Four-Unit Quadplex with Covered
New
For Sale
$999,000
447 Soledad ST, Salinas, CA 93901
Residential Income (2-4 units), SALINAS, CA
Property Size4,175 SF
Lot Size0.18 Acres
Price / SF$239.28
Days on Market6
Property Features for 447 Soledad ST
General Information
Property type
Residential Multi Family
Property subtype
Other
Zoning
R-M-2.9
Bedrooms
9
Rooms
Bedroom 7, Bedroom 8, Bedroom 9, Bedroom 4, Bedroom 3, Bedroom 6, Bedroom 5, Bedroom 2, Bedroom 1
Parking features
Assigned, On Street, Covered
Subdivision
SS
Standard status
Active
Size
4,175 SF
Lot size
0.18 Acres
Utilities
Heating system
Wall Furnace
Water source
Public
Building Details
Year built
1981
Number of units
4
Roof type
Tar/Gravel
Listing Agency:
Compass
(831) 318-0150
Listed By:
Chantel Henson · License #01271580
(831) 809-4100
Added: Aug 19
Changed: Aug 21
Last Checked: Aug 24 at 12:06PM
MLS# ML82057880
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.
Located at 447 Soledad ST in Salinas, this 4,175-square-foot quadplex contains four residences: one three-bedroom, 1.5-bath unit, one two-bedroom, one-bath unit, and two two-bedroom, 1.5-bath units. The property was built in 1981 and includes wall-furnace heating, a tar-and-gravel roof, public water, covered parking, assigned parking, and on-street parking.
Three units are occupied, while Unit #3 is vacant and available for lease. The improvements are offered in their present condition with deferred maintenance. R-M-2.9 zoning applies to the property. The South Salinas setting provides access to shopping, schools, services, and major thoroughfares.
Three units are occupied, while Unit #3 is vacant and available for lease. The improvements are offered in their present condition with deferred maintenance. R-M-2.9 zoning applies to the property. The South Salinas setting provides access to shopping, schools, services, and major thoroughfares.
Key Highlights
- Four‑unit quadplex with 4,175 square feet of building area
- Unit mix includes one 3‑bedroom, 1.5‑bath unit; one 2‑bedroom, 1‑bath unit; and two 2‑bedroom, 1.5‑bath units
- Three units are tenant occupied; Unit #3 is vacant
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
$72,921
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
7.30%
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%
$1,458,420
$1.5M
Cap Rate 7%
$1,041,729
$1.0M
Cap Rate 9%
$810,233
$810.2K
Market Conditions
NOI Build-Up for 4,175 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
$106.7K $25.56/SF
− Vacancy
−$2.5K −$0.61/SF
EGI
$104.2K $24.95/SF
− OpEx
−$31.3K −$7.49/SF
NOI
$72.9K $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%
$1,458,420
Cap Rate 7%
$1,041,729
Cap Rate 9%
$810,233
Alternative Uses
Best Use
Multifamily LT 5
$1.04M
$911.5K – $1.22M
NOI $72,921 @ 7.0% cap · market cap 7.30%
Second Best
Apartment 5plus
$959.5K
$839.6K – $1.12M
NOI $67,165 @ 7.0% cap · market cap 6.72%
Theoretical Best
Office A
$1.31M
$1.15M – $1.53M
NOI $92,024 @ 7.0% cap · market cap 9.21%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
4
Residential units
Location Intelligence
Trade Area within ½ mile
2,803
Businesses Nearby
Explore this area
Business Placement
Demographics for 93901, CA
29,700
Population
11,328
Households
2.6
Avg Household Size
37
Median Age
29%
College-Educated
81%
High-School Grad
9.6 sq mi
ZIP Area
3,094
Density / Sq Mi
$91,639
Median Household Income
$47,620
Median Earnings
$1,792
Median Rent
$721,100
Median Home Value
Market
Vacancy Rate% for Multifamily in West region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Quadplex - Three residences are occupied, while another is available for lease; parking includes covered, assigned, and on-street spaces.
Where is this quadplex located?
The property is located at 447 Soledad ST Salinas, CA.
What is the asking price?
The asking price for this property is $999,000.
What are key features of this property?
This property features: Four‑unit quadplex with 4,175 square feet of building area; Unit mix includes one 3‑bedroom, 1.5‑bath unit; one 2‑bedroom, 1‑bath unit; and two 2‑bedroom, 1.5‑bath units; Three units are tenant occupied; Unit #3 is vacant
