2432 Spring Street
Paso Robles, CA 93446
Active for $1,500,000
Beds: N/A Baths: N/A Structure Size: N/A sqft Lot Size: 48,787 sqft
| MLS | PI24203288 |
| Year Built | 1959 |
| Property Type | Industrial |
| County | San Luis Obispo |
| Status | Active |
| Active | $1,500,000 |
| Structure Size | N/A sqft |
| Lot Size | 48,787 sqft |
| Beds | N/A |
| Baths | N/A |
Description
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!
Listing information courtesy of: CJ Hegney, Invest SLO . *Based on information from the Association of REALTORS/Multiple Listing as of 11/12/2024 and/or other sources. Display of MLS data is deemed reliable but is not guaranteed accurate by the MLS. 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.
Location
Contact a Local Realtor®
Ute Schneider
REALTOR®
Direct: 213.399.0331
Email: Email Me
DRE: 01213492
DRE #01873088
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