/SF (3411) and ~$380/SF (3505)

Combined Stabilized Cap Rate of 7.17% at Market Rents

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

Buyers Making an Offer on the Entire Portfolio Will Be Given Preference
  1. Listed by Abel Contreras • DRE #02062620 • Invest SLO • 805-709-7143
  2. Listed by Chelsea King • DRE #02152275 • Invest SLO

Property Details for 3411-3505 Spring Street

Architectural Style
Traditional
Parking Spaces Total
34
Private Pool
No
Cooling Type
Wall/Window Unit(s)
Total Units
24.0
Building Type
Attached
Lot Size Source
Assessor
Living Area
16808
LISTING UPDATED: 06/08/2026 07:17 AM

Property Details for 3411-3505 Spring Street

StatusActive
MLS #PI26117034
Days on Market14
Pet Policy-
Taxes-
HOA Fees-
Condo/Co-op Fees-
Property TypeMulti Family
MLS TypeResidential Income / Res Income 2-4 Units
Year Built1968
CountySan Luis Obispo County
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Location

Listing Courtesy of Invest SLO, Abel Contreras, DRE #02062620; Invest SLO, Chelsea King, DRE #02152275
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Building Information for 3411-3505 Spring Street

Building/Complex3411-3505 Spring StFloor-Stories2Residences-Pet Policy-Pet Policy Details-Year Built1968Building Size-

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$24,916 per month

30 year fixed, 6.36% Interest

Principal and Interest

$24,916

Property Taxes

$0

HOA Dues

$0

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Property Information for 3411-3505 Spring Street

Rental Info
Rental Info
  • Tenant Pays: Gas, See Remarks, Water, Sewer, Cable TV, Trash Collection, Electricity
Income / Expense / Tax Details
Income Details
  • Gross Income: $370,511
  • Gross Scheduled Income: $368,400
  • Vacancy Allowance: 6586
  • Net Operating Income: $219,446
  • Laundry Income: $2,111
Expense Details
  • Operating Expense: $142,372
  • New Taxes Expense: $0
  • Gardener Expense: $0
  • Fuel Expense: $0
  • Electric Expense: $0
  • Insurance Expense: $0
  • Maintenance Expense: $0
  • Professional Management Expense: $0
  • Trash Expense: $0
  • Water Sewer Expense: $0
  • Total Expenses: $142,372
Tax / Assessment Info
  • CFD/Mello-Roos Fee: $0
Community / Development
Community / Development
  • Accessibility Features: Parking
  • Disability Access: Other Main Level Modifications
  • Assessments YN: Yes
  • Assessments: Unknown
  • Community Features: Gutters, Curbs, Street Lights, Storm Drains, Sidewalks
Property / Structure Info
Interior Features
  • Interior Features: Balcony
  • Laundry: Yes
  • Laundry Features: Community, Common Area
  • Fireplace Features: None
  • Fireplace Rooms: None
  • Cooling: Wall/Window Unit(s)
  • Heating Type: Wall Furnace
  • Heating: Wall Furnace
Exterior Features
  • Roof: Asphalt
  • Entry Location: Front
  • Fence: Yes
  • Fence: Wood
  • Fencing: Wood
  • Other Structures: Shed(s)
  • Pool Features: None
  • Pool Description: None
  • Pool: N/K
  • Pool Heat: N/K
  • Spa Features: None
  • Spa Heat: N/K
Land/Lot Info
  • Additional Parcels Description: 008031028
  • Lot Features: 21-25 Units/Acre, Lot 20000-39999 Sqft
  • Number Of Units: 24
  • Land Lease: No
  • Land Lease Type: Fee
  • Road Surface Type: Paved
  • Road Frontage Type: City Street
  • Levels: Two
  • Water: Public
  • Sewer: Public Sewer
  • Utilities: Natural Gas Connected, Phone Available, Sewer Connected, Cable Available, Electricity Connected, Water Connected
  • Electric: Standard
  • Water Source: Public
Parking Info
  • Garage Spaces: 14
  • Parking: Yes
  • Parking Garage: Assigned, Parking Space, Uncovered
  • Uncovered Spaces: 20
  • Open Other Spaces Total: 20
  • Parking Garage Spaces: 14
  • Carport Spaces: 0
  • Parking Features: Assigned, Covered, Paved, On Site, Asphalt, Parking Space, Uncovered
Property / Structure Info
  • Residential Styles: Res Income 2-4 Units
Unit Information
Unit 1
  • Unit Type Units Total: 19
  • Unit Type Beds Total: 1
  • Unit Type Baths Total: 0
  • Unit Type Furnished: Unfurnished
  • Unit Type Garage Spaces: 0
  • Unit Type Actual Rent: $0
  • Unit Type Total Rent: $0
  • Unit Type Pro Forma: 0
  • Unit Type Type: 2
Unit 2
  • Unit Type Units Total: 5
  • Unit Type Beds Total: 2
  • Unit Type Baths Total: 0
  • Unit Type Furnished: Unfurnished
  • Unit Type Garage Spaces: 0
  • Unit Type Actual Rent: $0
  • Unit Type Total Rent: $0
  • Unit Type Pro Forma: 0
  • Unit Type Type: 1
Unit Information
  • Number Of Units Leased: 23
  • Rent Controlled: No
  • Number Of Buildings: 2
  • Number Of Separate Electric Meters: 16
  • Number Of Separate Gas Meters: 16
  • Number Of Separate Water Meters: 2
  • Number Wall AC: 24

