There are multiple listings for this address:
$1,850,000
& 3505 Spring ST
Paso Robles, CA, 93446
Property 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 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
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
Property Details
Price:
$1,850,000
MLS #:
PI26094991
Status:
Active
Beds:
0
Baths:
0
Type:
Single Family
Subtype:
Apartment
Neighborhood:
psorpasorobles
Listed Date:
May 29, 2026
Total Sq Ft:
16,808
Lot Size:
16,948 sqft / 0.39 acres (approx)
Year Built:
1968
Schools
Interior
Cooling
WW
Heating
WL
Interior Features
BL
Laundry Features
AR, CM
Levels
U
Exterior
Accessibility Features
PK
Architectural Style
TRD
Common Walls
_2CW
Community Features
SDW, STM, SL, CRB, CW
Fencing
WD
Garage Spaces
14
Other Structures
SH
Parking Spots
34
Parking Total
34
Roof
ASP
Spa Features
NO
Financial
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Courtesy of Invest SLO. Disclaimer: All data relating to real estate for sale on this page comes from the Broker Reciprocity (BR) of the California Regional Multiple Listing Service. Detailed information about real estate listings held by brokerage firms other than Mohr Real Estate Group include the name of the listing broker. Neither the listing company nor Mohr Real Estate Group shall be responsible for any typographical errors, misinformation, misprints and shall be held totally harmless. The Broker providing this data believes it to be correct, but advises interested parties to confirm any item before relying on it in a purchase decision. Copyright 2026. California Regional Multiple Listing Service. All rights reserved. & 3505 Spring ST
Paso Robles, CA
$4,900,000
& 3505 Spring ST
Paso Robles, CA, 93446
Property 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 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
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
Property Details
Price:
$4,900,000
MLS #:
PI26117034
Status:
Active
Beds:
0
Baths:
0
Type:
Single Family
Subtype:
Apartment
Neighborhood:
psorpasorobles
Listed Date:
Jun 2, 2026
Total Sq Ft:
16,808
Lot Size:
33,376 sqft / 0.77 acres (approx)
Year Built:
1968
Schools
Interior
Cooling
WW
Heating
WL
Interior Features
BL
Laundry Features
AR, CM
Levels
U
Exterior
Accessibility Features
PK
Architectural Style
TRD
Common Walls
_2CW
Community Features
SDW, STM, SL, CRB, CW
Fencing
WD
Garage Spaces
14
Other Structures
SH
Parking Spots
34
Parking Total
34
Roof
ASP
Spa Features
NO
Financial
Need more info?
If you have any questions about this property, we at the Mohr Group would be happy to answer them. Click the button below and send us a message.
Ask a QuestionReady to go see it?
Schedule a Showing
