3505 Spring St · El Paso de Robles (Paso Robles), CA 93446

$1,900,000

50 bd · 120.0 ba · 5,000 sqft · MultiFamily · 23 Days on market

Built 1968 0.39 ac lot $380/sqft · 105% above area ↓ 19% since listing

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Why this score? — see what drove the B- grade

The composite is a weighted blend of 9 inputs, each scored 0–100. Each bar is that input's sub-score; the figure is the points it added to the 100-point composite (weight × sub-score).

• Cash flow +30.0/30.0
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• ARV discount +7.5/15.0
• Schools +3.6/10.0
• Livability +2.5/5.0
• Condition / age +2.5/5.0
• Rent growth +2.2/5.0
• Appreciation +0.0/10.0

Multi-family units

County records classify this as Multi-Family (5+ Unit). Listing-text estimate: 10 units. confirmed

5+ unit building — per-unit beds/baths from public records are typically unavailable; the breakdown below (if shown) is an estimate from the listing text.

Listing remarks

(PORTFOLIO SALE) Combined portfolio 3411 Spring Street and 3505 Spring Street offered at $5,000,000. 3505 Spring Street is a unique 10-unit multifamily property in the heart of Paso Robles, offered at approximately $190,000/unit, $380/SF with a stabilized cap rate of 7.84% and annual rent upside of approximately $53,340. The property spans approximately 5,000 rentable square feet across two stories on a ±0.40-acre lot. The diverse unit mix includes five (5) studios with one bathroom, one (1) studio with two bathrooms, two (2) one-bedroom/one-bathroom units, one (1) one-bedroom/two-bathroom unit, and one (1) two-bedroom/two-bathroom unit — catering to a broad renter demographic.

Key facts

• 0.39 acre lot
• 20 parking spots
• Built 1968

Property features AI

Finance

• Other: Total number of units: 10; Number of leased units: 9; Unit mix summary: five 1-bath units (rent example $1,080), one 2-bed/2-bath unit (rent example $1,825), one 2-bath/1-bed unit (rent example $1,300), two 1-bed/1-bath units (rent example $1,400) — individual unit counts and rents vary; Separate meters: one water meter, one gas meter, one electric meter
• Financial info: Total building area reported as 5,000; Total actual rent reported as $135,900; Gross scheduled/gross income reported as $148,860; Net operating income reported as $99,266; Operating expenses reported as $49,594 (includes maintenance and insurance); Maintenance expense reported as $7,443; Insurance expense reported as $6,912; New taxes reported as $21,375; Vacancy allowance rate: 3%; Tenant pays gas, water, sewer, cable TV, trash, electricity and all utilities
• HOA & community: Community apartment common interest

Exterior

• Parking: Assigned on-site parking; Paved driveway (asphalt); Uncovered parking available; Approximately 20 parking spaces
• Security: Parking accessibility features
• Utilities: District/Public water; Public sewer (sewer connected); Natural gas connected; Electricity connected (standard); Telephone in street; Cable available
• Home design: Attached community apartment building; Two stories; Single building on the parcel; No ADU
• Construction: Roof: Asphalt; Common walls: 2+ shared walls; Year built source: Assessor
• Exterior features: Asphalt roof; Shed on property; No pool; Paved surfaces; Lot density ~6–10 units per acre

Interior

• Kitchen: Kitchens included in individual rental units
• Bedrooms: Multiple unit configurations including 1- and 2-bedroom units
• Bathrooms: Mixture of 1- and 2-bath units
• Heating & cooling: Wall/window air conditioning units (approximately 10 units)
• Interior features: Two-level layout; Main entry on the right side of the building
• Laundry & utility: On-site community laundry

What this means for you Summary

Snapshot

• This is a 10 × 5-bed/?-bath units multifamily listed at $1.90M.

Deal economics

• At list price, monthly cash flow is $11k ($133k/yr) — positive. Per door: $1k/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($29k rent vs $1.90M).
• Recommended offer: $1.87M (1.5% below list) — sets the bar for market timing.
• Cap rate 13.3% vs local median 1.8% in El Paso de Robles (Paso Robles) — top-decile yield for the area; either an underpriced asset or a hidden risk that comps aren't pricing in. Stress-test before assuming the spread holds.

Location & tenants

• Location reads: area grade B — affects rentability + tenant quality, not the cash-flow math above.
• Paso Robles Joint Unified (urban): math 28% / reading 52% proficiency, ranked #224 of 517 in CA (top 43%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Market conditions: Rents soft (-1.2%/yr); 311 active listings in the ZIP; solid renter incomes; 1,104 units permitted in San Luis Obispo County in 2024 (273 in 5+ unit buildings).
• At $29,468/mo this rent would consume 361% of the median local household income ($98k/yr) (locally 1509% of renters already pay >50% of income on rent) — very limited rent-growth headroom before tenants either downsize or default.

