- 3 Beds
- 2 Baths
- .77 Acres
- 87 DOM
3411 & 3505 Spring Street
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
Essential Information
- MLS® #PI26117034
- Price$4,500,000
- Bedrooms3
- Bathrooms2.00
- Acres0.77
- Year Built1968
- TypeResidential Income
- Sub-TypeApartment
- StyleTraditional
- StatusActive
Community Information
- Address3411 & 3505 Spring Street
- AreaPSOR - Paso Robles
- CityPaso Robles
- CountySan Luis Obispo
- Zip Code93446
Amenities
- Parking Spaces34
- # of Garages14
- PoolNone
Utilities
Cable Available, Electricity Connected, Natural Gas Connected, Phone Available, Sewer Connected, Water Connected
Parking
Assigned, Asphalt, Covered, On Site, Paved, One Space, Uncovered
Garages
Assigned, Asphalt, Covered, On Site, Paved, One Space, Uncovered
Interior
- Interior FeaturesBalcony
- HeatingWall Furnace
- CoolingWall/Window Unit(s)
- FireplacesNone
- # of Stories2
- StoriesTwo
Exterior
- Lot DescriptionTwentyOneToTwentyFiveUnitsAcre
- RoofAsphalt
Additional Information
- Date ListedApril 30th, 2026
- Days on Market87
- ZoningT-4NC, PR/R4
Listing Details
- AgentAbel Contreras
- OfficeInvest SLO
Price Change History for 3411 & 3505 Spring Street, Paso Robles, (MLS® #PI26117034)
| Date | Details | Change |
|---|---|---|
| Price Reduced from $4,900,000 to $4,500,000 | ||
| Price Reduced from $5,000,000 to $4,900,000 |
Abel Contreras, Invest SLO.
Based on information from California Regional Multiple Listing Service, Inc. as of August 27th, 2026 at 10:36pm PDT. This information is for your personal, non-commercial use and may not be used for any purpose other than to identify prospective properties you may be interested in purchasing. Display of MLS data is usually deemed reliable but is NOT guaranteed accurate by the MLS. Buyers are responsible for verifying the accuracy of all information and should investigate the data themselves or retain appropriate professionals. Information from sources other than the Listing Agent may have been included in the MLS data. Unless otherwise specified in writing, Broker/Agent has not and will not verify any information obtained from other sources. The Broker/Agent providing the information contained herein may or may not have been the Listing and/or Selling Agent.