Updated Residential Income
For Sale
$255,000
110-150 Kern St, Salinas, CA 93905
Updated home in a gated 55+ community with lake views and shared recreational amenities.
Property Size1,344 SF
Price / SF$189.73
Days on Market136
Property Features for 110-150 Kern St
General Information
Standard status
Active
Size
1,344 SF
Property subtype
Manufactured In Park
Units
Unit Mix
1 x 2BR/2BA
Multifamily Units
1
Amenities
pool
club house
gym
car wash area
library
RV storage
gated entrance
Listing Agency:
KW Thrive Santa Cruz
(831) 588-4951
Listed By:
Sira Taylor · License #01922737
(831) 588-4951
Source:
Exprealty
Added: Apr 10
Changed: Aug 21
Last Checked: Aug 23 at 6:15AM
Displayed information is deemed reliable but is not guaranteed and should be independently verified. All listing content including descriptions, pricing, images are the copyrighted material of KW Thrive Santa Cruz
Investment Insights
Based on property information with market context.
This updated residential property offers 1,344 square feet of living space with 2 bedrooms and 2 bathrooms. The kitchen includes a dishwasher, microwave, refrigerator, and electric oven range, along with an island that adds preparation space and seating. A dedicated dining area, central forced-air heating, and a laundry room with hookups and storage support everyday use. The primary bedroom has new carpet, while the fenced backyard provides private outdoor space. An automated carport gate adds controlled access.
The home is located within Sherwood Lake Park, a gated 55+ community in Salinas. Community amenities include a pool, clubhouse, gym, car wash area, library, and RV storage. Shopping, restaurants, and freeways are nearby.
The home is located within Sherwood Lake Park, a gated 55+ community in Salinas. Community amenities include a pool, clubhouse, gym, car wash area, library, and RV storage. Shopping, restaurants, and freeways are nearby.
Key Highlights
- 1,344 SF home with 2 bedrooms and 2 bathrooms
- Located in Sherwood Lake Park, a gated 55+ community
- Lake views and a fenced backyard
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
$21,622
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
8.48%
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%
$432,440
$432.4K
Cap Rate 7%
$308,886
$308.9K
Cap Rate 9%
$240,244
$240.2K
Market Conditions
NOI Build-Up for 1,344 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
$40.3K $30.00/SF
− Vacancy
−$1.0K −$0.75/SF
EGI
$39.3K $29.25/SF
− OpEx
−$17.7K −$13.16/SF
NOI
$21.6K $16.09/SF
Area
Salinas, CA
Vacancy
2.50%
Lease Rate
$30.00 /SF/Yr
Expense Ratio
45.00%
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%
$432,440
Cap Rate 7%
$308,886
Cap Rate 9%
$240,244
Alternative Uses
Best Use
Apartment 5plus
$308.9K
$270.3K – $360.4K
NOI $21,622 @ 7.0% cap · market cap 8.48%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$423.2K
$370.3K – $493.7K
NOI $29,624 @ 7.0% cap · market cap 11.62%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
1
Residential units
Location Intelligence
Trade Area within ½ mile
1,049
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
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Residential income property - Updated home in a gated 55+ community with lake views and shared recreational amenities.
Where is this residential income property located?
The property is located at 110-150 Kern St Salinas, CA.
What is the asking price?
The asking price for this property is $255,000.
What are key features of this property?
This property features: 1,344 SF home with 2 bedrooms and 2 bathrooms; Located in Sherwood Lake Park, a gated 55+ community; Lake views and a fenced backyard
