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Listed by Alex Budka • Redwood Property Company
$4,395,000
Est. payment /mo
14,328 SqFt
UPDATED:
Key Details
Property Type Commercial
Sub Type Other
Listing Status Active
Purchase Type For Sale
Square Footage 14,328 sqft
Price per Sqft $306
MLS Listing ID ML82012531
HOA Y/N No
Year Built 1979
Lot Size 0.460 Acres
Property Sub-Type Other
Source Datashare MLSListings
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
Interior
Heating Wall Furnace
Cooling None
Fireplace No
Exterior
Handicap Access Other
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Deeana Owens
Broker | Owner | CA BRE#CA: 02015510, GA: 295613
Broker | Owner CA BRE#CA: 02015510, GA: 295613