Mixed-Use Retail and Office
For Sale
Contact for pricing
231 Main St, Salinas, CA 93901
Two-tenant storefront building with spa space and a large open second-floor area with office and storage.
Property Size12,865 SF
Price / SF$171.01
Days on Market274
Property Features for 231 Main St
General Information
Standard status
Active
Size
12,865 SF
Property subtype
RETAIL
Listing Agency:
Mahoney & Associates Commercial Real Estate
(831) 646-1919
Listed By:
James Kendall
(831) 275-0129
Source:
Moodyscre
Added: Dec 12, 2025
Changed: Aug 8
Last Checked: Sep 12 at 9:18AM
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.
231 Main St. is a two-tenant commercial building offering dedicated spa and office-ready space within a single property. The existing layout includes approximately 3,600 SF occupied by a skincare and body spa, with the remainder of the building totaling about 7,452 SF as a large open second-floor space. That open area features high ceilings, skylights, and back-of-house storage, supporting a flexible finish for a variety of uses.
The building has entrances on both Main St. and from the public parking lot off of Monterey St. at the rear, providing access from both the front and rear sides of the property. On the second floor, the rear portion of the large open space includes approximately 2,736 SF of office space.
The property also presents an additional second-floor option: the office space at the rear could potentially be converted into apartment space if the City’s Adaptive Reuse Ordinance is applicable.
The building has entrances on both Main St. and from the public parking lot off of Monterey St. at the rear, providing access from both the front and rear sides of the property. On the second floor, the rear portion of the large open space includes approximately 2,736 SF of office space.
The property also presents an additional second-floor option: the office space at the rear could potentially be converted into apartment space if the City’s Adaptive Reuse Ordinance is applicable.
Key Highlights
- Two‑tenant storefront building in Downtown Salinas with entrances on Main St. and the rear public parking lot off Monterey St.
- Skincare and body spa tenant space of approx. 3,600 SF.
- Large open second‑floor area approx. 7,452 SF 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
$198,687
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
9.03%
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%
$3,973,740
$4.0M
Cap Rate 7%
$2,838,386
$2.8M
Cap Rate 9%
$2,207,633
$2.2M
Market Conditions
NOI Build-Up for 12,865 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
$339.6K $26.40/SF
− Vacancy
−$74.7K −$5.81/SF
EGI
$264.9K $20.59/SF
− OpEx
−$66.2K −$5.15/SF
NOI
$198.7K $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%
$3,973,740
Cap Rate 7%
$2,838,386
Cap Rate 9%
$2,207,633
Alternative Uses
Best Use
Office B
$2.84M
$2.48M – $3.31M
NOI $198,687 @ 7.0% cap · market cap 9.03%
Second Best
Retail
$2.62M
$2.30M – $3.06M
NOI $183,626 @ 7.0% cap · market cap 8.35%
Theoretical Best
Office A
$4.05M
$3.54M – $4.73M
NOI $283,565 @ 7.0% cap · market cap 12.89%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Open Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
2,347
Businesses Nearby
Under-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
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Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Office in West region
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Frequently Asked Questions
What type of property is this?
Storefront property - Two-tenant storefront building with spa space and a large open second-floor area with office and storage.
Where is this storefront property 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: Two‑tenant storefront building in Downtown Salinas with entrances on Main St. and the rear public parking lot off Monterey St.; Skincare and body spa tenant space of approx. 3,600 SF.; Large open second‑floor area approx. 7,452 SF with high ceilings, skylights, and back‑of‑house storage.
