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Magnolia Apartments 75 N Hebbron Ave 18 Unit Apartment Building $4,395,000 ($244,167/Unit) 5.46% Cap Rate Salinas, CA 93905
INVESTMENT HIGHLIGHTS
- Investment Opportunity with significant upside potential - 24.5% rental upside
- Perennially tight housing market with limited market-rate developments in the pipeline - ONLY 82 UNITS BUILT SINCE 2020
- Assumable financing at 3.58% until 2027
- Exterior has undergone a significant renovation
- Amenities include: on-site laundry facility, storage, on-site tuck-under parking and uncovered parking
- Floorplans are generously sized: (17) large 2 bed/1.5 and (1) studio
EXECUTIVE SUMMARY
RENT ROLL AND OM: https://www.redwoodpropertyco.com/hebbron
This multifamily offering presents investors with a rare opportunity to acquire a well-located asset in Salinas, California—a market characterized by exceptionally tight housing supply and robust long-term fundamentals. With current rents approximately 24.5% below market, the property offers significant upside potential through rent repositioning, management efficiency, or light value-add improvements. Salinas consistently ranks among the highest occupancy rental markets in the nation, with a decade-long average of 97.6% and a 97.5% occupancy rate as of August 2024. Importantly, there is virtually no new apartment construction in the pipeline, intensifying demand and driving sustained rent growth—7.1% year-over-year as of early 2024. Economic drivers in Salinas are strong and stable, anchored by major employers like Dole Fresh Vegetables, Salinas Valley Health, and Natividad Medical Center, as well as a growing ag-tech sector. The area also benefits from proximity to the Bay Area and its economic ecosystem, while offering a comparatively more affordable housing option for working families. Demographics are equally favorable, with a young, growing population and strong demand from renters priced out of nearby coastal markets. This property is uniquely positioned to deliver both near-term income growth and long-term capital appreciation in one of California’s most supply-constrained and economically diverse rental markets. With immediate upside and strong fundamentals, this is a high-quality investment opportunity for buyers seeking durable cash flow and value-add potential.
Visit the Link above for more information
This multifamily offering presents investors with a rare opportunity to acquire a well-located asset in Salinas, California—a market characterized by exceptionally tight housing supply and robust long-term fundamentals. With current rents approximately 24.5% below market, the property offers significant upside potential through rent repositioning, management efficiency, or light value-add improvements. Salinas consistently ranks among the highest occupancy rental markets in the nation, with a decade-long average of 97.6% and a 97.5% occupancy rate as of August 2024. Importantly, there is virtually no new apartment construction in the pipeline, intensifying demand and driving sustained rent growth—7.1% year-over-year as of early 2024. Economic drivers in Salinas are strong and stable, anchored by major employers like Dole Fresh Vegetables, Salinas Valley Health, and Natividad Medical Center, as well as a growing ag-tech sector. The area also benefits from proximity to the Bay Area and its economic ecosystem, while offering a comparatively more affordable housing option for working families. Demographics are equally favorable, with a young, growing population and strong demand from renters priced out of nearby coastal markets. This property is uniquely positioned to deliver both near-term income growth and long-term capital appreciation in one of California’s most supply-constrained and economically diverse rental markets. With immediate upside and strong fundamentals, this is a high-quality investment opportunity for buyers seeking durable cash flow and value-add potential.
Visit the Link above for more information
FINANCIAL SUMMARY (ACTUAL - 2024) Click Here to Access |
ANNUAL | ANNUAL PER SF |
|---|---|---|
| Gross Rental Income |
$99,999
|
$9.99
|
| Other Income |
$99,999
|
$9.99
|
| Vacancy Loss |
$99,999
|
$9.99
|
| Effective Gross Income |
$99,999
|
$9.99
|
| Taxes |
-
|
-
|
| Operating Expenses |
-
|
-
|
| Total Expenses |
$99,999
|
$9.99
|
| Net Operating Income |
$99,999
|
$9.99
|
FINANCIAL SUMMARY (ACTUAL - 2024) Click Here to Access
| Gross Rental Income | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Other Income | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Vacancy Loss | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Effective Gross Income | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Taxes | |
|---|---|
| Annual | - |
| Annual Per SF | - |
| Operating Expenses | |
|---|---|
| Annual | - |
| Annual Per SF | - |
| Total Expenses | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Net Operating Income | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
PROPERTY FACTS
| Price | $4,395,000 | Apartment Style | Low-Rise |
| Price Per Unit | $244,167 | Building Class | C |
| Sale Type | Investment | Lot Size | 0.46 AC |
| Cap Rate | 5.46% | Building Size | 14,328 SF |
| Gross Rent Multiplier | 10.78 | Average Occupancy | 100% |
| No. Units | 18 | No. Stories | 3 |
| Property Type | Multifamily | Year Built/Renovated | 1979/2021 |
| Property Subtype | Apartment | Parking Ratio | 2.41/1,000 SF |
| Zoning | R-M2.9 - Residential | ||
| Price | $4,395,000 |
| Price Per Unit | $244,167 |
| Sale Type | Investment |
| Cap Rate | 5.46% |
| Gross Rent Multiplier | 10.78 |
| No. Units | 18 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Low-Rise |
| Building Class | C |
| Lot Size | 0.46 AC |
| Building Size | 14,328 SF |
| Average Occupancy | 100% |
| No. Stories | 3 |
| Year Built/Renovated | 1979/2021 |
| Parking Ratio | 2.41/1,000 SF |
| Zoning | R-M2.9 - Residential |
AMENITIES
UNIT AMENITIES
- Air Conditioning
- Heating
- Kitchen
- Refrigerator
- Tub/Shower
SITE AMENITIES
- Laundry Facilities
- Walk-Up
UNIT MIX INFORMATION
| DESCRIPTION | NO. UNITS | AVG. RENT/MO | SF |
|---|---|---|---|
| 2+1.5 | 17 | $2,495 | 950 |
| Studios | 1 | $1,595 | 400 |
1 1
Walk Score®
Very Walkable (84)
PROPERTY TAXES
| Parcel Number | 004-074-048-000 | Improvements Assessment | $1,387,300 (2025) |
| Land Assessment | $1,190,674 (2025) | Total Assessment | $2,577,974 (2025) |
PROPERTY TAXES
Parcel Number
004-074-048-000
Land Assessment
$1,190,674 (2025)
Improvements Assessment
$1,387,300 (2025)
Total Assessment
$2,577,974 (2025)
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Magnolia Apartments | 75 N Hebbron Ave
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