Medical Office Space with 8+ Exam
For Sale
Contact for pricing
262 San Jose St, Salinas, CA 93901
Medical office space in a CO zone with 8+ exam rooms and shared parking for 91 vehicles.
Property Size5,241 SF
Price / SF$352.99
Days on Market208
Property Features for 262 San Jose St
General Information
Standard status
Active
Size
5,241 SF
Property subtype
OFFICE
Zoning
CO
Additional Details
HOA Fee
$1,650
Building Details
Year Built
1980
Listing Agency:
Cushman & Wakefield | Salinas
(831) 449-8000
Listed By:
Woody Fenley
(831) 320-8060
Source:
Moodyscre
Added: Feb 19
Changed: Sep 14
Last Checked: Sep 15 at 11:44AM
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 Cushman & Wakefield | Salinas
Investment Insights
Based on property information with market context.
This medical office space was built in 1980 and is designed for exam-driven care. The interior includes 8+ exam rooms, multiple private offices, dedicated work areas, and restrooms, supporting both clinical and administrative workflows.
Located at 262 San Jose St in Salinas, the property is part of the Los Palos Medical Village Planned Unit Development, with shared parking for 91 vehicles. Association dues cover parking lot or ground maintenance, building insurance, project painting, and trash.
The layout provides clear separation between patient areas and private workspaces, making it suitable for organizations seeking an exam-room based office environment within a planned medical village setting.
Located at 262 San Jose St in Salinas, the property is part of the Los Palos Medical Village Planned Unit Development, with shared parking for 91 vehicles. Association dues cover parking lot or ground maintenance, building insurance, project painting, and trash.
The layout provides clear separation between patient areas and private workspaces, making it suitable for organizations seeking an exam-room based office environment within a planned medical village setting.
Key Highlights
- 8+ exam rooms plus multiple private offices
- Dedicated work areas and restrooms
- Built in 1980
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
$88,300
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
4.77%
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%
$1,766,000
$1.8M
Cap Rate 7%
$1,261,429
$1.3M
Cap Rate 9%
$981,111
$981.1K
Market Conditions
NOI Build-Up for 5,241 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
$163.5K $31.20/SF
− Vacancy
−$16.4K −$3.12/SF
EGI
$147.2K $28.08/SF
− OpEx
−$58.9K −$11.23/SF
NOI
$88.3K $16.85/SF
Area
Salinas, CA
Vacancy
10.00%
Lease Rate
$31.20 /SF/Yr
Expense Ratio
40.00%
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%
$1,766,000
Cap Rate 7%
$1,261,429
Cap Rate 9%
$981,111
Alternative Uses
Best Use
Healthcare Medical
$1.26M
$1.10M – $1.47M
NOI $88,300 @ 7.0% cap · market cap 4.77%
Second Best
Office B
$1.16M
$1.01M – $1.35M
NOI $80,942 @ 7.0% cap · market cap 4.38%
Theoretical Best
Office A
$1.65M
$1.44M – $1.93M
NOI $115,520 @ 7.0% cap · market cap 6.24%
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
1,458
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
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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?
Medical Office Space - Medical office space in a CO zone with 8+ exam rooms and shared parking for 91 vehicles.
Where is this medical office space located?
The property is located at 262 San Jose St Salinas, CA.
What is the asking price?
The asking price for this property is $1,850,000.
What are key features of this property?
This property features: 8+ exam rooms plus multiple private offices; Dedicated work areas and restrooms; Built in 1980
