Medical Office Building with
For Sale
$1,350,000
Pending
1850 N Main Street, Salinas, CA 93906
Standalone medical office facility with lobby, exam rooms, and lab, supported by 17 off-street parking spaces.
Property Size3,120 SF
Lot Size0.36 Acres
Days on Market347
Property Features for 1850 N Main Street
General Information
Standard status
Pending
Size
3,120 SF
Total Parking Spaces
17
Lot size
0.36 Acres
Property subtype
Commercial/Industrial
Building Details
Year Built
1966
Listing Agency:
Baird Partnership, Inc.
(831) 275-0129
Listed By:
James Kendall · License #02010395
(831) 275-0129
Source:
Exitrealty
Added: Aug 31, 2025
Changed: Aug 8
Last Checked: Jul 23 at 7:47AM
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.
1850 N. Main St. is a 3,120 SF office building situated on a 15,805 SF lot. The property was originally developed as a veterinary hospital in the 1960s and includes a spacious lobby, exam rooms, a lab, and holding kennels. The interior layout supports medical office uses such as veterinary, dental, and family practice.
The building is located at 1850 N Main Street in Salinas and is positioned directly across N. Main St. from a Chick-fil-A. The site is described as benefiting from visibility along both north and south directions of N. Main St. and along San Juan Grade Rd. The property also includes a large on-site parking lot with 17 off-street parking spaces.
For prospective tenants and buyers, the existing configuration is well-suited to medical-related office activity that can utilize the lobby, exam room count, and lab space. While the current zoning provides for office use only, the City of Salinas anticipates a zoning update for this property that would change to Mixed Use Village, which is expected to allow retail and mixed-use uses upon completion.
The building is located at 1850 N Main Street in Salinas and is positioned directly across N. Main St. from a Chick-fil-A. The site is described as benefiting from visibility along both north and south directions of N. Main St. and along San Juan Grade Rd. The property also includes a large on-site parking lot with 17 off-street parking spaces.
For prospective tenants and buyers, the existing configuration is well-suited to medical-related office activity that can utilize the lobby, exam room count, and lab space. While the current zoning provides for office use only, the City of Salinas anticipates a zoning update for this property that would change to Mixed Use Village, which is expected to allow retail and mixed-use uses upon completion.
Key Highlights
- 3,120 SF office building on a 15,805 SF lot, built in 1966
- Hospital‑style interior with spacious lobby, exam rooms, a lab, and holding kennels
- 17 off‑street parking spaces with a large on‑site parking 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
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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 - Standalone medical office facility with lobby, exam rooms, and lab, supported by 17 off-street parking spaces.
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: 3,120 SF office building on a 15,805 SF lot, built in 1966; Hospital‑style interior with spacious lobby, exam rooms, a lab, and holding kennels; 17 off‑street parking spaces with a large on‑site parking lot
