Quadplex with Four Separate
For Sale
Under Contract
$950,000
119 Carr AVE, Salinas, CA 93905
MULTI_FAMILY - SALINAS, CA
Property Size2,050 SF
Lot Size0.17 Acres
Price / SF$463.41
Days on Market30
Property Features for 119 Carr AVE
General Information
Property type
Residential Multi Family
Property subtype
Other
Zoning
R-L-5.5
Bedrooms
5
Rooms
Bedroom 5, Bedroom 3, Bedroom 2, Bedroom 1, Bedroom 4
Parking
4
Parking features
Off Street
Appliances
Countertop - Stone
Lot features
Grade - Level, Regular
Subdivision
ES-66
Standard status
Active Under Contract
Size
2,050 SF
Lot size
0.17 Acres
Utilities
Heating system
Wall Furnace
Water source
Public
Building Details
Year built
1941
Number of units
4
Flooring type
Tile, Carpet, Laminate
Building materials
Wood Frame
Roof type
Composition, Bituthene
Architectural style
Bungalow, Mediterranean
Listing Agency:
Compass
(831) 318-0150
Listed By:
Mark Cohan · License #01309413
(831) 869-2777
Added: Jul 11
Changed: Aug 3
Last Checked: Aug 9 at 10:06PM
MLS# ML82037604
Copyright © 2026 MLS Listings, Inc. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
This quadplex offers four separate units designed for tenant privacy, described as four individual cottages with no shared walls. The property includes select renovations completed during the pandemic. Built in 1941 with wood-frame construction, the interior includes a mix of carpet, tile, and laminate flooring, and wall furnace heating. Off-street parking is available, and the water source is public.
Located at 119 Carr AVE in Salinas, CA 93905, the property sits on a 0.1722-acre lot and is zoned R-L-5.5. The seller notes easy access to shopping and dining. The city indicates converting the garage to a 5th unit is possible, and buyers should verify details with the city.
With four separate units and recent updates, this property can fit an investor looking for rental income, including opportunities to review how the garage conversion could expand the unit count.
Located at 119 Carr AVE in Salinas, CA 93905, the property sits on a 0.1722-acre lot and is zoned R-L-5.5. The seller notes easy access to shopping and dining. The city indicates converting the garage to a 5th unit is possible, and buyers should verify details with the city.
With four separate units and recent updates, this property can fit an investor looking for rental income, including opportunities to review how the garage conversion could expand the unit count.
Key Highlights
- Four separate cottages with no shared walls in a quadplex configuration
- 0.1722‑acre lot and 2,050 SF building size
- Zoned R‑L‑5.5
Financial Insights
Estimated NOI and Cap Rate
NOI = area × lease_rate × (100 − vacancy) / 100 × (1 − expense_ratio). Net Operating Income — what the owner takes home each year before mortgage payments and income tax. Effective rent (asking rent minus vacancy losses) minus operating costs (taxes, insurance, maintenance, management).
NOI / Yr
$35,806
Cap rate = NOI / list price × 100. Capitalization rate — annual return on a fully cash purchase, before financing. NOI divided by price. Higher means more income per dollar invested, but usually also more risk or older condition. 5–8% is typical for stabilized commercial property; double digits often signal distressed deals.
Cap Rate
3.77%
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$716,120
$716.1K
Cap Rate 7%
$511,514
$511.5K
Cap Rate 9%
$397,844
$397.8K
Market Conditions
NOI Build-Up for 2,050 SF
Vacancy — income lost from leasable area expected to sit empty during the year, subtracted from gross rent.
EGI (Effective Gross Income) — gross rent minus vacancy losses, the realistic income before paying operating costs.
OpEx (Operating Expenses) — recurring costs to operate the property (property tax, insurance, utilities, maintenance, management); excludes financing and capital improvements.
NOI (Net Operating Income) — income a property generates after operating costs but before financing and taxes.
Gross rent
$52.4K $25.56/SF
− Vacancy
−$1.2K −$0.61/SF
EGI
$51.2K $24.95/SF
− OpEx
−$15.3K −$7.49/SF
NOI
$35.8K $17.47/SF
Area
Salinas, CA
Vacancy
2.38%
Lease Rate
$25.56 /SF/Yr
Expense Ratio
30.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$716,120
Cap Rate 7%
$511,514
Cap Rate 9%
$397,844
Alternative Uses
Best Use
Multifamily LT 5
$511.5K
$447.6K – $596.8K
NOI $35,806 @ 7.0% cap · market cap 3.77%
Second Best
Apartment 5plus
$471.1K
$412.2K – $549.7K
NOI $32,979 @ 7.0% cap · market cap 3.47%
Theoretical Best
Office A
$645.5K
$564.8K – $753.1K
NOI $45,185 @ 7.0% cap · market cap 4.76%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
926
Businesses Nearby
Explore this area
Business Placement
Demographics for 93905, CA
64,209
Population
14,534
Households
4.4
Avg Household Size
29
Median Age
7%
College-Educated
45%
High-School Grad
9.2 sq mi
ZIP Area
6,979
Density / Sq Mi
$75,716
Median Household Income
$30,715
Median Earnings
$1,799
Median Rent
$570,000
Median Home Value
Market
Vacancy Rate% for Multifamily in West region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Quadplex - R-L-5.5 quadplex on a 0.1722-acre lot with off-street parking and public water.
Where is this quadplex located?
The property is located at 119 Carr AVE Salinas, CA.
What is the asking price?
The asking price for this property is $950,000.
What are key features of this property?
This property features: Four separate cottages with no shared walls in a quadplex configuration; 0.1722‑acre lot and 2,050 SF building size; Zoned R‑L‑5.5
