Listed by Abel Contreras, Invest SLO, (805) 709-7143
$4,500,000
Original price: $4,900,000
29 Beds
24 Baths
16,808 sqft (on 0.77 acres)
3411 & 3505 Spring St, Paso Robles, CA 93446
Est. Mortgage $27,226/mo*
Get Pre-QualifiedHome Highlights
Property Type
Multi-Family
Year Built
1968
Lot Size
0.77 acres
Price/Sqft
$268
Parking
Garage
HOA
None
Local Information
- Map ViewExplore the area around 3411 & 3505 Spring St.
- Schools1 Elementary School1 Middle School1 High School
- Shop & Eat
-- mins to
About this House
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
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
Home Details for 3411 & 3505 Spring St
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Beds & Baths Number of Bedrooms: 29Number of Bathrooms: 24 |
Appliances & Utilities Utilities: Cable Available, Electricity Connected, Natural Gas Connected, Phone Available, Sewer Connected, Water ConnectedLaundry: Common Area |
Heating & Cooling Heating: Wall FurnaceHas CoolingAir Conditioning: Wall/Window Unit(s)Has HeatingHeating Fuel: Wall Furnace |
Fireplace & Spa Fireplace: NoneSpa: NoneNo FireplaceNo Spa |
Gas & Electric Electric: Standard |
Windows, Doors, Floors & Walls Common Walls: 2+ Common Walls |
Levels, Entrance, & Accessibility Stories: 2Number of Stories: 2Levels: TwoEntry Location: FrontAccessibility: Parking |
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Exterior Home Features Roof: AsphaltFencing: WoodOther Structures: Shed(s)No Private Pool |
Parking & Garage Number of Garage Spaces: 14Number of Covered Spaces: 14Open Parking Spaces: 20Has a GarageNo Attached GarageParking Spaces: 34Parking: Assigned,Asphalt,Covered,On Site,Paved,One Space,Uncovered |
Pool Pool: None |
Frontage Road Frontage: City StreetRoad Surface Type: PavedNot on Waterfront |
Water & Sewer Sewer: Public Sewer |
Surface & Elevation Elevation Units: Feet |
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Cumulative Days on Market: 28Days on Market: 92 |
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Year Built Year Built: 1968 |
Property Type / Style Property Type: Residential IncomeProperty Subtype: Multi FamilyArchitecture: Traditional |
Building Not a New ConstructionAttached To Another StructureHas Additional Parcels |
Property Information Parcel Number: 008031009Additional Parcels Description: 008031028 |
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Price List Price: $4,500,000Price Per Sqft: $268 |
Status Change & Dates Possession Timing: Close Of Escrow, Negotiable |
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MLS Status: Active |
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Direction & Address City: Paso Robles |
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Listing Agent Listing ID: PI26117034 |
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Building Area Building Area: 16808 Square Feet |
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Community Features: Curbs, Gutter(s), Storm Drain(s), Street Lights, SidewalksNot Senior Community |
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Association for this Listing: California Regional MLSHOA Fee: No HOA Fee |
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Lot Area: 0.77 acres |
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Special Conditions: Standard |
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Listing Terms: Cash, Conventional, FHA, VA Loan |
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Expense Tenant Pays: Cable TV, Electricity, Gas, See Remarks, Sewer, Trash Collection, Water |
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No Rent Control |
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Mls Number: PI26117034Living Area Range Units: Square FeetAttribution Contact: 805-709-7143Common Interest: Community ApartmentUniversal Property Id: US-06079-N-008031009-R-N |
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CurbsGutter(s)Storm Drain(s)Street LightsSidewalksSource Internet Entire Listing Display |
Around this home
What Locals Say about Paso Robles
At least 188 Trulia users voted on each feature.
88 % Say it's dog friendly
88 % Say car is needed
87 % Say yards are well-kept
79 % Say there's holiday spirit
76 % Say it's quiet
75 % Say parking is easy
72 % Say people would walk alone at night
66 % Say there's wildlife
64 % Say there are sidewalks
63 % Say kids play outside
60 % Say neighbors are friendly
59 % Say they plan to stay for at least 5 years
53 % Say streets are well-lit
49 % Say it's walkable to grocery stores
45 % Say it's walkable to restaurants
41 % Say there are community events
Sourced by Trulia users. Learn more about our methodology.
Market trends in Paso Robles
Last updated July 2026
Avg. sale price
$776K
$14.5KMoM
Sale-to-List Price
99.6%
Price per sq ft
$444
$12MoM
Available listings
201
7MoM
Home Value
Learn more about this home's value by checking out the value of nearby homes and how much similar homes have sold for.
