1470 Mission Street

About this home

INVESTORS, TAKE NOTE! Here's a great opportunity to purchase a newer three unit, mixed-use building in the desirable Paso Robles Wine Region. Located on the main corridor in downtown San Miguel (9 miles North of Paso Robles), this outstanding income property is just a short walk North of the historic Mission San Miguel. Built just 20 years ago, this newer mixed-use building includes over 2,700 SF of ground-level commercial/retail space, together with two (2!) spacious, well-designed 2 bedroom, 2 bath residential apartments upstairs. Imagine the possibilities here. This is an ideal property for a 1031 exchange, as it generates nearly $5,500/month in rental income (a 6.4 CAP return at asking price!), with 2 of tenants being long-term (12+ years). However, because each tenant is now on month-to-month agreements in anticipation of the sale, the building is also well suited for an owner-user who could have their business operations downstairs, occupy one of the two upstairs apartments, and rent out the other one for additional monthly income. The downstairs commercial space has high ceilings (10 - 12') and could potentially be split into two separate commercial units. Upstairs, you'll quickly realize these are not your average, run-of-the-mill apartments. Unit A has just had a lovely interior refresh, incl. new paint, flooring, quartz countertops, appliances, plumbing and lighting fixtures.... making it perfect for an owner/user! As an owner-occupant, imagine using $3,500/month in rental income from the other 2 units to offset your mortgage - talk about smart investing!! Each upstairs unit includes 9' volume ceilings, recessed can lighting, spacious laundry rooms and LOTS of storage. You'll also find outdoor balconies on the front and back side of each unit (one off the living area and another off the primary bedroom of each unit). There is plenty of street parking, as well as a parking area in the back, accessed via an alley easement. The entire building is fire sprinklered, and all three units have brand new HVAC systems (installed in 2026). The replacement cost of a building of this caliber is at least 2X this asking price! Growth in San Miguel has been steady, and a new 180-unit development has been approved less than a mile away from this property. This may just be the ideal investment, especially at the aggressive new price of $795,000!