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803-845 Spring St 23,970 SF 100% Leased Retail Building Paso Robles, CA 93446 $10,120,420 CAD ($422.21 CAD/SF) 4.46% Cap Rate
INVESTMENT HIGHLIGHTS
- Rare ±2.07-acre full city block in Downtown Paso Robles, with high visibility on Spring Street.
- ±24,000 SF center ripe for structural/cosmetic upgrades or a pad building, enhancing visibility and competitiveness in a growing market.
- Surrounded by upscale developments, including The Piccolo, Hotel Cheval (Phase 2), and Hotel Ava.
- Fully leased with long-standing Mechanics Bank tenant open to extended lease or pad site options to accommodate new development.
- Paso Robles is booming with luxury hotels, boutique shopping, and high-end dining—attracting affluent visitors and residents.
- Located 0.6 miles from Highway 101 and 1.5 blocks from Paso Robles Inn and City Park.
EXECUTIVE SUMMARY
Newmark, as the exclusive advisor, is pleased to offer the opportunity to acquire 803-845 Spring Street—a prime value-add retail or redevelopment opportunity. This ±24,000-square-foot structure, located on a ±2.07-acre full city block in Downtown Paso Robles, presents immense potential for enhancement. With under-market rents and flexibility to renew tenants with short lease terms and termination rights, there’s significant scope for value creation. Additionally, the site offers the potential for adding pad buildings, further enhancing its long-term appeal.
Paso Robles market is experiencing a rapid revitalization which has resulted in a variety of new luxury hospitality, boutique shopping and high-end dining establishments. Nearby new proposed and under construction projects include Allegretto Vineyard Resort (named #2 Wine Hotel in the country - USA Today Best Readers Choice August 2024), The Piccolo at Paso Robles Inn, a four-story boutique hotel with 23 rooms, Hotel Cheval (Phase 2), a new two-story, 20-room hotel structure across from the existing Hotel Cheval, and Hotel Ava, a four-story, 155-room hotel with restaurant.
Paso Robles market is experiencing a rapid revitalization which has resulted in a variety of new luxury hospitality, boutique shopping and high-end dining establishments. Nearby new proposed and under construction projects include Allegretto Vineyard Resort (named #2 Wine Hotel in the country - USA Today Best Readers Choice August 2024), The Piccolo at Paso Robles Inn, a four-story boutique hotel with 23 rooms, Hotel Cheval (Phase 2), a new two-story, 20-room hotel structure across from the existing Hotel Cheval, and Hotel Ava, a four-story, 155-room hotel with restaurant.
PROPERTY FACTS
Sale Type
Investment
Property Type
Retail
Property Subtype
Storefront
Building Size
23,970 SF
Building Class
C
Year Built
1959
Price
$10,120,420 CAD
Price Per SF
$422.21 CAD
Cap Rate
4.46%
NOI
$450,868 CAD
Percent Leased
100%
Tenancy
Multiple
Building Height
1 Story
Building FAR
0.27
Lot Size
2.07 AC
Opportunity Zone
Yes
Zoning
TC-2 - Town Centre 2 - Uptown/Town Centre Specific Plan
Parking
60 Spaces (2.5 Spaces per 1,000 SF Leased)
Frontage
AMENITIES
- Dedicated Turn Lane
- Pylon Sign
- Drive Thru
Walk Score®
Very Walkable (87)
NEARBY MAJOR RETAILERS
PROPERTY TAXES
| Parcel Number | 009-146-006 | Improvements Assessment | $3,853,706 CAD |
| Land Assessment | $6,936,674 CAD | Total Assessment | $10,790,380 CAD |
PROPERTY TAXES
Parcel Number
009-146-006
Land Assessment
$6,936,674 CAD
Improvements Assessment
$3,853,706 CAD
Total Assessment
$10,790,380 CAD
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803-845 Spring St
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