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Listed by Alex Budka • Redwood Property Company
$4,395,000
Est. payment /mo
2 Beds
2.5 Baths
14,328 SqFt
UPDATED:
Key Details
Property Type Commercial
Sub Type Five or More Units
Listing Status Active
Purchase Type For Sale
Square Footage 14,328 sqft
Price per Sqft $306
MLS Listing ID ML82012531
Bedrooms 2
Full Baths 2
Half Baths 1
Year Built 1979
Lot Size 0.460 Acres
Property Sub-Type Five or More Units
Property Description
This multifamily offering presents investors with a rare opportunity to acquire a well-located asset in the Salinas market characterized by exceptionally tight housing supply and robust long-term fundamentals. With current rents approximately 24.5% below market, the property offers significant upside potential through rent repositioning, management efficiency, or light value-add improvements. The property has received lots of upgrades in the past 4 years: 3 units have undergone major renovations, with 10 other units receiving varying levels of upgrades such as new kitchens, new tub and surround replacements (including plumbing), new kitchens with shaker cabinets, quartz countertops, etc. All electrical subpanels (18) and main electrical panels (3) have been replaced. The majority of roofing was replaced, plus new facia, gutters and downspouts. Siding replacement was done on the end unit kick-outs. The exterior received a full paint job. Most water heaters have been replaced in the last four years. Loan assumable at 3.58% interest rate with 3 years remaining. Current cap rate of 5.3% with pro forma cap rate of 8.73%!
Location
State CA
County Monterey
Area Es-66
Zoning Multifamily
Interior
Heating Wall Furnace
Cooling None
Exterior
Parking Features Assigned Spaces, Off-Street Parking
Utilities Available Individual Electric Meters, Individual Gas Meters
Roof Type Flat / Low Pitch
Building
Foundation Wood Frame
Sewer Sewer - Public
Water Public
Others
Restrictions None
Tax ID 004-074-048-000
Security Features None
Special Listing Condition Not Applicable
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