3440 Spring Street

    Paso Robles, CA 93446
    • $1,895,000
    • STATUS: Active
    • ON SITE: 91 days
    • ID#: NS19145903
    $1,895,000
    • 0
      BEDS
    • 0.52
      ACRES
    • 0
      BATHS
    • 0
      1/2 BATHS
    • 4,950
      SQFT
    • $383
      $/SQFT
    Neighborhood:
    Type:
    Multi-Family
    Built:
    1950
    County:

    School Ratings & Info

    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.

    Monthly Payment Calculator



    Based on information from California Regional Multiple Listing Service, Inc. as of 2019-09-21T00:45:27.587. 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 deemed reliable but is not guaranteed accurate by the MLS or J1 REALTY GROUP. Licensed in the State of California, USA.
    www.j1re.com/homes/96190456

    3440 Spring Street Paso Robles, CA 93446

    • Price: $1,895,000
    • Status: Active
    • ID#: NS19145903
    0
    Beds
    0
    Baths
    0
    ½ Baths
    0.52
    Acres
    4,950
    SQFT
    $383
    $/SQFT
    1950
    Built
    Neighborhood:
    Pr City Limits West(120)
    County:
    San Luis Obispo
    Area:
    Pric - Pr Inside City Limit
    Property 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.
    Exterior Features

    Garage Spaces 0.00 Lot Features Level With Street Lot Size Source Assessor Lot Size Units Square Feet Parking Total 0.00 Pool Features None Pool Private YN No Property Attached YN Yes Road Frontage Type City Street Road Surface Type Paved

    Interior Features

    Average Studio Area Units Square Feet Average1 Bed Area Units Square Feet Average2 Bed Area Units Square Feet Average3 Bed Area Units Square Feet Common Walls 2+ Common Walls Heating Wall Furnace Heating YN Yes Laundry Features Community Levels One

    Property Features

    Additional Parcels YN No Association Fee 0.00 Association YN No Building Area Units Square Feet Cap Rate 6.50 Community Features Sidewalks Country Us Electric Expense 5553.00 Elevation Units Feet Fuel Expense 3036.00 Gross Income 13700.00 Gross Scheduled Income 164400.00 Insurance Expense 2354.00 Land Lease YN No Laundry YN Yes Licenses Expense 114.00 Net Operating Income 124338.00 New Construction YN No New Taxes Expense 21472.00 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 Professional Management Expense 0.00 Property Sub Type Commercial/Residential Rent Control YN No Senior Community YN No Sewer Public Sewer Special Listing Conditions Standard Subdivision Name Other Pr City Limits West(120) Tax Rate 1.13 Tenant Pays Electricity Total Actual Rent 13700.00 Total Expenses 40062.00 Trash Expense 2420.00 Utilities Electricity ConnectedNatural Gas ConnectedSewer ConnectedWater Connected Water Sewer Expense 5113.00 Water Source Public Year Built Source Estimated Zoning C2

    Listing provided courtesy of Maci Umbertis of Re/Max Parkside Real Estate


    Based on information from California Regional Multiple Listing Service, Inc. as of 2019-09-21T00:45:27.587. 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 deemed reliable but is not guaranteed accurate by the MLS or J1 REALTY GROUP. Licensed in the State of California, USA.
     
    J1 REALTY GROUP
    16755 Von Karman Ave, Ste 200
    Irvine CA, 92606