REQUEST A TOUR If you would like to see this home without being there in person, select the "Virtual Tour" option and your agent will contact you to discuss available opportunities.
In-PersonVirtual Tour
$ 4,395,000
Est. payment | /mo
0.46 Acres Lot
$ 4,395,000
Est. payment | /mo
0.46 Acres Lot
Key Details
Property Type Commercial
Listing Status Active
Purchase Type For Sale
MLS Listing ID ML82012531
HOA Y/N No
Year Built 1979
Annual Tax Amount $49,735
Lot Size 0.460 Acres
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 699 - Not Defined
Zoning Multifamily
Interior
Heating Wall Furnace
Cooling None
Fireplace No
Exterior
Carport Spaces 18
Roof Type Flat
Total Parking Spaces 6
Building
Water Public
Schools
School District Other
Others
Tax ID 004074048000
Special Listing Condition Standard
Listed by Alex Budka Redwood Property Company