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $13k of loan paydown is wiped out by about $57k of value loss. Plan a longer hold.
• San Luis Obispo County population projected at +20% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• At projected returns (-3.0% appreciation + 0.0% rent growth), your $532k cash investment doubles in ~6 years — after that, you're playing with house money.

Negotiation context

• It's been on market 23 days — a 2% lower offer ($1.87M) is reasonable based on typical stale-listing flexibility.
• 14 sale attempts since 19y ago with the ask held roughly flat each time — persistent listings suggest the price (not the market) is what's stuck; bring a comps-based counter.
• Current owner paid $1.51M; 26% above their basis — modest negotiation headroom, anchor on the comps not their cost.

Risks & watch-outs

• Climate carrying-cost: major wildfire risk; extreme-heat days projected 7→16/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $1,871,500 (1.5% below list)

Questions for the listing agent

1. Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
2. What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
3. Built in 1968 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
4. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
5. What's the average days-on-market for RENTAL listings here right now (not sales)? A rising rental-DOM trend means longer vacancies and softer asking-rent achievability than the comps imply.
6. What's the recent tenant-quality profile in this submarket — average credit score on applications, eviction rate, late-payment / NSF rate, and stable-employment percentage? A property-management company in the area should have these aggregated.
7. How much new apartment / multifamily construction is in the pipeline within 1–3 miles? Heavy new supply (>2% of stock underway) typically softens rents 12–24 months out; light construction supports rent growth.

Investment metrics

• 1% rule: 1.55% ✓
• Cap rate: 13.31%
• Cash-on-cash: 25.04%
• DSCR: 2.11
• GRM: 5.4

CMA / ARV

• ARV (median comp): $928,054
• List price: $1,900,000
• Delta: 154.19%
• Verdict: OVERPRICED
• Comps: 1 within 2.0 mi

Projected returns pro-forma

-3.0% appreciation · 0.0% rent growth · sell at horizon

5-year hold

• IRR: 15.2%
• Equity multiple: 1.59×
• Total profit: $312,775
• Equity at exit: $283,296

10-year hold

• IRR: 21.6%
• Equity multiple: 2.60×
• Total profit: $848,617
• Equity at exit: $164,277

Cash invested: $532,000 (down + closing). Projections, not guarantees.

Landlord ↔ Tenant lean methodology

• Overall (STATE): 18 Strongly Tenant-Friendly
• State California: 18 Strongly Tenant-Friendly · D+13
• County: — inherits STATE
• City: — inherits STATE

AB1482 statewide rent cap (10% + CPI). Cities (SF/LA/Berkeley) layer stricter rules. Just-cause statewide.

Methodology + full state rankings →

ZIP-level market 93446

• Rents YoY: -1.2%
• Active inventory: 311
• Price-to-rent: 53.7×

Monthly cashflow live

• Estimated rent: $29,468 medium
• Mortgage (P&I): −$9,964
• Tax from tax record: −$1,421 /mo · $17,055/yr
• Insurance: −$792
• HOA: −$0
• Vacancy / Maint / Mgmt: −$6,188
• Net cashflow: $11,103

Break-even live

Break-even rent $15,414

Max offer price $1,900,000

Occupancy floor 57%

Sensitivity live

Price	-10% $12,179	-5% $11,641	+0% $11,103	+5% $10,565	+10% $10,027
Rent	-10% $8,775	-5% $9,939	+0% $11,103	+5% $12,267	+10% $13,431
Rate	-1.0pp $12,060	-0.5pp $11,586	base $11,103	+0.5pp $10,611	+1.0pp $10,110

10-unit breakdown (identical units grouped — click to expand)

Units	Beds	Baths	Est. rent
▸ 10× units	5	—	$29,470
Total (10 units)			$29,468

UW: 25.0% down · 7.5% · 30yr · 1.5% tax · 5.0% vac · 8.0% maint · 8.0% mgmt

Financing live

Cash to close

• Down payment: $475,000
• Closing costs: $57,000
• Reserves months: —
• Total cash needed: —