Property History for 3411-3505 Spring Street

DateEvent & SourcePriceAppreciation
Jun 2, 2026

Listed (Active)

CRMLS #PI26117034

$5,000,000—
Apr 30, 2026

Listed (Active)

CLAW #PI26117034MR

$5,000,000—
Apr 30, 2026

Listed (Active)

SDMLS #PI26117034

$5,000,000—
DateEvent & SourcePrice
06/02/2026

Listed (Active)

CRMLS #PI26117034

$5,000,000
04/30/2026

Listed (Active)

CLAW #PI26117034MR

$5,000,000
04/30/2026

Listed (Active)

SDMLS #PI26117034

$5,000,000

For completeness, we often displays two records for one sale: the MLS record and the public record.

Schools near 3411-3505 Spring Street

This home is within Paso Robles Joint Unified School District.
Rating
School
Type
Grades
Distance
Georgia Brown Elementary School
Public - K to 6
George H. Flamson Middle School
Public - 7 to 8
Paso Robles High School
Public - 9 to 12
Paso Robles Independent Study Center
Public - K to 8
Rating
School
Distance
Georgia Brown Elementary School
PublicK to 6

George H. Flamson Middle School
Public7 to 8

Paso Robles High School
Public9 to 12

Paso Robles Independent Study Center
PublicK to 8

School ratings and boundaries are provided by GreatSchools.org and Pitney Bowes. This information should only be used as a reference. Proximity or boundaries shown here are not a guarantee of enrollment. Please reach out to schools directly to verify all information and enrollment eligibility.

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More information about 3411-3505 Spring Street, Paso Robles, CA 93446

3411-3505 Spring Street is a multi-family home for sale in Paso Robles, CA 93446. This property was listed for sale on April 30, 2026 by Invest SLO, it's currently listed at $5,000,000. This listing's school district is Paso Robles Joint Unified School District. Nearby schools include Georgia Brown Elementary School, George H. Flamson Middle School and Paso Robles High School. 3411-3505 Spring Street is a 3-bed, 0-bath, 16,808 sqft multi-family home built in 1968.

No guarantee, warranty or representation of any kind is made regarding the completeness or accuracy of any information, descriptions or measurements (including square footage measurements and property condition), such should be independently verified through appropriate means, including, but not limited to, in person inspection and public records, and Compass International Holdings, its subsidiaries, affiliates and independently owned and operated franchisees, and their affiliated agents and associated third parties expressly disclaim any liability in connection therewith. Photos may be virtually staged or digitally enhanced and may not reflect actual property conditions. Offers of compensation are subject to change at the seller's discretion. No financial or legal advice provided. Equal Housing Opportunity.

Listing Courtesy of Invest SLO, Abel Contreras, DRE #02062620; Invest SLO, Chelsea King, DRE #02152275

Based on information from one of the following Multiple Listing Services: Santa Barbara MLS and North Santa Barbara County Regional MLS. Information being provided is for the visitor’s personal, noncommercial use and may not be used for any purpose other than to identify prospective properties visitor may be interested in purchasing. The data contained herein is copyrighted by Santa Barbara MLS and North Santa Barbara County Regional MLS is protected by all applicable copyright laws. Any dissemination of this information is in violation of copyright laws and is strictly prohibited. Property information referenced on this web site comes from the Internet Data Exchange (IDX) program of the MLS. This web site may reference real estate listing(s) held by a brokerage firm other than the broker and/or agent who owns this web site. For the avoidance of doubt, the accuracy of all information, regardless of source, is deemed reliable but not guaranteed and should be personally verified through personal inspection by and/or with the appropriate professionals.