Mixed-Use Retail and Office
For Sale
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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 Market319
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: Oct 25
Last Checked: Oct 26 at 6:30PM
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
Ask AI about this property
Review the available facts, identify missing information and prepare questions for the agent.
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 / Yr
$198,687
Cap Rate
9.03%
Suggested Prices Based on Cap Rates
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
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 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.
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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
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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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Market
Vacancy Rate% for Office in West region
Similar Off Market Nearby
- Destiny’s Precious Gifts — 216 Abbott St, Salinas, CA 93901
- Precious Gifts & Flowers — 216 Abbott St, Salinas, CA 93901
- Wedding Flowers — 245 Main St, Salinas, CA 93901
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.