Comparable sales
These are recently sold homes that have a similar location or other similar features to this home, like bedrooms, bathrooms, and square footage. Get a sense of the expected prices in the area by viewing these homes.Address | Distance | Property Type | Sold Price | Sold Date | Bed | Bath | Sqft |
|---|---|---|---|---|---|---|---|
0.10 | Multi-Family Home | $870,000 | 05/26/26 | 6 | 3 | 2,640 | |
0.86 | Multi-Family Home | $1,150,000 | 04/27/26 | 6 | 5 | 2,632 | |
0.36 | Multi-Family Home | $1,408,500 | 06/03/26 | - | 3,256 | ||
0.90 | Multi-Family Home | $1,301,500 | 04/15/26 | 4 | 4 | 2,300 | |
1.67 | Multi-Family Home | $750,000 | 12/11/25 | 4 | 4 | 1,822 | |
3.67 | Multi-Family Home | $1,150,000 | 09/26/25 | 8 | 8 | 3,600 | |
6.64 | Multi-Family Home | $1,135,000 | 10/22/25 | 5 | 6 | 3,040 |
Nearby home prices
Get a sense of expected prices in the area by checking the value of nearby homes.Address | Distance | Price | Bed | Bath | Sqft | Status |
|---|---|---|---|---|---|---|
0.06 | $1,699,000 | 5 | 12 | 5,000 | For Sale | |
0.10 | $870,000 | 6 | 3 | 2,640 | Recently Sold | |
0.10 | $1,180,500 | 8 | 4 | 3,200 | Off Market | |
0.17 | $588,100 | 2 | 1 | 1,034 | Off Market | |
0.15 | $862,100 | 6 | 3 | 2,700 | Off Market | |
0.20 | - | 4 | 3 | 2,128 | Off Market | |
0.18 | $357,300 | 2 | 1 | 854 | Off Market | |
0.19 | $308,200 | 1 | 1 | 728 | Off Market | |
0.19 | $342,300 | 2 | 1 | 854 | Off Market | |
0.19 | $303,000 | 1 | 1 | 728 | Off Market | |
0.19 | $343,800 | 2 | 1 | 854 | Off Market |
Price and Tax history
| Date | Event | Price |
|---|---|---|
Jun 30, 2026 Source: CRMLS #PI26117034 | PriceChange | $4,500,000 Price decreased by 8% |
Jun 23, 2026 Source: CRMLS #PI26117034 | PriceChange | $4,900,000 Price decreased by 2% |
Jun 3, 2026 Source: CRMLS #PI26117034 | Listed For Sale | $5,000,000 |
LGBTQ Local Legal Protections
LGBTQ Local Legal Protections
Abel Contreras, Invest SLO
Agent Phone: (805) 709-7143
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. as of 2026-09-01 13:22:06 PDT 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
Based on information from California Regional Multiple Listing Service, Inc. as of 2026-09-01 13:22:06 PDT 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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Frequently asked questions about 3411 & 3505 Spring St
- What is the estimated monthly payment for 3411 & 3505 Spring St?Based on a $4,500,000 list price with 20% down at today's rates, the estimated monthly payment for 3411 & 3505 Spring St in Paso Robles, CA is approximately $27,721 (about $23,558 principal & interest, $4,088 property taxes, and $75 homeowner's insurance). This is an estimate. Actual payment depends on your loan terms.
- How does the list price for 3411 & 3505 Spring St compare to homes in Paso Robles?3411 & 3505 Spring St in Paso Robles, CA is listed at $4,500,000, about 480% above the $776K median sale price in Paso Robles.
- What do residents say about Paso Robles?Residents describe Paso Robles, CA as dog-friendly, well-kept, and quiet. Most residents say you need a car. See homes for sale in Paso Robles, CA.
- What are the closest schools to 3411 & 3505 Spring St?The closest schools to 3411 & 3505 Spring St in Paso Robles, CA are George H. Flamson Middle School (rated 4/10), Georgia Brown Elementary School (rated 7/10), Paso Robles High School (rated 7/10).
- Does 3411 & 3505 Spring St have air conditioning?Yes, 3411 & 3505 Spring St in Paso Robles, CA has air conditioning.
- Does 3411 & 3505 Spring St have laundry facilities?Yes, 3411 & 3505 Spring St in Paso Robles, CA has laundry facilities.
3411 & 3505 Spring St, Paso Robles, CA 93446 is a 29 bedroom, 24 bathroom, 16,808 sqft multi-family built in 1968. This property is currently available for sale and was listed by CRMLS on Jun 3, 2026. The MLS # for this home is MLS# PI26117034.