Corner Auto Shop With Dual
For Sale
$750,000
240 Market Street, Salinas, CA 93901
Corner-site auto shop with ingress and egress from both W. Market Street and New Street.
Property Size1,512 SF
Price / SF$496.03
Days on Market366
Property Features for 240 Market Street
General Information
Standard status
Active
Size
1,512 SF
Property subtype
General Commercial
Site & Location
Highway Access
Yes
Road Access
Yes
Amenities
3
Tar Gravel
15 Parking Spaces.
Building Details
Year Built
1967
Listing Agency:
CENTURY 21 Masters
(831) 800-7341
Listed By:
Jesse Hernandez
Source:
Xome
Added: Aug 9, 2025
Changed: Aug 9
Last Checked: Aug 9 at 1:23PM
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 CENTURY 21 Masters
Investment Insights
Based on property information with market context.
This auto shop property was built in 1967 and includes two parcel numbers associated with 240 W. Market Street and 8 New Street. The corner configuration provides access from both W. Market Street and New Street, supporting movement into and out of the site. Exterior features include a tar-gravel surface and 15 parking spaces.
The property sits along a major arterial thoroughfare in Salinas with connections toward US Hwy 101, the Monterey Peninsula, and Santa Cruz County. Its position on an inbound and outbound route gives the site direct exposure to regional traffic corridors while maintaining access from two streets.
The property sits along a major arterial thoroughfare in Salinas with connections toward US Hwy 101, the Monterey Peninsula, and Santa Cruz County. Its position on an inbound and outbound route gives the site direct exposure to regional traffic corridors while maintaining access from two streets.
Key Highlights
- Corner property with ingress and egress on W. Market Street and New Street
- Includes two parcel numbers associated with 240 W. Market Street and 8 New Street
- 15 parking spaces
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
$21,581
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
2.88%
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%
$431,620
$431.6K
Cap Rate 7%
$308,300
$308.3K
Cap Rate 9%
$239,789
$239.8K
Market Conditions
NOI Build-Up for 1,512 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
$32.7K $21.60/SF
− Vacancy
−$1.8K −$1.21/SF
EGI
$30.8K $20.39/SF
− OpEx
−$9.2K −$6.12/SF
NOI
$21.6K $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%
$431,620
Cap Rate 7%
$308,300
Cap Rate 9%
$239,789
Alternative Uses
Best Use
Retail
$308.3K
$269.8K – $359.7K
NOI $21,581 @ 7.0% cap · market cap 2.88%
Second Best
Industrial
$202.9K
$177.6K – $236.8K
NOI $14,205 @ 7.0% cap · market cap 1.89%
Theoretical Best
Office A
$476.1K
$416.6K – $555.5K
NOI $33,327 @ 7.0% cap · market cap 4.44%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
Yes
Highway access
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
2,143
Businesses Nearby
238k
Monthly Visits Nearby
Well-served
Demand for This Use
Explore this area
Business Placement
Foot Traffic Nearby
Dining 53%
Shops & Services 29%
Groceries 11%
Hotels & Casinos 5%
In-N-Out Burger
Dining
75,052 visits/mo
0.4 miles
McDonald's
Dining
29,199 visits/mo
0.4 miles
ARCO
Shops & Services
26,581 visits/mo
0.4 miles
Smart & Final
Groceries
26,247 visits/mo
0.2 miles
ARCO
Shops & Services
15,243 visits/mo
0.4 miles
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 Retail in West region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Similar Off Market Nearby
- EXCLUSIVE TINTING — 312 Abbott St, Salinas, CA 93901
- Gregory's Imports Autobody — 312 Abbott St K, Salinas, CA 93901
- CB AUTO COLLISION — 330 Maple St, Salinas, CA 93901
- Da Tint Machine — 245 maple st unit a, salinas, ca 93901
- Rhino Linings — 250 B Abbott St, Freedom, CA 95019
Frequently Asked Questions
What type of property is this?
Auto shop - Corner-site auto shop with ingress and egress from both W. Market Street and New Street.
Where is this auto shop located?
The property is located at 240 Market Street Salinas, CA.
What is the asking price?
The asking price for this property is $750,000.
What are key features of this property?
This property features: Corner property with ingress and egress on W. Market Street and New Street; Includes two parcel numbers associated with 240 W. Market Street and 8 New Street; 15 parking spaces
