235 Soledad Street, Salinas, CA

 

5 Units

 

235 Soledad Street Unit Multi-Family Apartment for Sale in Salinas

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Complex Notes:

 

  • This property is in an Opportunity Zone, which provides a tax incentive for investors to re-invest their unrealized capital gains into Opportunity Funds that are dedicated to investing into Opportunity Zones. There are significant tax benefits to investing in Opportunity Zones. www.irs.gov/newsroom/opportunity-zones-frequently-asked-questions
  • The current rents average $1,010.  Market rents for two bedroom apartments is $1,400 to $1,600 per month. There is significant upside in the rental income for this complex.
  • Property is located three blocks to Old Town Salinas.
  • The complex is six blocks to The City of Salinas offices and the County of Monterey administrative offices.
  • The complex features 4 two bedroom / one bathroom units and a 2 bedroom / 1.5 bathroom townhouse unit.
  • The complex is estimated at 3,829 square feet. The lot size is 6,500 square feet.
  • The complex was built in 1985. A fire in 1999 resulted in extensive remodeling of all units and the installation of a new roof, vinyl windows, electrical, plumbing, and many other improvements.
  • The bathrooms have tile flooring and tile showers surrounds.
  • The units have laminate hard wood flooring.
  • The units have gas stoves and tile kitchen counters.
  • The front doors are metal skin doors.
  • The units are heated with gas wall furnaces.
  • The complex has minimal landscaping.
  • The driveway is concrete.
  • Property is zoned for Roosevelt Elementary School, Washington Middle School, and Salinas High School.
  • The complex has a laundry room which is being used as storage. Water is heated with electricity.
  • The owner pays water, sewer, garbage, and common area PG&E. Tenants pay their own PG&E, cable, and internet.

 

 

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:  $989,000 Building Sq. Ft:  3,829 Units:  5
Down Payment:  $450,000 Lot Square Ft:  6,500 Price/Unit:  $197,800
Loan Amount:  $539,000 APN:  002-221-015 Age:  1985
Gross Rent Multiplier:  16.32 Market GRM:  10.24 Roof:  Pitched 
Cap Rate:  3.32% Market Cap:  6.95%    
           
Rent Roll:   
Current: 
 
Market: 
 
Two Bedroom / One Bathroom $975   $1,600  
Two Bedroom / One Bathroom $1,000   $1,600  
Two Bedroom / One Bathroom $975   $1,600  
Two Bedroom / One Bedroom $975   $1,600  
Two Bedroom / One & Half Bathroom  $1,125   $1,650  
Monthly Scheduled Rents: $5,050   $8,050  
Scheduled Gross Annual Income $60,600   $96,600  
Less: Vacancy Factor 3% $1,818   $2,898  
Additional Income: Laundry      $900  
Effective Gross Income:  $58,782   $94,602  
Less: Expenses          
Property Taxes 1.149% $11,561 19.67% $11,561 12.22%
Repairs & Maintenance $700.00 $3,500 5.95% $3,500 3.70%
Property Insurance   $2,400 4.08% $2,400 2.54%
Garbage:    $2,772 4.72% $2,772 2.93%
Sewer   $1,476 2.51% $1,476 1.56%
Water   $2,424 4.12% $2,424 2.56%
PG&E:    $180 0.31% $180 0.19%
Landscaping:    $600 1.02% $600 0.63%
Miscellaneous   $1,000 1.70% $1,000 1.06%
Total Expenses: $5,182.60 $25,913 44.08% $25,913 27.39%
Net Operating Income   $32,869   $68,689  
Annual Debt Service: 
4.75%
$34,070   $34,070  
Before Tax Cash Flow   -$1,201 -0.27% $34,619 7.69%
Principal Reduction:   $8,467   $8,467  
Return Before Taxes:   $7,267 1.61% $43,087 9.57%

 

 

Notes:         
1. Property taxes are based on the 2018/2019 property tax bill and new Proposition 13 rates. 
2. Repairs and Maintenance is based on $700 per unit per year.   
3. Property Insurance is based on Sellers most recent insurance bill.   
4. Building square footage is estimated.    
5. The property had a fire occur around 2000. New vinyl windows, electrical, plumbing, doors, sidinging and roof were repaired and replaced.
6. Laundry income has no machines installed today. $900 is estimated income.

 

 

 

Area Map

 

235 Soledad Street Multi-Family 5 Unit Apartment Area Map

 

Parcel Map

 

235 Soledad Street Parcel Map Multi-Family For Sale in Salinas


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