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Ridgeview Apartments 83 Castro St 16 Unit Apartment Building $4,199,000 ($262,438/Unit) 6.31% Cap Rate Salinas, CA 93906
Investment Highlights
- Well priced 16-unit complex
- Interiors have been updated
- Extensive exterior remodeling in last 4 years including siding replacement, deck & stair repairs, and window replacement
Executive Summary
Rarely available Salinas 16-unit apartment complex. 9.64 GRM & a 6.31% cap rate with new Proposition 13 taxes. Unit mix is all two-bedroom / one-bathroom units. Lots of positives: 1983 construction, most of the wood siding replaced in the last 3 years, deck replacement & repairs last 4 years, SB721 clearance, exterior repainted, complex-owned laundry equipment, and JELD-WEN vinyl windows. Interiors have remodeled the kitchens, installed new lighting, fans, and flooring, and installed new bathroom fixtures. Most units have a private deck or enclosed patio, some of which are quite spacious. There are two offices - one for management and one for ownership. The North Salinas location is close to shopping, amenities, Costco, Target, Safeway, banks, and many restaurants. Easy access to Highway 101 and many employment centers.
Financial Summary (Actual - 2025) |
Annual | Annual Per SF |
|---|---|---|
| Gross Rental Income |
$424,000
|
$22.22
|
| Other Income |
$11,112
|
$0.58
|
| Vacancy Loss |
$21,224
|
$1.11
|
| Effective Gross Income |
$413,888
|
$21.69
|
| Taxes |
$50,850
|
$2.67
|
| Operating Expenses |
$98,417
|
$5.16
|
| Total Expenses |
$149,267
|
$7.82
|
| Net Operating Income |
$264,621
|
$13.87
|
Financial Summary (Actual - 2025)
| Gross Rental Income | |
|---|---|
| Annual | $424,000 |
| Annual Per SF | $22.22 |
| Other Income | |
|---|---|
| Annual | $11,112 |
| Annual Per SF | $0.58 |
| Vacancy Loss | |
|---|---|
| Annual | $21,224 |
| Annual Per SF | $1.11 |
| Effective Gross Income | |
|---|---|
| Annual | $413,888 |
| Annual Per SF | $21.69 |
| Taxes | |
|---|---|
| Annual | $50,850 |
| Annual Per SF | $2.67 |
| Operating Expenses | |
|---|---|
| Annual | $98,417 |
| Annual Per SF | $5.16 |
| Total Expenses | |
|---|---|
| Annual | $149,267 |
| Annual Per SF | $7.82 |
| Net Operating Income | |
|---|---|
| Annual | $264,621 |
| Annual Per SF | $13.87 |
Property Facts
| Price | $4,199,000 | Apartment Style | Low-Rise |
| Price Per Unit | $262,438 | Building Class | C |
| Sale Type | Investment | Lot Size | 0.56 AC |
| Cap Rate | 6.31% | Building Size | 19,858 SF |
| Gross Rent Multiplier | 9.64 | Average Occupancy | 100% |
| No. Units | 16 | No. Stories | 2 |
| Property Type | Multifamily | Year Built/Renovated | 1983/2023 |
| Property Subtype | Apartment | Parking Ratio | 1.21/1,000 SF |
| Zoning | Residential High Density | ||
| Price | $4,199,000 |
| Price Per Unit | $262,438 |
| Sale Type | Investment |
| Cap Rate | 6.31% |
| Gross Rent Multiplier | 9.64 |
| No. Units | 16 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Low-Rise |
| Building Class | C |
| Lot Size | 0.56 AC |
| Building Size | 19,858 SF |
| Average Occupancy | 100% |
| No. Stories | 2 |
| Year Built/Renovated | 1983/2023 |
| Parking Ratio | 1.21/1,000 SF |
| Zoning | Residential High Density |
Amenities
- Smoke Detector
Unit Amenities
- Balcony
- Dishwasher
- Heating
- Kitchen
- Oven
- Range
- Deck
- Window Coverings
Site Amenities
- 24 Hour Access
- Fenced Lot
- Laundry Facilities
- Tenant Controlled HVAC
- Public Transportation
- Walk-Up
- Smoke Detector
Unit Mix Information
| Description | No. Units | Avg. Rent/Mo | SF |
|---|---|---|---|
| 2+1 | 16 | - | 887 |
1 1
Fairly walkable
50/100
Moderately drivable
70/100
Limited public transit
30/100
Fairly bikeable
40/100
Property Taxes
| Parcel Number | 253-061-027-000 | Total Assessment | $898,731 |
| Land Assessment | $186,450 | Annual Taxes | $50,850 ($2.56/SF) |
| Improvements Assessment | $712,281 | Tax Year | 2025 |
Property Taxes
Parcel Number
253-061-027-000
Land Assessment
$186,450
Improvements Assessment
$712,281
Total Assessment
$898,731
Annual Taxes
$50,850 ($2.56/SF)
Tax Year
2025
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Ridgeview Apartments | 83 Castro St
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