Eight-Unit Apartment
New
For Sale
$1,495,000
157 Central Ave, Salinas, CA 93901
The property combines studio apartments in its main building with two separate residential units.
Property Size3,441 SF
Price / SF$434.47
Days on Market3
Property Features for 157 Central Ave
General Information
Standard status
Active
Size
3,441 SF
Property subtype
Multi Family Home
Zoning
CO
Units
Unit Mix
6 x studio, 1 x 1BR/1BA, 1 x 3BR/1BA
Multifamily Units
8
Building Details
Building Size
3,441 SF
Year Built
1934
Buildings
2
Listing Agency:
Baird Partnership, Inc.
Listed By:
Patrick Stafford · License #01857243
(831) 238-3592
Source:
Firesiderealty
Added: Oct 23
Changed: Oct 24
Last Checked: Oct 23 at 4:39PM
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 Baird Partnership, Inc.
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Investment Insights
Based on property information with market context.
This 3,441-square-foot apartment property dates to 1934 and contains eight units. The two-story main building has six studios, while two detached residences provide additional unit configurations: one with a bedroom and bath, and another with three bedrooms and one bath. Zoning is CO.
At 157 Central Ave in Downtown Salinas, the property is adjacent to Hartnell College and Monterey County government offices. The one-bedroom, one-bath unit may be delivered vacant at closing, while the other units provide a range of studio and apartment layouts.
At 157 Central Ave in Downtown Salinas, the property is adjacent to Hartnell College and Monterey County government offices. The one-bedroom, one-bath unit may be delivered vacant at closing, while the other units provide a range of studio and apartment layouts.
Key Highlights
- Eight apartments across a two‑story main building and two detached residences
- Six studio units in the main building
- Detached units include one 1‑bedroom/1‑bath and one 3‑bedroom/1‑bath residence
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$55,357
Cap Rate
3.70%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$1,107,140
$1.1M
Cap Rate 7%
$790,814
$790.8K
Cap Rate 9%
$615,078
$615.1K
Market Conditions
NOI Build-Up for 3,441 SF
Gross rent
$103.2K $30.00/SF
− Vacancy
−$2.6K −$0.75/SF
EGI
$100.6K $29.25/SF
− OpEx
−$45.3K −$13.16/SF
NOI
$55.4K $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 Rate 5%
$1,107,140
Cap Rate 7%
$790,814
Cap Rate 9%
$615,078
Alternative Uses
Best Use
Apartment 5plus
$790.8K
$692.0K – $922.6K
NOI $55,357 @ 7.0% cap · market cap 3.70%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.08M
$948.1K – $1.26M
NOI $75,845 @ 7.0% cap · market cap 5.07%
Zoning and permitted uses should be independently verified with authorities.
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Property Analytics
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Lease Details
8
Residential units
Location Intelligence
Trade Area within ½ mile
2,103
Businesses Nearby
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Business Placement
Demographics for 93901, CA
29,700
Population
11,328
Households
2.6
Avg Household Size
37
Median Age
29%
College-Educated
81%
High-School Grad
9.6 sq mi
ZIP Area
3,094
Density / Sq Mi
$91,639
Median Household Income
$47,620
Median Earnings
$1,792
Median Rent
$721,100
Median Home Value
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Market
Vacancy Rate% for Multifamily in West region
Frequently Asked Questions
What type of property is this?
Apartment building - The property combines studio apartments in its main building with two separate residential units.
Where is this apartment building located?
The property is located at 157 Central Ave Salinas, CA.
What is the asking price?
The asking price for this property is $1,495,000.
What are key features of this property?
This property features: Eight apartments across a two‑story main building and two detached residences; Six studio units in the main building; Detached units include one 1‑bedroom/1‑bath and one 3‑bedroom/1‑bath residence
