Salinas Office Building For
For Sale
$1,350,000
1850 N Main Street, Salinas, CA 93906
3,120 SF office building suitable for medical or mixed-use.
Property Size3,120 SF
Price / SF$432.69
Days on Market463
Property Features for 1850 N Main Street
General Information
Standard status
Active
Size
3,120 SF
Property subtype
General Commercial
Amenities
Central Air
3
Tar Gravel
17 Parking Spaces.
Security Lighting.
Building Details
Year Built
1966
Listing Agency:
Baird Partnership, Inc.
(831) 646-1919
Listed By:
James Kendall
(831) 521-4657
Source:
Xome
Added: May 30, 2025
Changed: Sep 3
Last Checked: Jul 25 at 6:32AM
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.
Investment Insights
Based on property information with market context.
Located in Salinas, CA, the property at 1850 N. Main St. is a 3,120 SF office building situated on a 15,805 square foot lot. Originally developed as a veterinary hospital in the 1960s, the current layout is suited for various medical office uses, including veterinary, dental, and family practice. The City of Salinas is currently adopting a new General Plan that includes a Zoning Code Upgrade. While the General Plan adoption is being finalized, the zoning code upgrade is expected to take an additional 1-2 years to complete. The City of Salinas is fast-tracking the zoning update for this property, which they anticipate should be completed by October of 2025. Although the current zoning provides only for office use, the new zoning will be Mixed Use Village, which will allow for both Retail as well as Mixed Use.
Key Highlights
- Fast‑tracked zoning update to Mixed Use Village anticipated by October 2025, allowing for retail and mixed‑use development.
- Currently built out as a veterinary hospital, suitable for various medical office uses (veterinary, dental, family practice).
- 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
936
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
- Wantanabe Debi T DVM — 1850 N Main St, Salinas, CA 93906
- Harden Ranch Veterinary Hospital — 27 san juan grade rd, salinas, ca 93906
- Banfield Pet Hospital — 27 San Juan Grade Rd, Salinas, CA 93906
Frequently Asked Questions
What type of property is this?
Medical Office Space - 3,120 SF office building suitable for medical or mixed-use.
Where is this medical office space located?
The property is located at 1850 N Main Street 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: Fast‑tracked zoning update to Mixed Use Village anticipated by October 2025, allowing for retail and mixed‑use development.; Currently built out as a veterinary hospital, suitable for various medical office uses (veterinary, dental, family practice).; 3,120 SF office building on a 15,805 square foot lot.
