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Listed by 925-314-5771 - CJ Hegney - DRE #02203414 - Invest SLO 805-295-2719 Listing Courtesy of: DRE #02062620

$1,500,000

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2432 Spring Street Paso Robles, CA 93446

Industrial Residence

Beds

Baths

6,528 Sq. Ft.

1.12 Acre Lot

Property Activity

Time on Site

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Last updated on 11/15/2024 7:31 AM

Listing Details

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! Continue reading

MLS#

PI24203288

Property Type

Industrial

Status

Year Built

1959

Square Feet

6,528 sq. ft

Lot Size

1.12

Sewer