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Key Details
Sold Price $955,000
Property Type Multi-Family
Sub Type Quadruplex
Listing Status Sold
Purchase Type For Sale
Subdivision Pr City Limits West(120)
MLS Listing ID NS21224429
Sold Date 12/17/21
HOA Y/N No
Year Built 1942
Lot Size 7,000 Sqft
Property Description
Wonderful westside Paso Robles multi-family investment opportunity! Located just blocks from the vibrant Paso Robles downtown district, this offering includes a tastefully remodeled (and completely adorable!) 2BR/1BA 1940's home, a modest studio unit, and a sizable and newer block-construction building with 2 additional residential units. All together, there are 4 units on this street-to-alley T3-N (multi-family) lot - all within short walking distance to restaurants, banking, shopping and recreation. There is also an elaborate (owned) solar power system, providing additional monthly revenue to the property owner. Please note that the photos of the front house were taken approx. 2 years ago, prior to the current tenant moving in. The income numbers reflect the outgoing tenant's current rental rate ($1800/mo), but this unit will be delivered vacant and freshened up at close. About the home, it had a very elaborate remodel completed within the last 3 years, including all new kitchen & bath appointments, floor & wall coverings (hand-troweled drywall for a contemporary touch), windows, doors & hardware, plumbing, HVAC, etc. At approx. 800SF, it is cozy, but absolutely cute as a button! It also has a walk-in basement - ideal for tenant storage or to develop an ultimate wine cellar! Whether you choose to live in it as a second home in Paso wine country, or rent it again, it will treat you well. Behind the home is a vintage (70ish year old) 350SF Studio unit, currently rented to a long-term tenant at $800/month. It includes a 3/4 bath, fun tongue & groove pine ceiling and wall details, and a recently installed Mini-split HVAC. And then there is the duplex, accessed off the alley. This 36' x 50' duplex structure was built in 1989 and includes two LARGE 1-bdrm units (est. 900SF each) with BIG (16' tall) attached garages. One tenant has been here for 18 years while the other has been here just about a year and a half ($1,389 and $1,400/mo respectively). All tenants gel cohesively, which is nice with a multi-family property. Together with the solar power income, this property generates approx. $5,700/mo based on current rents. Further property improvements could easily push this above $6,000/mo. This is also located in 1 of just 3 'Qualified Opportunity Zones' in SLO County (tax benefits)! Zoning qualifies for vacation rental use (property changes & license would be needed). Offer submission deadline is 5pm on Wed, Nov 3rd!
Location
State CA
County San Luis Obispo
Area Pric - Pr Inside City Limit
Zoning T3-N
Rooms
Other Rooms Sheds
Interior
Heating HighEfficiency
Cooling HighEfficiency
Flooring Laminate
Fireplaces Type None
Fireplace No
Appliance Dishwasher, GasRange, Refrigerator
Laundry LaundryCloset
Exterior
Garage Spaces 2.0
Garage Description 2.0
Fence Wood
Pool None
Community Features Urban
Roof Type Composition
Total Parking Spaces 2
Private Pool No
Building
Lot Description NearPublicTransit, RectangularLot
Story One, Two
Entry Level One,Two
Foundation Combination, Raised
Sewer PublicSewer
Water Public
Architectural Style Cottage
Level or Stories One, Two
Additional Building Sheds
New Construction No
Others
Senior Community No
Tax ID 009257004
Energy Description 830.0
Acceptable Financing Item1031Exchange
Listing Terms Item1031Exchange
Financing Conventional
Special Listing Condition Standard
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Bought with Leila Harrington • Mission Country Properties Inc
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Tracy Thrower Conyers
Broker Associate, JD | License ID: 01712960
Broker Associate, JD License ID: 01712960