Multi-Tenant Office
New
For Sale
$5,400,000
318 Cayuga ST, Salinas, CA 93901
Commercial/Industrial, SALINAS, CA
Property Size20,212 SF
Lot Size0.27 Acres
Price / SF$267.17
Days on Market2
Property Features for 318 Cayuga ST
General Information
Property type
Commercial Sale
Property subtype
Other
Zoning
CO/R
Parking features
Covered, Off Street, On Street
Subdivision
Mission Park
Standard status
Active
Lot size
0.27 Acres
Utilities
Heating system
Central, Forced Air
Cooling system
Central Air
Water source
Private
Amenities
reinforced concrete foundation
painted wood-sided exterior walls
suspended acoustical tile ceilings
multiple HVAC zones
fire/smoke alarm systems
solar system
Building Details
Year built
1979
Flooring type
Laminate, Carpet
Roof type
Tar/Gravel
Listing Agency:
KW Coastal Estates · Keller Williams Realty
(831) 622-6200
Listed By:
Monterey Peninsula Home Team · License #70000352
(831) 594-3290
Added: Sep 10
Last Checked: Sep 11 at 4:06AM
MLS# ML82060826
Copyright © 2026 MLS Listings, Inc. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
Located at 318 Cayuga St in Salinas, this fully leased, multi-tenant office building offers approximately 20,212 square feet across two stories on an approximately 11,700-square-foot parcel. The 1979 property has a reinforced concrete foundation, structural steel framing, painted wood siding, suspended acoustical tile ceilings, laminate and carpet flooring, a passenger elevator, and multiple HVAC zones. Fire and smoke alarm systems, covered parking, and a recently installed solar system are also included.
The property is positioned in Salinas, a regional business center and county seat serving Monterey County. The surrounding employment base includes agriculture, healthcare, government services, and manufacturing, with nearby County offices, Salinas Valley Memorial Hospital, and private-sector businesses. The building is zoned CO/R in the property record and has private water service, a tar-and-gravel roof, central air, and forced-air heating.
The property is positioned in Salinas, a regional business center and county seat serving Monterey County. The surrounding employment base includes agriculture, healthcare, government services, and manufacturing, with nearby County offices, Salinas Valley Memorial Hospital, and private-sector businesses. The building is zoned CO/R in the property record and has private water service, a tar-and-gravel roof, central air, and forced-air heating.
Key Highlights
- Fully leased two‑story office building with approximately 20,212 SF
- Multi‑tenant occupancy with multiple office users in place
- Approximately 11,700‑square‑foot parcel at 318 Cayuga St
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
$312,154
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
5.78%
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%
$6,243,080
$6.2M
Cap Rate 7%
$4,459,343
$4.5M
Cap Rate 9%
$3,468,378
$3.5M
Market Conditions
NOI Build-Up for 20,212 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
$533.6K $26.40/SF
− Vacancy
−$117.4K −$5.81/SF
EGI
$416.2K $20.59/SF
− OpEx
−$104.1K −$5.15/SF
NOI
$312.2K $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%
$6,243,080
Cap Rate 7%
$4,459,343
Cap Rate 9%
$3,468,378
Alternative Uses
Best Use
Office B
$4.46M
$3.90M – $5.20M
NOI $312,154 @ 7.0% cap · market cap 5.78%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$6.36M
$5.57M – $7.43M
NOI $445,505 @ 7.0% cap · market cap 8.25%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Open Analytics
Current Use
Lease Details
100%
Occupancy
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
2,108
Businesses Nearby
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
Check the figures for this property
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?
Office building - Fully leased two-story office property with elevator access, multiple HVAC zones, covered parking, and a recently installed solar system.
Where is this office building located?
The property is located at 318 Cayuga ST Salinas, CA.
What is the asking price?
The asking price for this property is $5,400,000.
What are key features of this property?
This property features: Fully leased two‑story office building with approximately 20,212 SF; Multi‑tenant occupancy with multiple office users in place; Approximately 11,700‑square‑foot parcel at 318 Cayuga St
