6 Orange Drive, Salinas, CA

 

5 Units

6 Orange Drive Victorian Style 5 Unit Multi-Family For Sale in Salinas

 

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Complex Notes:

 

• The Chaney House is a Victorian style apartment complex with 5 units in one building.
• Unit One is a large one bedroom / one-bathroom unit with hardwood floors.
• Unit Two is a one bedroom / one-bathroom unit with hardwood floors.
• Unit Three is a studio.
• Unit Four is a large upstairs studio with hardwood floors, a big bathroom, two closets, and an updated kitchen.
• Unit Five is a large upstairs studio.
• The total building square footage according to Realist is 2,390 square feet.
• The lot size is 5,940 according to Realist.
• The units have hardwood floors, linoleum, flooring tile and carpet.
• The counters are tile and Formica.
• The units are heated with gas wall furnaces.
• The property has street parking and off street parking behind the complex. There are four covered carports.
• Property is zoned for Mission Park Elementary School, Washington Middle School, and Salinas High School.
• The complex has a laundry room with Coinmach equipment. The equipment is leased monthly for $56+ 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:  $925,000 Building Sq. Ft:  2,390 Units:  5
Down Payment:  $350,000 Lot Square Ft:  5,940 Price/Unit:  $185,000
Loan Amount:  $575,000 APN:  002-911-003 Age:  1922
Gross Rent Multiplier:  14.41 Market GRM:  11.05 Roof:  Pitched 
Cap Rate:  4.03% Market Cap:  5.98% Price/Sq. Ft:  $387
           
Rent Roll:    Rents 2/1/2019   Market:   
#1: One Bedroom / One Bathroom $1,450   $1,550  
# 2: One Bedroom / One Bathroom $1,025   $1,450  
# 3: Studio    $950   $1,275  
# 4: Studio    $975   $1,350  
# 5: Studio    $950   $1,350  
Monthly Scheduled Rents:   $5,350   $6,975  
Scheduled Gross Annual Income $64,200   $83,700  
Less: Vacancy Factor 3% $1,926   $2,511  
Additional Income: Laundry  $121   $121  
Effective Gross Income:    $63,726   $82,641  
Less: Expenses          
Property Taxes 1.126% $10,416 16.34% $10,416 12.60%
Repairs & Maintenance $750.00 $3,750 5.88% $3,750 4.54%
Property Management 5% $3,186 5.00% $4,132 5.00%
Property Insurance   $1,876 2.94% $1,876 2.27%
Garbage:    $1,680 2.64% $1,680 2.03%
Sewer   $720 1.13% $720 0.87%
Water   $2,160 3.39% $2,160 2.61%
PG&E:    $360 0.56% $360 0.44%
Laundry Equipment   $672 1.05% $672 0.81%
Landscaping:    $600 0.94% $600 0.73%
Miscellaneous   $1,000 1.57% $1,000 1.21%
Total Expenses: $5,283.96 $26,420 41.46% $27,366 33.11%
Net Operating Income   $37,306   $55,275  
Annual Debt Service: 
4.50%
$35,300   $35,300  
Before Tax Cash Flow   $2,006 0.57% $19,975 5.71%
Principal Reduction:   $9,425   $9,425  
Return Before Taxes:   $11,431 3.27% $29,400 8.40%

 

Notes:           
1. Property taxes are based on the 2018/2019 property tax bill and reflect 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 estimated.         
5. Landlord pays water, garbage, sewer, and house PG&E. Tenants pay PG&E.     

 

 

 

Area Map

 

6 Orange Drive Salinas Area Map

 

Parcel Map

 

6 Orange Drive Salinas Plot Map


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