2432 Spring Street, Paso Robles, CA 93446 (MLS # PI24203288)

Price $1,500,000
Status Active
Size 6,528 sqft
Lot Size 1.12 ac
Days on Market 152
Unlock the potential of this versatile property in the heart of Paso Robles. This unique offering features a ready-to-renovate industrial steel building at the front of the lot and a large, flat parcel of land at the back, providing substantial development opportunity. With ample parking and a total of 48,787 sq ft, the TC-2 zoning allows for flexible use, whether maintaining its industrial character or redeveloping it into residential or commercial space. The property is positioned to generate $2.00/sq ft triple net (NNN) rent, supported by strong local comps, and offers an impressive $141,000+ annual NOI with a 7.05% cap rate. A fully stabilized underwriting plan includes a $500,000 renovation budget, and there's significant upside potential with the possibility of developing the back lot into a multi-use residential or commercial compound. Zoning permits a variety of building types, including live-work units, rowhouses, and stacked dwellings up to 50 feet in height. This property is perfect for investors seeking immediate rental income with long-term development prospects in one of Paso Robles' most desirable areas. Don’t miss this incredible opportunity to build and create value!
Property Type(s): Commercial
Last Updated 10/10/2024 Year Built 1959
Community PR Inside City Limit County San Luis Obispo

Additional Details

AREA PR Inside City Limit
HEAT None
LOT 1.12 acre(s)
LOT DESCRIPTION 6-10 Units/Acre, Rectangular Lot
STORIES 1
UTILITIES Electricity Available,Natural Gas Available,Sewer Connected
WATER Public
ZONING TC-2

Location

 

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