Auto Shop with Secured
For Sale
$1,025,000
221 GRIFFIN ST, Salinas, CA 93901
Industrial-commercial building configured for automotive repair with private parking, office space, and a restroom.
Property Size2,394 SF
Price / SF$428.15
Days on Market44
Property Features for 221 GRIFFIN ST
General Information
Standard status
Active
Size
2,394 SF
Property subtype
General Commercial
Zoning
IGC
Additional Details
Mezzanine
725 SF
Amenities
secured parking area
high ceilings
14-foot roll-up door
private office
restroom
mezzanine storage
new electrical
new roof
new bathroom fixtures
new drywall
3
Building Details
Year Built
1988
Buildings
1
Stories
1
Listing Agency:
Piini Realty
(831) 422-5327
Listed By:
Joe Piini · License #01889295
(831) 422-5327
Source:
Xome
Added: Jun 27
Changed: Aug 9
Last Checked: Aug 9 at 4:52AM
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 Piini Realty
Investment Insights
Based on property information with market context.
This automotive repair property offers a practical industrial-commercial configuration with 2,394 square feet on the ground floor. The layout includes high ceilings, a 14-foot roll-up door, a private office, and a restroom. A 725-square-foot mezzanine adds storage capacity, while the secured parking area supports the day-to-day needs of an operating business.
The property is located at 221 Griffin St in South Salinas and is zoned IGC by the City of Salinas. The zoning supports retail, wholesale, services, and the current automotive repair use. Building updates include electrical work, roofing, bathroom fixtures, and drywall. Constructed in 1988, the property provides an owner-user setting with dedicated parking and functional commercial improvements.
The property is located at 221 Griffin St in South Salinas and is zoned IGC by the City of Salinas. The zoning supports retail, wholesale, services, and the current automotive repair use. Building updates include electrical work, roofing, bathroom fixtures, and drywall. Constructed in 1988, the property provides an owner-user setting with dedicated parking and functional commercial improvements.
Key Highlights
- 2,394 SF ground‑floor layout with high ceilings
- 725 SF mezzanine for additional storage
- 14‑foot‑high roll‑up door
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
$34,170
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
3.33%
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%
$683,400
$683.4K
Cap Rate 7%
$488,143
$488.1K
Cap Rate 9%
$379,667
$379.7K
Market Conditions
NOI Build-Up for 2,394 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
$51.7K $21.60/SF
− Vacancy
−$2.9K −$1.21/SF
EGI
$48.8K $20.39/SF
− OpEx
−$14.6K −$6.12/SF
NOI
$34.2K $14.27/SF
Area
Salinas, CA
Vacancy
5.60%
Lease Rate
$21.60 /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%
$683,400
Cap Rate 7%
$488,143
Cap Rate 9%
$379,667
Alternative Uses
Best Use
Retail
$488.1K
$427.1K – $569.5K
NOI $34,170 @ 7.0% cap · market cap 3.33%
Second Best
Flex RnD
$347.3K
$303.9K – $405.2K
NOI $24,313 @ 7.0% cap · market cap 2.37%
Theoretical Best
Office A
$753.8K
$659.6K – $879.5K
NOI $52,768 @ 7.0% cap · market cap 5.15%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
1,459
Businesses Nearby
Well-served
Demand for This Use
Explore this area
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
Market
Vacancy Rate% for Industrial in West region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
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Frequently Asked Questions
What type of property is this?
Auto shop - Industrial-commercial building configured for automotive repair with private parking, office space, and a restroom.
Where is this auto shop located?
The property is located at 221 GRIFFIN ST Salinas, CA.
What is the asking price?
The asking price for this property is $1,025,000.
What are key features of this property?
This property features: 2,394 SF ground‑floor layout with high ceilings; 725 SF mezzanine for additional storage; 14‑foot‑high roll‑up door
