For more information regarding the value of a property, please contact us for a free consultation.
Key Details
Sold Price $1,055,000
Property Type Condo
Sub Type Apartment
Listing Status Sold
Purchase Type For Sale
Subdivision Pr City Limits West(120)
MLS Listing ID PI22226738
Sold Date 02/23/23
Construction Status Repairs Cosmetic,Turnkey
HOA Y/N No
Year Built 1986
Lot Size 7,013 Sqft
Property Description
BRAND NEW INFORMATION REGARDING LEASES! Incredible opportunity to own a well-maintained 4-unit apartment building in the Downtown Paso Robles Market on R3 Zoning & located in the Paso Robles OPPORTUNITY ZONE, 3 new/upcoming vacancies allow for a significant opportunity to IMMEDIATELY BRING RENTS TO MARKET, allowing a new buyer to gross $8,900/month upon acquisition. Coin-operated laundry produces over $200 monthly, new stucco, new roof, and new dual pane windows. A value-add business plan would bring current gross income to $9,800/month, stabilizing well ABOVE AN 8% CAP RATE. Current market rents in this part of DT Paso Robles are $2,400 for 2-bedroom (updated) units. Paired with the location, the property offers higher-end cabinets, appliances, and tile flooring, making these rental units highly desirable to any future tenants. *Opportunity Zones will be allowed to defer or eliminate federal taxes on capital gains earned from the sale of stock, business assets, or property. The Paso Robles Opportunity Zone includes all land within the City boundary that is west of the Salinas River and north of 1st Street. https://www.pasorobleschamber.com/economic-development/paso-robles-opportunity-zones/
Location
State CA
County San Luis Obispo
Area Pric - Pr Inside City Limit
Zoning R3
Interior
Heating Forced Air
Cooling Central Air
Flooring Carpet, Laminate, See Remarks, Tile
Fireplaces Type None
Fireplace No
Laundry Common Area
Exterior
Garage Assigned, Asphalt, Driveway, On Site, Paved, Private, One Space, On Street, Uncovered
Fence Wood
Pool None
Community Features Curbs, Sidewalks
Utilities Available Cable Available, Electricity Connected, Natural Gas Connected, Water Connected
View Y/N No
View None
Roof Type Composition,Shingle
Accessibility Parking
Parking Type Assigned, Asphalt, Driveway, On Site, Paved, Private, One Space, On Street, Uncovered
Total Parking Spaces 10
Private Pool No
Building
Lot Description Landscaped, Level, Rectangular Lot, Street Level, Value In Land
Story 2
Entry Level Two
Foundation Slab
Sewer Public Sewer
Water Public
Level or Stories Two
New Construction No
Construction Status Repairs Cosmetic,Turnkey
Others
Senior Community No
Tax ID 008245016
Security Features Carbon Monoxide Detector(s),Smoke Detector(s)
Energy Description 17.5
Acceptable Financing Cash, Cash to New Loan, Conventional, 1031 Exchange, FHA
Listing Terms Cash, Cash to New Loan, Conventional, 1031 Exchange, FHA
Financing Conventional
Special Listing Condition Standard
Lease Land No
Read Less Info
Want to know what your home might be worth? Contact us for a FREE valuation!
Our team is ready to help you sell your home for the highest possible price ASAP
Bought with Hal Sweasey • Keller Williams Realty Central Coast
Get More Information