This property is located in an Opportunity Zone. Please research Opportunity Zones. This property features 5-two bedroom units in South Salinas near Old Town. Rents are low ($1010 average). Market rents are $1400 to $1725+ per month. GRM at $1600 rents is 10.24. Cap Rate at $1600 rents is 6.95%. There is a lot of potential rent upside. The complex had a fire in 1999 or 2000 and was extensively remodeled with new roof, vinyl windows, plumbing, electrical, and interior improvements. The large units show well with laminate flooring. Units 2 & 3 have new bathroom floors. Three units have new bathtub/shower enclosures. Tenants can easily walk to downtown Salinas with its restaurants, nightlife, shopping, Taylor Farms, and services. The property is a short walk to many Monterey County offices and the City of Salinas. South Salinas schools.
|LAST UPDATED||4/5/2019||YEAR BUILT||1985|
|PROPERTY TYPE(S)||Commercial Multi-Residential (5+ units)|
|ADDITIONAL LISTING INFO||Not Applicable|
|CONSTRUCTION TYPE||Wood Frame|
|FLOORING||Laminate, Tile, Vinyl / Linoleum|
|GARAGEPARKINGSPACES||Carport, Off-Street Parking, On Street|
|HEATING||Gas, Wall Furnace|
|KITCHEN||Countertop - Formica, Oven Range - Electric, Refrigerator|
|LISTING CLASS||Commercial Multi-Residential (5+ units)|
|LISTING SERVICE||Full Service|
|METERS||Master Water, Separate Electric, Separate Gas|
|NUMBER OF BUILDINGS||1|
|SEWER SEPTIC||Sewer Connected|
|SUBCLASS||Five or More Units|
|UTILITIES||Individual Electric Meters, Individual Gas Meters|
|WATER||Private / Mutual|
|ZONING TEXT||R Medium Density|
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