Prime Retail Space in
For Sale
Contact for pricing
231 Main St, Salinas, CA
High-visibility retail/restaurant space in the heart of Oldtown Salinas.
Property Size10,189 SF
Lot Size0.21 Acres
Price / SF$215.92
Days on Market258
Property Features for 231 Main St
General Information
Standard status
Active
Size
10,189 SF
Lot size
0.21 Acres
Property subtype
RETAIL
Properties For Sale
at 231 Main St Contact us- Floor
- Bldg
- Size
- 12,865 SF
- Type
- RETAIL
- Availability
- AVAILABLE, Now
- Sublease
- No
231 Main St
- Mahoney & Associates is pleased to present for lease 231 Main St. located in the...
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Listing Agency:
Mahoney & Associates Commercial Real Estate
(831) 275-0129
Listed By:
James Kendall
(831) 275-0129
Source:
Moodyscre
Added: Nov 24, 2025
Changed: Aug 8
Last Checked: May 19 at 8:51PM
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 Oldtown Salinas, 231 Main St. offers a high-visibility location suitable for various retail uses or a restaurant. The property features 7,452 sq. ft. of mostly ground floor space with high ceilings, skylights, and a bar area. Space is available for a kitchen and additional storage. Entrances are located on both Main St. and the public parking lot off of Monterey St. at the rear of the building. Above the rear section of the building, there is an additional 2,736 sq. ft. of office space. This office space could be converted into apartment space if the City’s Adaptive Reuse Ordinance is passed. The property benefits from high traffic in the area.
Key Highlights
- High‑visibility, high‑traffic location in the heart of "Oldtown" Salinas.
- Large ground floor space (7,452 sq. ft.) suitable for retail or restaurant use.
- Features include high ceilings, skylights, and a bar area.
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
$165,520
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
7.52%
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%
$3,310,400
$3.3M
Cap Rate 7%
$2,364,571
$2.4M
Cap Rate 9%
$1,839,111
$1.8M
Market Conditions
NOI Build-Up for 10,189 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
$232.3K $22.80/SF
− Vacancy
−$11.6K −$1.14/SF
EGI
$220.7K $21.66/SF
− OpEx
−$55.2K −$5.42/SF
NOI
$165.5K $16.25/SF
Area
Salinas, CA
Vacancy
5.00%
Lease Rate
$22.80 /SF/Yr
Expense Ratio
25.00%
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%
$3,310,400
Cap Rate 7%
$2,364,571
Cap Rate 9%
$1,839,111
Alternative Uses
Best Use
Specialty Retail
$2.36M
$2.07M – $2.76M
NOI $165,520 @ 7.0% cap · market cap 7.52%
Second Best
Retail
$2.08M
$1.82M – $2.42M
NOI $145,430 @ 7.0% cap · market cap 6.61%
Theoretical Best
Office A
$3.21M
$2.81M – $3.74M
NOI $224,582 @ 7.0% cap · market cap 10.21%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
2,481
Businesses Nearby
122k
Monthly Visits Nearby
Explore this area
Business Placement
Foot Traffic Nearby
Shops & Services 58%
Dining 40%
Hotels & Casinos 2%
Jack in the Box
Dining
20,758 visits/mo
0.4 miles
Chase Bank
Shops & Services
19,405 visits/mo
0.1 miles
Taco Bell
Dining
16,244 visits/mo
0.3 miles
Wells Fargo
Shops & Services
13,070 visits/mo
0.2 miles
Starbucks
Dining
12,084 visits/mo
0.1 miles
Market
Vacancy Rate% for Retail in West region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Retail space - High-visibility retail/restaurant space in the heart of Oldtown Salinas.
Where is this retail space located?
The property is located at 231 Main St Salinas, CA.
What is the asking price?
The asking price for this property is $2,200,000.
What are key features of this property?
This property features: High‑visibility, high‑traffic location in the heart of "Oldtown" Salinas.; Large ground floor space (7,452 sq. ft.) suitable for retail or restaurant use.; Features include high ceilings, skylights, and a bar area.
