214 California Street, Salinas, CA

 

4 Units

 

214 California Street Fourplex for Sale in Salinas

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Complex Notes:

 

  • The current rents average $1,279.  Market rents for two-bedroom apartments is $1,450 to $1,725 per month. This complex has significant potential rental income upside.
  • Property is located four blocks to Old Town Salinas.
  • The complex is seven blocks to The City of Salinas offices and the County of Monterey administrative offices.
  • The complex features 4 two bedroom / one & half bathroom units.
  • Each unit has a large utility room, which has washer/dryer hookups, storage and a natural gas water heater. Gas is provided by tenant.
  • The complex is estimated at 4,872 square feet. The lot size is 6,516 square feet.
  • The complex was built in 1977.
  • The bathrooms have tile flooring, plastic tub surrounds, and a ceiling fan.
  • The units have tile flooring and carpeting.  
  • The units have electric stoves and Formica kitchen counters.
  • The units are heated with gas wall furnaces.
  • The complex has minimal landscaping.
  • The driveway is concrete. The rear parking area fenced and is accessible off the alley in the rear of the property. There are several parking spaces.
  • Property is zoned for Roosevelt Elementary School, Washington Middle School, and Salinas High School.
  • The owner pays water, sewer, and garbage. Tenants pay their own PG&E, cable, and internet.
  • This property is located in an Opportunity Zone, which has some very beneficial tax treatments for investors. Please read about Opportunity zones: www.irs.gov/newsroom/opportunity-zones-frequently-asked-questions

 

214 California Street Back of Fourplex with Parking

Salinas & Monterey County Facts:

 

  • The 2017 estimated population of Salinas is 157,596 according to the US Census Bureau.
  • The December 2018 median sales price of a Salinas single family home is $535,000.   The home ownership rate for Salinas is 43.8%.
  • The estimated population of Monterey County is 437,907.
  • Salinas is home to the $8.1 billion dollar agricultural industry as of 2015.
  • Major employers include Monterey County, Salinas Valley Memorial Hospital, Natividad Medical Center, Taylor Farms, Dole Vegetables, 1st Capital Bank, the hospitality industry, and the construction industry.
  • Monterey Peninsula major employers include Pebble Beach Company, Monterey Bay Aquarium, Naval Post Graduate School, Defense Language School, and the CSU Monterey Bay.
  • Salinas is a commuter community for the Monterey Peninsula, Watsonville, Santa Cruz, Gilroy, Morgan Hill, and the Silicon Valley region.

 

 

Financials

Listing Price:  $963,000 Building Sq. Ft:  4,872 Units:  4
Down Payment:  $400,000 Lot Square Ft:  6,516 Price/Unit:  $240,750
Loan Amount:  $563,000 APN:  002-221-005 Age:  1977
Gross Rent Multiplier:  16.17 Market GRM: 
12.54
Roof:  Flat 
Cap Rate:  3.80% Market Cap: 
5.35%
   
           
Rent Roll:   
Current:
Market: 
   
# 1: Two Bedroom / One & Half Bath $1,450 $1,600    
# 2: Two Bedroom / One & Half Bath $1,276 $1,600    
# 3: Two Bedroom / One & Half Bath  $1,195 $1,600    
# 4: Two Bedroom / One & Half Bath  $1,195 $1,600    
Monthly Scheduled Rents: $5,116 $6,400    
Scheduled Gross Annual Income $61,392 $76,800    
Less: Vacancy Factor 3% $1,842 $2,304    
Additional Income: Laundry         
Effective Gross Income:  $59,550 $74,496    
Less: Expenses          
Property Taxes 1.12% $10,786 $10,786    
Repairs & Maintenance $800 $3,200 $3,200    
Property Insurance   $1,194 $1,194    
Garbage:    $2,202 $2,202    
Sewer   $1,131 $1,131    
Water    $1,980 $1,980    
PG&E:    $0 $0    
Landscaping:    $1,000 $1,000    
Miscellaneous   $1,500 $1,500    
Total Expenses: $5,748 $22,993 $22,993    
Net Operating Income   $36,558 $51,503    
Annual Debt Service: 
4.75%
$35,587 $35,587    
Before Tax Cash Flow   $971 $15,916 3.98%  
Principal Reduction:   $8,844 $8,844    
Return Before Taxes:   $9,815 $24,761 6.19%  
           
Notes:           
1. Property taxes are based on the 2018/2019 property tax bill and reflect new Prop. 13 rates. 
2. Repairs and Maintenance is based on $800 per unit per year.     
3. Property Insurance is based on Sellers most recent insurance bill.     
4. Building square footage is based on a recent appraisal.       
5. Tenants pay PG&E.           
6. Landlord pays water, sewer, and garbage.       
7. Market rents are based on Craigslist rent survey & Housing Authority rents.   

 

 

 

 

Plot Map

214 California Street Fourplex Plot Map

 

Area Map

 

214 California Street Fourplex in Salinas

 

 

Building Sketch

 

214 California Street Building Sketch

 


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