10-Unit Apartment
1142 Parkside Street Salinas, CA 93906
1142 Parkside Street, Salinas, CA, 93906
$2,350,000
For Sale
$2,350,000
Well-maintained 10-unit building with two-bedroom, one-bath units and recently replaced carport roofs.
Property Size8,288 SF
Price / SF$283.54
Days on Market24
Property Features for 1142 Parkside Street
General Information
- Standard status
- Active
- Size
- 8,288 SF
- Property subtype
- Multi Family
Building Details
- Year Built
- 1971
Listing agency
First City Real Estate, Inc.
(831) 596-7618
Listed by
Geary Engles · License #00874135
(831) 596-7618
Source
Exitrealty
Added: Jun 30 Updated: Jul 22 at 3:07AM Checked: Jul 22 at 3:07AM
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 First City Real Estate, Inc.
Investment Insights
Based on property information with market context.
This is a well-maintained 10-unit apartment building. All units offer two bedrooms and one bathroom. Recent improvements include new roofs for the carports, and the parking lot has been repaved. Some units have also been renovated.
The property is located in a central North Salinas area. The offering is positioned for strong rental demand, with vacancies described as rare.
The building’s configuration is consistent across the community, making it suitable for buyers seeking a straightforward multifamily layout with two-bedroom, one-bath units.
The property is located in a central North Salinas area. The offering is positioned for strong rental demand, with vacancies described as rare.
The building’s configuration is consistent across the community, making it suitable for buyers seeking a straightforward multifamily layout with two-bedroom, one-bath units.
Key Highlights
- 10‑unit multifamily building built in 1971
- All units are 2‑bedroom, 1‑bath layouts
- Recent new roofs for the carports
Local Financial Insights For Apartment 5plus
Simulate Cap Rate and NOI
NOI Build-Up
- 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.
| Component | $ | $/SF |
|---|---|---|
| Gross rent | $248.6k | $30.00 |
| − Vacancy | −$6.2k | −$0.75 |
| EGI | $242.4k | $29.25 |
| − OpEx | −$109.1k | −$13.16 |
| NOI | $133.3k | $16.09 |
8,288 SF · lease $30.00/SF/yr · vacancy 2.50% · expense 45.00%
Alternative Uses
Best Use
Apartment 5plus
$1.90M
$1.67M – $2.22M
NOI $133,333 @ 7.0% cap · market cap 5.67%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$2.61M
$2.28M – $3.04M
NOI $182,681 @ 7.0% cap · market cap 7.77%
Zoning and permitted uses should be independently verified with local authorities.
Property Analytics
Location Intelligence
Current Use by Public Records
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FAQs
What type of property is this?
Apartment building - Well-maintained 10-unit building with two-bedroom, one-bath units and recently replaced carport roofs.
Where is this apartment building located?
The property is located at 1142 Parkside Street Salinas, CA.
What is the asking price?
The asking price for this property is $2,350,000.
What are key features of this property?
This property features: 10‑unit multifamily building built in 1971; All units are 2‑bedroom, 1‑bath layouts; Recent new roofs for the carports
