Two-Tenant Retail and Office
For Sale
$2,200,000
231 Main Street, Salinas, CA 93901
Two-tenant downtown building with a large high-ceiling open space and office area on the second floor.
Property Size7,452 SF
Price / SF$295.22
Days on Market321
Property Features for 231 Main Street
General Information
Standard status
Active
Size
7,452 SF
Property subtype
Commercial/Industrial
Additional Details
Opportunity Zone
Yes
Building Details
Year Built
1950
Tenancy
Multi
Listing Agency:
Baird Partnership, Inc.
(831) 275-0129
Listed By:
James Kendall · License #02010395
(831) 275-0129
Source:
Exitrealty
Added: Sep 26, 2025
Changed: Aug 8
Last Checked: Aug 12 at 4:37AM
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.
231 Main St. is a two-tenant commercial building offering a skincare and body spa tenant space of approximately 3,600 SF, plus a larger remaining area totaling approximately 17,452 SF. The larger space features high ceilings, skylights, and back-of-house storage, creating an open, flexible layout for a variety of uses.
The building is positioned in the heart of Downtown Salinas within an Opportunity Zone. Access includes entrances on Main St. and a second entry through the public parking lot off Monterey St. toward the rear, supporting convenient customer and staff flow.
A portion of the property includes approximately 2,736 SF of office space located on the second floor at the rear of the large open area. That second-floor space may be considered for alternative uses if adaptive reuse is pursued under the City’s Adaptive Reuse Ordinance. Overall, the configuration supports tenants or buyers seeking a property that combines a dedicated spa/retail component with a substantial open footprint and additional second-floor space.
The building is positioned in the heart of Downtown Salinas within an Opportunity Zone. Access includes entrances on Main St. and a second entry through the public parking lot off Monterey St. toward the rear, supporting convenient customer and staff flow.
A portion of the property includes approximately 2,736 SF of office space located on the second floor at the rear of the large open area. That second-floor space may be considered for alternative uses if adaptive reuse is pursued under the City’s Adaptive Reuse Ordinance. Overall, the configuration supports tenants or buyers seeking a property that combines a dedicated spa/retail component with a substantial open footprint and additional second-floor space.
Key Highlights
- Two‑tenant downtown building with 1950 construction and downtown Salinas Opportunity Zone location
- Approx. 3,600 SF skincare and body spa tenant space
- Remainder offers approx. 7,452 SF large open area with high ceilings, skylights, and back‑of‑house storage
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
$115,089
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
5.23%
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%
$2,301,780
$2.3M
Cap Rate 7%
$1,644,129
$1.6M
Cap Rate 9%
$1,278,767
$1.3M
Market Conditions
NOI Build-Up for 7,452 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
$196.7K $26.40/SF
− Vacancy
−$43.3K −$5.81/SF
EGI
$153.5K $20.59/SF
− OpEx
−$38.4K −$5.15/SF
NOI
$115.1K $15.44/SF
Area
Salinas, CA
Vacancy
22.00%
Lease Rate
$26.40 /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%
$2,301,780
Cap Rate 7%
$1,644,129
Cap Rate 9%
$1,278,767
Alternative Uses
Best Use
Office B
$1.64M
$1.44M – $1.92M
NOI $115,089 @ 7.0% cap · market cap 5.23%
Second Best
Retail
$1.52M
$1.33M – $1.77M
NOI $106,364 @ 7.0% cap · market cap 4.83%
Theoretical Best
Office A
$2.35M
$2.05M – $2.74M
NOI $164,254 @ 7.0% cap · market cap 7.47%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
2,241
Businesses Nearby
Balanced
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 Office in West region
Questions? Ask Rey
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Similar Off Market Nearby
- The WellNest Massage — 369 Main St Suite 205, Salinas, CA 93901
- Select Physical Therapy - Salinas — 408 Main St, Salinas, CA 93901
- Alpha Heart Health LLC — 100 W Alisal St #2447, Salinas, CA 93901
- Ms. Tisa Roland — 139 Auburn St, Salinas, CA 93901
- Flow Cryotherapy — 311 Salinas St, Salinas, CA 93901
Frequently Asked Questions
What type of property is this?
Spa & wellness property - Two-tenant downtown building with a large high-ceiling open space and office area on the second floor.
Where is this spa & wellness property located?
The property is located at 231 Main Street 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: Two‑tenant downtown building with 1950 construction and downtown Salinas Opportunity Zone location; Approx. 3,600 SF skincare and body spa tenant space; Remainder offers approx. 7,452 SF large open area with high ceilings, skylights, and back‑of‑house storage
