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    Salinas Retail/Office Investment Opportunity Title is generated by Realmo AI

    1285 - 1287 N Main St, Salinas, CA 93906

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    Claim this Listing
    For Sale
    $3,799,000

    Strip retail and office investment opportunity in Salinas, California.

    Type:Multifamily
    Property size:
    19,008 SF
    Lot size:
    0.83 Acres
    Price / SF:
    $199/SF
    Added:
    Apr 3, 2026
    Days on Market:
    65
    Last Refresh:
    Apr 3 at 5:09 am

    Property Features for 1285 - 1287 N Main St

    General Information

    Standard status
    Active
    Size
    19,008 SF
    Lot size
    0.83 Acres
    Property subtype
    Multifamily

    We can help!

    Listing Contact
    Adam Levin
    Adam Levin

    Listing agent Adam Levin License #CA: 01462752

    Listing office Palo Alto Office

    Listing date Apr 3, 2026

    Source Marcusmillichap

    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 Palo Alto Office

    HighLights

    • Prime investment opportunity in Salinas, California
    • Gross rentable area of approximately 19,008 square feet
    • Located near major transportation corridors (US 101, CA‑183, CA‑68) and a proposed CalTrain extension
    • Close proximity to Oldtown Salinas shopping, dining, and entertainment
    • Features 33 retail/office suites with varying sizes
    • Strong employment fundamentals and low vacancy levels in Salinas

    Overview

    Mission Plaza is a strip retail and office investment opportunity located in Salinas, California. Situated on two contiguous parcels of land totaling 36,200 square feet, the property features a gross rentable area of approximately 19,008 square feet. Mission Plaza offers 33 retail and office suites ranging in size from 185 square feet to 1,315 square feet. The property is within close proximity to Oldtown Salinas, which offers shopping, dining and entertainment options. The neighborhood is known for its historical charm with modern appeal, featuring streets lined with restaurants, boutiques, cafes, and art galleries. Mission Plaza is within close proximity to transportation corridors including US 101, CA-183 and CA-68. Additionally, the property is a 5-minute drive from the Salinas Rail Station, where there is a proposed extension of the CalTrain line. With a location in the heart of Monterey County, Mission Plaza presents an attractive choice for renters due to close proximity to major employers, transportation corridors, shopping, dining and entertainment options.

    Local Financial Insights For Retail

    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 $410.6k $21.60
    − Vacancy −$23.0k −$1.21
    EGI $387.6k $20.39
    − OpEx −$116.3k −$6.12
    NOI $271.3k $14.27
    19,008 SF · lease $21.60/SF/yr · vacancy 5.60% · expense 30.00%

    Alternative Uses

    Best Use
    Retail
    $3.88M
    $3.39M – $4.52M (±1% cap)
    NOI $271,307 @ 7.0% cap · market cap 7.14%
    Second Best
    —
    —
    no second resolved use
    Theoretical Best
    Office A
    $5.99M
    $5.24M – $6.98M (±1% cap)
    NOI $418,967 @ 7.0% cap · market cap 11.03%
    Zoning and permitted uses should be independently verified with local authorities.
    Location Intelligence

    Current Use by Public Records

    Salinas Acupuncture, Peter ... Alternative Medicine Practice Golden Memorial Insurance Insurance Agency C.V. Transportation Freight Service Masako Takemura Real Estate Agency

    Suggested Use

    Real Estate Agency Law Firm Restaurant Spa & Massage Center Dental Office Hair Salon Nail Salon Building Supply Gym & Fitness Center Daycare Center

    Zoning and permitted uses should be independently verified with local authorities.

    Location Insight

    • Map
    • Local Demand
    City
    Salinas
    County
    Monterey
    State
    California
    Longitude
    -121.6531367
    Latitude
    36.7010248

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    FAQs

    What type of property is this?
    Strip mall - Strip retail and office investment opportunity in Salinas, California.
    Where is this strip mall located?
    The property is located at 1285 - 1287 N Main St Salinas, CA.
    What is the asking price?
    The asking price for this property is $3,799,000.
    What are key features of this property?
    This property features: Prime investment opportunity in Salinas, California; Gross rentable area of approximately 19,008 square feet; Located near major transportation corridors (US 101, CA‑183, CA‑68) and a proposed CalTrain extension
    (650) 391-1782
    We can help!
    Listing Contact
    Adam Levin
    Adam Levin
    Real Estate License ID: CA: 01462752
    Learn More
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    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

    More about this property
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