Remodeled Duplex with Two-Car
New
For Sale
$799,000
146 Rodeo Avenue, Salinas, CA 93906
Two updated residences offer private fenced yards, in-unit laundry hookups, and convenient access to shopping and regional services.
Property Size1,424 SF
Price / SF$561.10
Days on Market4
Property Features for 146 Rodeo Avenue
General Information
Standard status
Active
Size
1,424 SF
Total Parking Spaces
2
Property subtype
Multi Family
Site & Location
Highway Access
Yes
Utilities to Site
Yes
Units
Unit Mix
2 x 2BR/1BA
Multifamily Units
2
Taxes and HOA fees
Annual Taxes
$9,500
Amenities
fenced backyards
washer/dryer hookups
Building Details
Year Built
1940
Year Renovated
2026
Buildings
1
Listing Agency:
Albers Real Estate Investment Company
(408) 893-6002
Listed By:
Hap Albers · License #01006595
(408) 893-6002
Source:
Exitrealty
Added: Aug 9
Changed: Aug 12
Last Checked: Aug 12 at 4:07AM
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 Albers Real Estate Investment Company
Investment Insights
Based on property information with market context.
This duplex contains 1,424 square feet with two separate two-bedroom, one-bathroom residences. Both units were remodeled in 2026 and include fenced backyards plus washer and dryer hookups within the units. An on-site two-car garage provides additional property utility. The building was constructed in 1940.
The property is near Harden Ranch, including Safeway, Target, and other retailers, as well as Costco. Restaurants, banks, gyms, and additional services are also nearby. Access to US 101 is available toward North, South, and Central Salinas. Residents pay PG&E and garbage, while the owner is responsible for sewer and water.
The property is near Harden Ranch, including Safeway, Target, and other retailers, as well as Costco. Restaurants, banks, gyms, and additional services are also nearby. Access to US 101 is available toward North, South, and Central Salinas. Residents pay PG&E and garbage, while the owner is responsible for sewer and water.
Key Highlights
- Two 2‑bedroom, 1‑bathroom units
- Both units remodeled in 2026
- 1,424 square feet on a 1940‑built property
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
$24,872
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
3.11%
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%
$497,440
$497.4K
Cap Rate 7%
$355,314
$355.3K
Cap Rate 9%
$276,356
$276.4K
Market Conditions
NOI Build-Up for 1,424 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
$36.4K $25.56/SF
− Vacancy
−$866 −$0.61/SF
EGI
$35.5K $24.95/SF
− OpEx
−$10.7K −$7.49/SF
NOI
$24.9K $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%
$497,440
Cap Rate 7%
$355,314
Cap Rate 9%
$276,356
Alternative Uses
Best Use
Multifamily LT 5
$355.3K
$310.9K – $414.5K
NOI $24,872 @ 7.0% cap · market cap 3.11%
Second Best
Apartment 5plus
$327.3K
$286.4K – $381.8K
NOI $22,909 @ 7.0% cap · market cap 2.87%
Theoretical Best
Office A
$448.4K
$392.3K – $523.1K
NOI $31,387 @ 7.0% cap · market cap 3.93%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
Yes
Highway access
Yes
Utilities to site
Location Intelligence
Trade Area within ½ mile
662
Businesses Nearby
Explore this area
Business Placement
Demographics for 93906, CA
66,381
Population
18,432
Households
3.6
Avg Household Size
32
Median Age
17%
College-Educated
69%
High-School Grad
13.3 sq mi
ZIP Area
4,991
Density / Sq Mi
$96,044
Median Household Income
$40,775
Median Earnings
$2,127
Median Rent
$595,200
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?
Duplex - Two updated residences offer private fenced yards, in-unit laundry hookups, and convenient access to shopping and regional services.
Where is this duplex located?
The property is located at 146 Rodeo Avenue Salinas, CA.
What is the asking price?
The asking price for this property is $799,000.
What are key features of this property?
This property features: Two 2‑bedroom, 1‑bathroom units; Both units remodeled in 2026; 1,424 square feet on a 1940‑built property
