Salinas Office Building with Redevelopment
For Sale
$1,350,000
Pending
1850 N Main St, Salinas, CA 93906
3,120 SF office building on 15,805 SF lot in Salinas.
Property Size3,120 SF
Lot Size0.36 Acres
Days on Market150
Property Features for 1850 N Main St
General Information
Standard status
Pending
Size
3,120 SF
Lot size
0.36 Acres
Property subtype
Commercial
Building Details
Year Built
1966
Listing Agency:
Mahoney & Associates Commercial Real Estate
(831) 275-0129
Listed By:
James Kendall · License #00533485
(831) 275-0129
Source:
Elliman
Added: Mar 12
Changed: Aug 8
Last Checked: Aug 8 at 6:23AM
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 Mahoney & Associates Commercial Real Estate
Investment Insights
Based on property information with market context.
Located in the heart of Salinas, the property at 1850 N. Main St. is a 3,120 square foot office building situated on a 15,805 square foot lot. Formerly the Northridge Veterinary Hospital, the building features a spacious lobby, exam rooms, a lab, and holding kennels. The property includes a large parking lot with 17 off-street parking spaces. The City of Salinas is currently adopting a new General Plan which will include a Zoning Code Upgrade. The city anticipates completing the zoning update for this property by October of 2025. While the current zoning allows only for office use, the new zoning is expected to be Mixed Use Village, permitting both retail and mixed-use developments. Originally developed as a veterinary hospital in the 1960s, the layout is suitable for various medical office uses, including veterinary, dental, and family practice. The property benefits from high visibility, located directly across N. Main St from Chic-Fil-A, with exposure from both north and south directions of N. Main St, as well as along San Juan Grade Rd.
Key Highlights
- High visibility location directly across from Chic‑Fil‑A on N. Main St. and San Juan Grade Rd.
- Large parking lot with 17 off‑street parking spaces.
- 3,120 SF office building on a 15,805 square foot lot.
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
$52,566
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
3.89%
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%
$1,051,320
$1.1M
Cap Rate 7%
$750,943
$750.9K
Cap Rate 9%
$584,067
$584.1K
Market Conditions
NOI Build-Up for 3,120 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
$97.3K $31.20/SF
− Vacancy
−$9.7K −$3.12/SF
EGI
$87.6K $28.08/SF
− OpEx
−$35.0K −$11.23/SF
NOI
$52.6K $16.85/SF
Area
Salinas, CA
Vacancy
10.00%
Lease Rate
$31.20 /SF/Yr
Expense Ratio
40.00%
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%
$1,051,320
Cap Rate 7%
$750,943
Cap Rate 9%
$584,067
Alternative Uses
Best Use
Healthcare Medical
$750.9K
$657.1K – $876.1K
NOI $52,566 @ 7.0% cap · market cap 3.89%
Second Best
Office B
$688.4K
$602.3K – $803.1K
NOI $48,185 @ 7.0% cap · market cap 3.57%
Theoretical Best
Office A
$982.4K
$859.6K – $1.15M
NOI $68,770 @ 7.0% cap · market cap 5.09%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
954
Businesses Nearby
Under-served
Demand for This Use
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 Office in West region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Similar Off Market Nearby
- Harden Ranch Veterinary Hospital — 27 san juan grade rd, salinas, ca 93906
- Banfield Pet Hospital — 27 San Juan Grade Rd, Salinas, CA 93906
- Wantanabe Debi T DVM — 1850 N Main St, Salinas, CA 93906
Frequently Asked Questions
What type of property is this?
Medical Office Space - 3,120 SF office building on 15,805 SF lot in Salinas.
Where is this medical office space located?
The property is located at 1850 N Main St Salinas, CA.
What is the asking price?
The asking price for this property is $1,350,000.
What are key features of this property?
This property features: High visibility location directly across from Chic‑Fil‑A on N. Main St. and San Juan Grade Rd.; Large parking lot with 17 off‑street parking spaces.; 3,120 SF office building on a 15,805 square foot lot.
