Charming Four-Unit Multifamily
For Sale
$950,000
Pending
119 Carr Ave, Salinas, CA 93905
Unique four-unit property in Salinas with income potential.
Property Size2,050 SF
Lot Size0.17 Acres
Days on Market139
Property Features for 119 Carr Ave
General Information
Standard status
Pending
Size
2,050 SF
Lot size
0.17 Acres
Property subtype
Investment
Taxes and HOA fees
Annual Taxes
$2,034
Building Details
Building Size
2,050 SF
Year Built
1941
Stories
1
Units
4
Listing Agency:
Compass
(831) 869-2777
Listed By:
Mark Cohan · License #01309413
(831) 869-2777
Source:
Elliman
Added: Mar 24
Changed: Aug 8
Last Checked: Jul 23 at 9:50AM
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 Compass
Investment Insights
Based on property information with market context.
This four-unit multifamily property is located in Salinas. Each unit offers privacy. The property features a mix of long-term tenants, providing income potential. Select renovations were completed during the pandemic, blending modern updates with the property's original charm. The property has easy access to shopping and dining. It is suitable for investors looking to expand their portfolio or an owner-occupant seeking rental income. The city indicates that converting the garage to a fifth unit may be possible; buyers should verify this information with the city. The four individual cottages have no shared walls, offering privacy for tenants. The property offers potential for value appreciation in a growing rental market.
Key Highlights
- Four individual cottages offer tenant privacy with no shared walls.
- Immediate income potential with long‑term, stable tenants already in place.
- Explore the potential to convert the garage into a 5th unit (buyer to verify).
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
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
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Frequently Asked Questions
What type of property is this?
Quadplex - Unique four-unit property in Salinas with income potential.
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 individual cottages offer tenant privacy with no shared walls.; Immediate income potential with long‑term, stable tenants already in place.; Explore the potential to convert the garage into a 5th unit (buyer to verify).
