43 N Hebbron Avenue, Salinas, CA

 

7 Units - Two Buildings

 

43 N Hebbron Avenue 7 Unit Multi-Family Apartment for Sale in Salinas

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Complex Notes:

 

• The complex features 7 units in two buildings.
• 43 N. Hebbron Avenue features two bedroom / one-bathroom freestanding cottage with a fenced front yard.  
• The apartments are located immediately behind 43 N. Hebbron Avenue and feature a studio and five one bedroom / one bathroom units.
• The complex also has a garage, which is used for storage and a laundry room.
• The total building square footage according to Realist is 5,560 square feet.
• The lot size is 15,798 according to Realist.
• The units have linoleum, flooring tile and carpet flooring.
• The counters are tile and Formica.
• The showers are all plastic shower stall inserts, except for two units which have shower over tubs.
• The units are heated with gas wall furnaces and electric heaters.
• The complex has minimal landscaping. The lawns in front of 723 & 725 Jefferson are maintained by the tenants.
• The driveway is concrete.
• Property is zoned for Sherwood Elementary School, La Paz Middle School, and Alisal High School.
• The complex has a laundry room with two washers and two dryers provided by Coinmach. The equipment is leased monthly for $100+ per month. Landlord retains all coins.
• 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 estimated population of Salinas is 157,596 according to the US Census Bureau in 2017.
• The median sales price of a Salinas single family home for 2017 is $479,000. 
• The estimated population of Monterey County is 431,344.
• Salinas is home to the $8.1 billion dollar agricultural industry as of 2015.
• Major employers include the County of Monterey, Salinas Valley Memorial Hospital, Natividad Medical Center, many agricultural companies including Taylor Farms and Dole Vegetables, 1st Capital Bank, the hospitality industry, the cannabis 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:  $999,000 Building Sq. Ft:  3,525 Units:  7
Down Payment:  $400,000 Lot Square Ft:        10,000 Price/Unit:  $142,714
Loan Amount:  $599,000 APN:  004-074-009 Age:  1936
Gross Rent Multiplier:  10.67 Market GRM:  9.57 Roof:  Pitched 
Cap Rate:  5.75% Market Cap:  6.75% Price/Ft:  $283
           
Rent Roll:  Sq. Ft: 
1/1/2019
 
Market: 
 
2 Bed / 1 Bath House   649 $1,250   $1,550  
Studio 322 $750   $900  
One Bed / 1 Bath 472 $950   $1,200  
One Bed / 1 Bath 472 $950   $1,200  
One Bed / 1 Bath 472 $950   $1,200  
One Bed / 1 Bath 472 $950   $1,200  
One Bed / 1 Bath 666 $2,000   $1,450  
Monthly Scheduled Rents:   $7,800   $8,700  
Scheduled Gross Annual Income $93,600   $104,400  
Less: Vacancy Factor 3% $2,808   $3,132  
Additional Income: Laundry  $186   $186  
Effective Gross Income:    $93,024   $103,500  
Less: Expenses          
Property Taxes 1.126% $11,249 12.09% $11,249 10.87%
Repairs & Maintenance $750 $5,250 5.64% $5,250 5.07%
Property Insurance   $1,981 2.13% $1,981 1.91%
Property Management 5% $4,651.20 5.00% $5,175.00 5.00%
Garbage:    $3,300 3.55% $3,300 3.19%
Sewer   $990 1.06% $990 0.96%
Water   $4,000 4.30% $4,000 3.86%
PG&E:    $1,300 1.40% $1,300 1.26%
Landscaping:    $600 0.64% $600 0.58%
Laundry Equipment   $1,268 1.36% $1,268 1.23%
Miscellaneous   $1,000 1.07% $1,000 0.97%
Total Expenses: $5,084.13 $35,589 38.26% $36,113 34.89%
Net Operating Income   $57,435   $67,387  
Annual Debt Service: 
5.00%
$38,966   $38,966  
Before Tax Cash Flow   $18,469 4.62% $28,421 7.11%
Principal Reduction:   $9,016   $9,016  
Return Before Taxes:   $27,485 6.87% $37,437 9.36%

 

 

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 $750 per unit per year.   
3. Property Insurance is based on Sellers most recent insurance bill.   
4. Building square footage is based on Realist data.     
5. Landlord pays water, sewer, garbage, and house PG&E. Tenants pay PG&E.

 

 

 

 

 

 

 

 

Area Map

 

43 N Hibbron 7 Unit Multi-Family Area Map in Salinas

 

Parcel Map

 

43 N Hibbron Salinas Multi-Family Apartments in Salinas Parcel Map


Download PDF Brochure

 

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