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Listing 4 out of 14
$6,950,000 For Sale

125 Spring Street
Paso Robles, CA 93446

45 units | Multi Family Home
2.04 acres - MLS# NS19015040
Property Photo
1/19

Description

Situated at the gateway to Paso Robles, this complex was made famous by Marilyn Monroe & Joe DiMaggio staying here on their honeymoon night when it was a motel! Later converted to a 45 unit apartment complex featuring one bedroom & two bedroom units with a pool. One of the most recognized complexes in the area featuring clean, well maintained units! A sought after location due to easy access to Highway 101 South on ramp and the Niblick Bridge connecting tenants directly to Albertson's, Walmart, Kohl's, Big 5, JC Penney and more! Numerous upgrades including a full repaint in 2018. Onsite managers provide 17 years of complex knowledge. 45 apartment units, onsite manager's unit with connecting manager's office, pool equipment room, separate storage room, and detached four car garage. All units include a refrig and stove. Pool was resurfaced recently. A premier complex in a premier location that qualifies for Opportunity Zone Tax Incentives as designated by Congress in the Tax Cut and Jobs Act to innovate investors! Don't miss your opportunity to buy a great investment!

Features

  • Property Type: Multi Family Home
  • Sub Type: Multi Family Home
  • Special Conditions: REO/Bank Owned
  • Listing Status: Active
  • Zip Code: 93446
  • Year Built: 1941
  • Subdivision/Neighborhood: Pr City Limits West(120)
  • Style: Spanish
  • Stories: Multi/Split
  • Units: 45 units
  • # of Parking Spaces: 69.00
  • Lot Size: 2.04 acres
  • Pool or Spa: Private,Fenced,Heated,In Ground,Solar Heat, Yes
  • View: City Lights,Courtyard,Hills,Neighborhood,Panoramic,Pool, Yes
  • Zoning: R3
  • Area: PRIC - PR Inside City Limit
  • Appliances: Garbage Disposal, Gas Oven, Gas Range, Gas Water Heater, Refrigerator
  • Appliances YN: Yes
  • Association Amenities: Pool
  • Average 1 Bed Area: 550
  • Average 2 Bed Area: 680
  • Average 2 Bed Area Units: Square Feet
  • Average 3 Bed Area Units: Square Feet
  • Average Studio Area: 450
  • Average Studio Area Units: Square Feet
  • Building Area Units: Square Feet
  • Cable Tv Expense: 1618.00
  • Cap Rate: 4.80
  • Co-Listing Agent License: 01381142
  • Co-Listing Office License: 01381142
  • Common Walls: 2+ Common Walls, End Unit
  • Community Features: Curbs, Gutters, Sidewalks, Street Lighting, Suburban, Urban
  • Construction Materials: Stucco
  • Cooling: Wall Window
  • Cooling YN: Yes
  • Country: US
  • Directions: Gateway to Paso Robles corner of First Street and Niblick Bridge.
  • Electric Expense: 4259.00
  • Fence YN: Yes
  • Fencing: Chain Link, Wrought Iron
  • Flooring: Carpet, Laminate
  • Foundation Details: Concrete Perimeter
  • Garage Spaces: 4.00
  • Gardener Expense: 3223.00
  • Gross Income: 438122.00
  • Gross Operating Income: 438122.00
  • Gross Scheduled Income: 438122.00
  • Heating: Wall Heater
  • Heating YN: Yes
  • Insurance Expense: 7905.00
  • Interior Features: 2 Staircases, Balcony, Formica Counters, Laminate Counters
  • Laundry Features: Area, Community, Inside
  • Laundry Income: 9650.00
  • Laundry YN: Yes
  • Listing Agent License: 01230514
  • Listing Office License: 01381142
  • Lot Features: 2-5 Units/Acre
  • Lot Size Area: 88862.0000
  • Lot Size Source: Assessor
  • Lot Size Units: Square Feet
  • MLS: CRM
  • Maintenance Expense: 8768.00
  • Net Operating Income: 336486.00
  • New Taxes Expense: 1.10
  • Number Of Buildings: 8
  • Number Of Separate Electric Meters: 45
  • Number Of Separate Gas Meters: 45
  • Number Of Units Leased: 45
  • Number Wall AC: 45
  • Number With Carpet: 45
  • Number With Disposal: 45
  • Number With Patio: 10
  • Number With Range: 45
  • Number With Refrigerator: 45
  • Operating Expense: 101986.00
  • Other Expense: 6738.00
  • Other Expense Description: Gas
  • Other Structures: Storage
  • Parking Features: Assigned, Circular Driveway, Driveway - Asphalt, Driveway Level, On Site, Parking Space, Private
  • Parking YN: Yes
  • Pest Control Expense: 460.00
  • Pool Expense: 1598.00
  • Property Attached YN: Yes
  • Property Condition: Updated/Remodeled
  • Road Frontage Type: City Street
  • Road Surface Type: Paved
  • Roof: Tile
  • Room Type: Kitchen, Living Room, See Remarks, Utility Room
  • Security Features: Carbon Monoxide Detector(s), Fire and Smoke Detection System, Resident Manager, Smoke Detector
  • Sewer: Public Sewer
  • Special Conditions Details: REO
  • Total Actual Rent: 35706.00
  • Total Expenses: 101986.00
  • Trash Expense: 6826.00
  • Uncovered Spaces: 65.00
  • Utilities: Cable Available, Cable Connected, Electricity Available, Electricity Connected, Natural Gas Available, Natural Gas Connected, Phone Available, Phone Connected, Sewer Available, Sewer Connected, Water Available, Water Connected
  • Water Sewer Expense: 33784.00
  • Water Source: Public
  • Window Features: Screens
Courtesy of Country Real Estate, Inc., Gwen Erskine

and our Morro Bay Affiliate & second location

Morro Bay Real Estate Partner

San Luis Obispo Realty
805-544-9161
info@san-luis-obispo-realty.com
441 Marsh Street
San Luis Obispo, CA 93401

CA BRE# 00577121

 

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