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Listed by Abel Contreras • Invest SLO
$1,500,000
Est. payment /mo
Active
2432 Spring Street Paso Robles, CA 93446
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Key Details
Property Type Commercial
Sub Type Industrial
Listing Status Active
Purchase Type For Sale
MLS Listing ID PI-24203288
Year Built 1959
Property Sub-Type Industrial
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
Zoning TC-2
Interior
Heating None
Laundry None
Exterior
Utilities Available Sewer Connected, Electricity Available, Natural Gas Available
Building
Lot Description Rectangular Lot, 6-10 Units/Acre