Listing history 49 events

1. 2026-06-21
   days on market $1,900,000 Active 23 DOM
2. 2026-06-18
   days on market $1,900,000 Active 20 DOM
3. 2026-06-17
   days on market $1,900,000 Active 19 DOM
4. 2026-06-16
   days on market $1,900,000 Active 18 DOM
5. 2026-06-15
   days on market $1,900,000 Active 17 DOM
6. 2026-06-14
   days on market $1,900,000 Active 15 DOM
7. 2026-06-13
   days on market $1,900,000 Active 14 DOM
8. 2026-06-10
   days on market $1,900,000 Active 12 DOM
9. 2026-06-09
   days on market $1,900,000 Active 11 DOM
10. 2026-06-08
    days on market $1,900,000 Active 10 DOM
11. 2026-06-07
    days on market $1,900,000 Active 9 DOM
12. 2026-06-05
    days on market $1,900,000 Active 6 DOM
13. 2026-06-03
    days on market $1,900,000 Active 5 DOM
14. 2026-06-02
    days on market $1,900,000 Active 4 DOM
15. 2026-06-01
    days on market $1,900,000 Active 3 DOM
16. 2026-05-31
    days on market $1,900,000 Active 2 DOM
17. 2026-05-30
    remarks 686-char remark
18. 2026-05-30
    pricestatusdays on marketlisting id $1,900,000 Active 1 DOM
19. 2026-03-24
    price $2,359,000
20. 2026-03-24
    listed $2,399,000 Active
21. 2024-11-09
    price $2,000,000
22. 2024-10-31
    price $2,050,000
23. 2024-10-02
    price $2,100,000
24. 2024-09-05
    price $2,250,000
25. 2024-08-15
    listed $2,300,000 Active
26. 2024-07-23
    historical
27. 2024-06-05
    listed $2,200,000 Active
28. 2023-08-14
    soldstatus $1,510,000 Closed Sale
29. 2023-08-14
    soldstatus $1,510,000
30. 2023-07-18
    status Pending Sale
31. 2023-07-03
    listed $1,499,000 Active
32. 2017-04-06
    historical
33. 2017-04-06
    historical
34. 2017-04-06
    historical
35. 2014-01-03
    soldstatus $707,000
36. 2014-01-03
    soldstatus $707,000
37. 2014-01-03
    soldstatus $707,000
38. 2013-09-12
    historical
39. 2013-04-19
    listed $745,000
40. 2013-04-19
    listed $745,000
41. 2011-02-09
    historical
42. 2008-08-09
    listed $995,000
43. 2008-08-09
    listed $995,000
44. 2008-07-15
    historical
45. 2008-06-19
    historical
46. 2007-09-13
    listed $949,999
47. 2007-09-13
    listed $949,999
48. 2007-07-15
    listed $2,350,000
49. 2007-07-15
    listed $2,350,000

ⓘ Source: listings_history table (triggers on properties + properties_extension) + one-shot backfill from property_details.listing_events for pre-trigger history.

Tax reassessment forecast CA · Resets to sale price

• Current annual tax: $17,055 · $1,421/mo
• Projected year-2 tax: $17,055 · $1,421/mo
• Expected delta: $0/yr ($0/mo · 0.0%)

ⓘ Screening estimate from a state-policy table — verify with the county assessor before closing.

Climate risk First Street

• 🌊 Flood 1/10 Low FEMA zone X (shaded) · 0% chance over 30 yrs
• 🔥 Wildfire 7/10 Severe
• 🌡 Heat 6/10 Major 7 d/yr ≥100°F today · 16 d/yr by 30 yrs out
• 💨 Wind 1/10 Low
• 🫁 Air quality 7/10 Severe 13 unhealthy d/yr today · 15 by 30 yrs out

Taxation est. · year 1

• Rental income: $353,616
• − Mortgage interest: −$106,430
• − Property taxes: −$17,055
• − Insurance: −$9,500
• − Repairs & maintenance: −$28,289
• − Management: −$28,289
• − Depreciation: −$55,273
• Taxable income: $108,780
• Est. tax owed @ 24.0%: −$26,107
• After-tax cash flow: $107,129/yr

For passive investors: Depreciation is non-cash, so a rental often shows a tax loss while cash-flowing — sheltering income. Rental losses are passive: they offset passive income freely, and up to $25,000/yr can offset ordinary (W-2) income if you actively participate and your MAGI is under $100k (phasing out to $0 by $150k); unused losses carry forward. On sale, claimed depreciation is recaptured at up to 25%, and gains may owe capital-gains tax (a 1031 exchange can defer both). Figures are a year-1 estimate at your 24.0% rate — not tax advice; consult a CPA.

