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Listed by CJ Hegney • Invest SLO
$ 1,500,000
Est. payment /mo
Active
2432 Spring Street Paso Robles, CA 93446
6,528 SqFt
UPDATED:
10/25/2024 05:37 AM
Key Details
Property Type Commercial
Sub Type Comm Ind For Sale
Listing Status Active
Purchase Type For Sale
Square Footage 6,528 sqft
Price per Sqft $229
MLS Listing ID CRPI24203288
HOA Y/N No
Originating Board Datashare California Regional
Year Built 1959
Lot Size 1.120 Acres
Property 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!
Location
State CA
County San Luis Obispo
Interior
Heating None
Fireplace No
Building
Water Public
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