$1,500,000
2432 Spring ST Paso Robles, CA 93446
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$1,500,000
Est. payment /mo
1.12 Acres Lot
Active
2432 Spring ST Paso Robles, CA 93446
UPDATED:
10/24/2024 09:34 PM
Key Details
Property Type Commercial
Sub Type Industrial
Listing Status Active
Purchase Type For Sale
MLS Listing ID PI24203288
HOA Y/N No
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
Area Pric - Pr Inside City Limit
Zoning TC-2
Interior
Heating None
Fireplace No
Laundry None
Exterior
Utilities Available Electricity Available, Natural Gas Available, Sewer Connected
Present Use Commercial
Building
Lot Description 6-10 Units/Acre, Rectangular Lot
Story 1
Water Public
Others
Tax ID 008121013
Acceptable Financing Cash, Conventional
Listing Terms Cash, Conventional
Special Listing Condition Standard
Listed by CJ Hegney • Invest SLO • 925-314-5771