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Listing 7 out of 220
$1,895,000 For Sale

3440 Spring Street
Paso Robles, CA 93446

12 units | Multi Family Home
0.52 acres - MLS# NS19145903
Property Photo
1/21

Description

Fantastic Investment Opportunity in Paso Robles! This 12 Unit Complex was once used as a local Motel, but is currently functioning as fully occupied apartments! Great 6.5 CAP Rate with room for improvement! Included on the property is a 2bd/1ba home plus Office, 5- 1 "Bedroom" Units, 6- Studio Units, large workroom/storage above unit 12, and on site coin-op laundry! Unit #'s 6-9 have fenced backyards and all 12 Units have assigned parking. All units have separate sub-meters, allowing the property owner to charge tenants for their own electricity use. There is a large marquee sign for "Spanish Oaks Apartments" displayed at the entry. Newer roofs, have been installed on all buildings and newer paint. This property has a long term history of no-vacancy and is a turnkey investment opportunity.

Features

  • Property Type: Multi Family Home
  • Sub Type: Multi Family Home
  • Listing Status: Active
  • Zip Code: 93446
  • Year Built: 1950
  • Subdivision/Neighborhood: Pr City Limits West(120)
  • Stories: One
  • Units: 12 units
  • Lot Size: 0.52 acres
  • Zoning: C2
  • Area: PRIC - PR Inside City Limit
  • Average 2 Bed Area Units: Square Feet
  • Average 3 Bed Area Units: Square Feet
  • Average Studio Area Units: Square Feet
  • Building Area Total: 4950.00
  • Building Area Units: Square Feet
  • Cap Rate: 6.50
  • Common Walls: 2+ Common Walls
  • Community Features: Sidewalks
  • Country: US
  • Directions: Spring St North to 34th
  • Electric Expense: 5553.00
  • Fuel Expense: 3036.00
  • Gross Income: 13700.00
  • Gross Scheduled Income: 164400.00
  • Heating: Wall Furnace
  • Heating YN: Yes
  • Insurance Expense: 2354.00
  • Laundry Features: Community
  • Laundry YN: Yes
  • Listing Agent License: 01784326
  • Listing Office License: 01421338
  • Lot Features: Level with Street
  • Lot Size Area: 22650.0000
  • Lot Size Source: Assessor
  • Lot Size Units: Square Feet
  • MLS: CRM
  • Net Operating Income: 124338.00
  • New Taxes Expense: 21472.00
  • Number Of Buildings: 5
  • Number Of Separate Electric Meters: 1
  • Number Of Separate Gas Meters: 1
  • Number Of Separate Water Meters: 1
  • Number Of Units Leased: 12
  • Number With Range: 5
  • Number With Refrigerator: 12
  • Operating Expense: 40062.00
  • Property Attached YN: Yes
  • Road Frontage Type: City Street
  • Road Surface Type: Paved
  • Sewer: Public Sewer
  • Total Actual Rent: 13700.00
  • Total Expenses: 40062.00
  • Trash Expense: 2420.00
  • Utilities: Electricity Connected, Natural Gas Connected, Sewer Connected, Water Connected
  • Water Sewer Expense: 5113.00
  • Water Source: Public
  • Year Built Source: Estimated
Courtesy of Re/Max Parkside Real Estate, Maci Umbertis

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Kurtis Wurster
 
Cell: 805-441-1419
3rd Generation REALTOR®, GRI
BRE# 01931796

BETTER HOMES AND GARDENS REAL ESTATE | HAVEN PROPERTIES
441 Marsh St., San Luis Obispo, CA 93401
Office: 805-544-9161 Fax: 805-544-1031
Kurtis@DreamHome805.com

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Kurtis Wurster | BETTER HOMES AND GARDENS REAL ESTATE | HAVEN PROPERTIES |  805-544-9161 | Kurtis@DreamHome805.com
441 Marsh St., San Luis Obispo, CA 93401

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