Schools (NCES district)

• District: Paso Robles Joint Unified
• NCES district ID: 0600048
• Math proficiency: 28% ▼ -8.00%
• Reading proficiency: 52% ▲ 5.00%
• Median HH income: $62,121
• Composite: 35.56/100
• National rank: #4903
• State rank: #224 of 517 in CA

Livability — El Paso de Robles (Paso Robles)

No livability data for this city. (Only ~50 U.S. cities are tracked.)

Census & demographics

• Census place: El Paso de Robles (Paso Robles), CA
• County: San Luis Obispo County · 224,651 people
• Metro: San Luis Obispo-Paso Robles, CA
• Population (ZIP): 45,554
• Household income: $97,943
• Rent vs Own: 31.8% rent · 68.2% own
• Severe rent burden: 1509.0

Population outlook (San Luis Obispo County) Hauer SSP2

• Today (2025): 306,977 people
• By 2030: 320,378 · +4.4%
• By 2040: 343,933 · +12.0%
• By 2050: 366,853 · +19.5%
• By 2075: 428,329 · +39.5%
• By 2100: 460,687 · +50.1%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Majority White (61%)
• Race & ethnicity: White 61% Hispanic / Latino 30% Two or more races 15% Asian 3% Native American 1%
• Hispanic origin (detail): Mexican 26%
• Common ancestry: Russian 2% Italian 2% Slovak 2%
• Foreign-born: 13% · Canada, China
• Languages at home: 79% English-only · Spanish 17% Other Indo-European 1% Chinese 1%

Political lean MEDSL · San Luis Obispo

• 2024 margin: D (+10.9) · D 53.9% · R 43.1% · Other 3.0%
• 2008→2024 swing: +5.5pp toward D · 2008: 5.4pp · 2024: 10.9pp
• All cycles: 2024: D+10.9 2020: D+13.1 2016: D+8.3 2012: D+1.0 2008: D+5.4

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -340.09%
• Current HPI: 401.6786
• Rent YoY: ▼ -1.19%
• Metro: San Luis Obispo-Paso Robles, CA
• State GDP YoY: ▲ 3.21%
• F500 in state: 116

Industry mix (Fortune 500 HQ in CA)

Industry	F500 HQs	Revenue
▸Technology	27	$1,492B
▸Financial Services	3	$174B
▸Retail	3	$44B
▸Insurance	3	$26B
▸Media / Entertainment	2	$115B
▸Pharmaceuticals / Biotech	2	$62B

Price history

-19.1% since first listed

33 events — show timeline

• 2026-05-30 Relisted — CRMLS
• 2026-05-29 Listed $1,900,000 CRMLS
• 2026-03-24 Price Changed $2,359,000 CRMLS
• 2026-03-24 Listed $2,399,000 CRMLS
• 2024-11-09 Price Changed $2,000,000 CRMLS
• 2024-10-31 Price Changed $2,050,000 CRMLS
• 2024-10-02 Price Changed $2,100,000 CRMLS
• 2024-09-05 Price Changed $2,250,000 CRMLS
• 2024-08-15 Listed $2,300,000 CRMLS
• 2024-07-23 Listing Removed — CRMLS
• 2024-06-05 Listed $2,200,000 CRMLS
• 2023-08-14 Sold (Public Records) $1,510,000 Public Records
• 2023-08-14 Sold (MLS) $1,510,000 CRMLS
• 2023-07-18 Pending — CRMLS
• 2023-07-03 Listed $1,499,000 CRMLS
• 2017-04-06 Listing Removed — NSBCRMLS
• 2017-04-06 Listing Removed — NSBCRMLS
• 2017-04-06 Listing Removed — NSBCRMLS
• 2014-01-03 Sold (Public Records) $707,000 Public Records
• 2014-01-03 Sold (MLS) $707,000 CRMLS
• 2014-01-03 Sold (MLS) $707,000 NSBCRMLS
• 2013-09-12 Listing Removed — CRMLS
• 2013-04-19 Listed $745,000 CRMLS
• 2013-04-19 Listed $745,000 NSBCRMLS
• 2011-02-09 Listing Removed — CRMLS
• 2008-08-09 Listed $995,000 CRMLS
• 2008-08-09 Listed $995,000 NSBCRMLS
• 2008-07-15 Listing Removed — CRMLS
• 2008-06-19 Listing Removed — CRMLS
• 2007-09-13 Listed $949,999 NSBCRMLS
• 2007-09-13 Listed $949,999 CRMLS
• 2007-07-15 Listed $2,350,000 NSBCRMLS
• 2007-07-15 Listed $2,350,000 CRMLS

Property tax history

+6.3%/yr

Latest (2025): $17,055 · +1.6% YoY. Source: county tax records.