3505 Spring St

Paso Robles, CA 93446

$1,900,000
Price
4
Beds
12
Baths
5,000 Sq. Ft.
$380 / Sq. Ft.
5,000
Sq. Ft.
$380
per Sq. Ft.
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Lot Lines
Front
Exterior
Exterior
Exterior
Aerial
Aerial
Aerial
Aerial
Aerial

Description

(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...(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
  1. Listed by Abel Contreras • DRE #02062620 • Invest SLO • 805-709-7143
  2. Listed by Chelsea King • DRE #02152275 • Invest SLO

Property Details for 3505 Spring Street

Architectural Style
Traditional
Parking Spaces Total
20
Private Pool
No
Cooling Type
Wall/Window Unit(s)
Total Units
10.0
Building Type
Attached
Lot Size Source
Assessor
Living Area
5000
LISTING UPDATED: 05/29/2026 09:09 AM

Property Details for 3505 Spring Street

StatusActive
MLS #PI26094991
Days on Market6
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 3505 Spring Street

Building/Complex3505 Spring StFloor-Stories2Residences-Pet Policy-Pet Policy Details-Year Built1968Building Size-

Payment Calculator

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$10,889 per month

30 year fixed, 6.36% Interest

Principal and Interest

$9,468

Property Taxes

$1,421

HOA Dues

$0

The Payment Calculator is for illustrative purposes only.

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Property Information for 3505 Spring Street

Rental Info
Rental Info
  • Tenant Pays: Gas, Water, Sewer, Cable TV, Trash Collection, Electricity, All Utilities
Income / Expense / Tax Details
Income Details
  • Gross Income: $148,860
  • Gross Scheduled Income: $148,860
  • Vacancy Allowance Rate: 3
  • Net Operating Income: $99,266
Expense Details
  • Operating Expense: $49,594
  • New Taxes Expense: $21,375
  • Fuel Expense: $0
  • Electric Expense: $0
  • Insurance Expense: $6,912
  • Maintenance Expense: $7,443
  • Professional Management Expense: $6,699
  • Trash Expense: $0
  • Water Sewer Expense: $0
  • Total Expenses: $49,594
Tax / Assessment Info
  • Tax Block: 1
  • Tax Census Tract: 010104
  • CFD/Mello-Roos Fee: $0
Community / Development
Community / Development
  • Accessibility Features: Parking
  • Disability Access: Other Main Level Modifications
  • Assessments YN: No
  • Assessments: None
  • Community Features: Gutters, Curbs, Street Lights, Storm Drains, Sidewalks
Property / Structure Info
Interior Features
  • Laundry: Yes
  • Laundry Features: Community
  • Cooling: Wall/Window Unit(s)
Exterior Features
  • Roof: Asphalt
  • Entry Location: Right Side of Building
  • 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
  • Lot Features: Paved, 6-10 Units/Acre
  • Number Of Units: 10
  • 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: 0
  • Parking: Yes
  • Parking Garage: Assigned, Uncovered
  • Uncovered Spaces: 20
  • Open Other Spaces Total: 20
  • Parking Garage Spaces: 0
  • Carport Spaces: 0
  • Parking Features: Assigned, Paved, On Site, Asphalt, Uncovered
Property / Structure Info
  • Residential Styles: Res Income 2-4 Units
Unit Information
Unit 1
  • Unit Type Units Total: 2
  • Unit Type Beds Total: 1
  • Unit Type Baths Total: 1
  • Unit Type Furnished: Unfurnished
  • Unit Type Garage Spaces: 0
  • Unit Type Garage Attached: No
  • Unit Type Actual Rent: $1,400
  • Unit Type Total Rent: $33,600
  • Unit Type Pro Forma: 1700
  • Unit Type Type: 5
Unit 2
  • Unit Type Units Total: 1
  • Unit Type Beds Total: 2
  • Unit Type Baths Total: 2
  • Unit Type Furnished: Unfurnished
  • Unit Type Garage Spaces: 0
  • Unit Type Garage Attached: No
  • Unit Type Actual Rent: $1,825
  • Unit Type Total Rent: $21,900
  • Unit Type Pro Forma: 2200
  • Unit Type Type: 4
Unit 3
  • Unit Type Units Total: 1
  • Unit Type Beds Total: 0
  • Unit Type Baths Total: 1
  • Unit Type Furnished: Unfurnished
  • Unit Type Garage Spaces: 0
  • Unit Type Garage Attached: No
  • Unit Type Actual Rent: $0
  • Unit Type Total Rent: $0
  • Unit Type Pro Forma: 1575
  • Unit Type Type: 3
Unit 4
  • Unit Type Units Total: 5
  • Unit Type Beds Total: 0
  • Unit Type Baths Total: 1
  • Unit Type Furnished: Unfurnished
  • Unit Type Garage Spaces: 0
  • Unit Type Garage Attached: No
  • Unit Type Actual Rent: $1,080
  • Unit Type Total Rent: $64,800
  • Unit Type Pro Forma: 1575
  • Unit Type Type: 1
Unit 5
  • Unit Type Units Total: 1
  • Unit Type Beds Total: 1
  • Unit Type Baths Total: 2
  • Unit Type Furnished: Unfurnished
  • Unit Type Garage Spaces: 0
  • Unit Type Garage Attached: No
  • Unit Type Actual Rent: $1,300
  • Unit Type Total Rent: $15,600
  • Unit Type Pro Forma: 1800
  • Unit Type Type: 2
Unit Information
  • Number Of Units Leased: 9
  • Rent Controlled: No
  • Number Of Buildings: 1
  • Number Of Separate Electric Meters: 1
  • Number Of Separate Gas Meters: 1
  • Number Of Separate Water Meters: 1
  • Number Wall AC: 10

Property History for 3505 Spring Street

DateEvent & SourcePriceAppreciation
May 30, 2026

Temporarily Off Market

CLAW #OC26063534MR

—
May 30, 2026

Price Change

CLAW #OC26063534MR

$2,359,000—
May 30, 2026

Temporarily Off Market

SDMLS #OC26063534

$2,359,000—
DateEvent & SourcePrice
05/30/2026

Temporarily Off Market

CLAW #OC26063534MR

—
05/30/2026

Price Change

CLAW #OC26063534MR

$2,359,000
05/30/2026

Temporarily Off Market

SDMLS #OC26063534

$2,359,000

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

Public Records for 3505 Spring Street

Taxable ValueLand$255,000Additions$1,285,200Total$1,540,200
Tax Record2025$17,055 ($1,421 / month)
Home Facts
Lot Size16,029 SqFtStyleMulti-Family Res (5+ Units)Year Built1968ZoningCRCountySAN LUIS OBISPOAPN008-031-028

Schools near 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 3505 Spring Street, Paso Robles, CA 93446

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 $1,900,000. It has been on the market for a total of 6 days and was last sold on August 14, 2023. 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. 3505 Spring Street is a 4-bed, 12-bath, 5,000 sqft multi-family home built in 1968.

No guarantee, warranty or representation of any kind is made regarding the completeness or accuracy of descriptions or measurements (including square footage measurements and property condition), such should be independently verified, and Compass, Inc., its subsidiaries, affiliates and their agents and associated third parties expressly disclaims 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 discretion of the seller. 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.