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Completely Renovated Mixed-Use Property 301 Main St 50 Unit Apartment Building $13,950,000 ($279,000/Unit) 5.45% Cap Rate Salinas, CA 93901
Executive Summary
Mahoney & Associates is pleased to present to the market 301 Main Street in Salinas CA. This iconic six-story property is located in the heart of downtown Salinas and just blocks away from the recently built +/- 100,000 square foot Taylor Farms Headquarters and Monterey County Superior Courthouse. The ground floor of the building is leased to Alvarado Street Brewery’s art-deco styled restaurant, Alvarado on Main. Floors 2 - 6 were converted from office space in 2022 to fifty (50) residential studio apartment units. The apartments are equipped with wide-plank oak flooring, stainless steel appliances, quartz countertops, LED illuminated vanity
mirrors, and spacious showers. Approximately 5,000 SF of Trex decking has been installed on the roof of the building, as well as a viewrail glass railing around the perimeter of the roof space. The building is equipped with a ButterflyMX Smart Intercom service, laundry rooms on each floor (2 washers and 2 dryers per residential floor), mail room, storage spaces (available at an additional cost), on-site manager, and internal ground floor access to the Alvarado on Main restaurant. The property has been designated historic and is part of the Mills Act Program, which provides significant property tax savings.
mirrors, and spacious showers. Approximately 5,000 SF of Trex decking has been installed on the roof of the building, as well as a viewrail glass railing around the perimeter of the roof space. The building is equipped with a ButterflyMX Smart Intercom service, laundry rooms on each floor (2 washers and 2 dryers per residential floor), mail room, storage spaces (available at an additional cost), on-site manager, and internal ground floor access to the Alvarado on Main restaurant. The property has been designated historic and is part of the Mills Act Program, which provides significant property tax savings.
Property Facts
| Price | $13,950,000 | Building Class | C |
| Price Per Unit | $279,000 | Lot Size | 0.15 AC |
| Sale Type | Investment | Building Size | 38,835 SF |
| Cap Rate | 5.45% | Average Occupancy | 100% |
| No. Units | 50 | No. Stories | 7 |
| Property Type | Multifamily | Year Built | 1930 |
| Property Subtype | Apartment | Opportunity Zone |
Yes
|
| Apartment Style | Mid-Rise | ||
| Zoning | MX - Mixed Use | ||
| Price | $13,950,000 |
| Price Per Unit | $279,000 |
| Sale Type | Investment |
| Cap Rate | 5.45% |
| No. Units | 50 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Mid-Rise |
| Building Class | C |
| Lot Size | 0.15 AC |
| Building Size | 38,835 SF |
| Average Occupancy | 100% |
| No. Stories | 7 |
| Year Built | 1930 |
| Opportunity Zone |
Yes |
| Zoning | MX - Mixed Use |
Amenities
Unit Amenities
- Air Conditioning
- Kitchen
- Hardwood Floors
- Stainless Steel Appliances
- Tub/Shower
Site Amenities
- 24 Hour Access
- Controlled Access
- Laundry Facilities
- Tenant Controlled HVAC
- Storage Space
- Walk-Up
Unit Mix Information
| Description | No. Units | Avg. Rent/Mo | SF |
|---|---|---|---|
| Studios | 50 | - | - |
1 1
Very walkable
80/100
Very drivable
80/100
Some public transit
50/100
Fairly bikeable
50/100
Property Taxes
| Parcel Number | 002-233-019-000 | Improvements Assessment | $6,768,720 |
| Land Assessment | $3,641,400 | Total Assessment | $10,410,120 |
Property Taxes
Parcel Number
002-233-019-000
Land Assessment
$3,641,400
Improvements Assessment
$6,768,720
Total Assessment
$10,410,120
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Completely Renovated Mixed-Use Property | 301 Main St
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