12-Unit Apartment
For Sale
$3,350,000
330 Soledad Street, Salinas, CA 93901
Each residence has its own water heater for unit-level service and maintenance.
Property Size8,960 SF
Price / SF$373.88
Days on Market158
Property Features for 330 Soledad Street
General Information
Standard status
Active
Size
8,960 SF
Total Parking Spaces
4
Property subtype
5+ Units / Five or More Units
Units
Unit Mix
12 x 2BR/1BA
Multifamily Units
12
Taxes and HOA fees
Annual Taxes
$36,850
Amenities
No, None, No, 8960, None, None
12
Building Details
Year Built
1977
Buildings
2
Listing Agency:
Town'N Country Realty
(831) 262-2400
Listed By:
Mike Handley · License #01280498
(831) 262-2400
Source:
Compass
Added: Mar 26
Changed: Aug 30
Last Checked: Aug 30 at 2:42AM
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 Town'N Country Realty
Investment Insights
Based on property information with market context.
Built in 1977, this 12-unit apartment property at 330 Soledad Street contains twelve two-bedroom, one-bath residences. The building totals 8960 square feet, and every unit has a dedicated water heater. Several apartments have received updates over time, while the remaining units provide differing levels of finish across the property.
The South Salinas location places the complex near downtown, shopping, dining, and major thoroughfares. The property has a history of long-term tenancy and low turnover, with a reported 5% cap rate. Unit-specific water heating and the existing apartment configuration provide clear operating facts for evaluating the asset.
The South Salinas location places the complex near downtown, shopping, dining, and major thoroughfares. The property has a history of long-term tenancy and low turnover, with a reported 5% cap rate. Unit-specific water heating and the existing apartment configuration provide clear operating facts for evaluating the asset.
Key Highlights
- 12‑unit apartment complex with twelve 2‑bedroom, 1‑bath units
- 8960 square feet on a 1977‑built property
- Each apartment has its own water heater
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
$144,144
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
4.30%
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%
$2,882,880
$2.9M
Cap Rate 7%
$2,059,200
$2.1M
Cap Rate 9%
$1,601,600
$1.6M
Market Conditions
NOI Build-Up for 8,960 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
$268.8K $30.00/SF
− Vacancy
−$6.7K −$0.75/SF
EGI
$262.1K $29.25/SF
− OpEx
−$117.9K −$13.16/SF
NOI
$144.1K $16.09/SF
Area
Salinas, CA
Vacancy
2.50%
Lease Rate
$30.00 /SF/Yr
Expense Ratio
45.00%
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%
$2,882,880
Cap Rate 7%
$2,059,200
Cap Rate 9%
$1,601,600
Alternative Uses
Best Use
Apartment 5plus
$2.06M
$1.80M – $2.40M
NOI $144,144 @ 7.0% cap · market cap 4.30%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$2.82M
$2.47M – $3.29M
NOI $197,493 @ 7.0% cap · market cap 5.90%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
12
Residential units
Location Intelligence
Trade Area within ½ mile
2,596
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
Market
Vacancy Rate% for Multifamily in West region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Apartment building - Each residence has its own water heater for unit-level service and maintenance.
Where is this apartment building located?
The property is located at 330 Soledad Street Salinas, CA.
What is the asking price?
The asking price for this property is $3,350,000.
What are key features of this property?
This property features: 12‑unit apartment complex with twelve 2‑bedroom, 1‑bath units; 8960 square feet on a 1977‑built property; Each apartment has its own water heater
