Four-Unit Residential
New
For Sale
$999,000
447 Soledad ST, Salinas, CA 93901
Residential Income (2-4 units), SALINAS, CA
Property Size4,175 SF
Lot Size0.18 Acres
Price / SF$239.28
Days on Market3
Property Features for 447 Soledad ST
General Information
Property type
Residential Multi Family
Property subtype
Other
Zoning
R-M-2.9
Bedrooms
9
Rooms
Bedroom 3, Bedroom 4, Bedroom 1, Bedroom 5, Bedroom 8, Bedroom 6, Bedroom 2, Bedroom 9, Bedroom 7
Parking features
Assigned, On Street, Covered
Subdivision
SS
Standard status
Active
Size
4,175 SF
Lot size
0.18 Acres
Utilities
Heating system
Wall Furnace
Water source
Public
Building Details
Year built
1981
Number of units
4
Roof type
Tar/Gravel
Listing Agency:
Compass
(831) 318-0150
Listed By:
Chantel Henson · License #01271580
(831) 809-4100
Added: Aug 19
Last Checked: Aug 21 at 2:06AM
MLS# ML82057880
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.
This four-unit residential property contains 4,175 square feet and was built in 1981. The configuration includes one three-bedroom, one-and-a-half-bath residence, one two-bedroom, one-bath residence, and two two-bedroom, one-and-a-half-bath residences. Three units are occupied, while Unit #3 is vacant. The property has deferred maintenance and is offered in its present condition.
Located in South Salinas, the property provides access to shopping, schools, services, and major thoroughfares. Zoning is R-M-2.9. On-site features include assigned and covered parking, with additional on-street parking. The building is served by public water, heated by wall furnace, and topped with a tar/gravel roof.
Located in South Salinas, the property provides access to shopping, schools, services, and major thoroughfares. Zoning is R-M-2.9. On-site features include assigned and covered parking, with additional on-street parking. The building is served by public water, heated by wall furnace, and topped with a tar/gravel roof.
Key Highlights
- Four‑unit property with 4,175 square feet, built in 1981
- Unit mix: one 3BR/1.5BA, one 2BR/1BA, and two 2BR/1.5BA residences
- Three units occupied; Unit #3 is vacant
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
$72,921
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
7.30%
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%
$1,458,420
$1.5M
Cap Rate 7%
$1,041,729
$1.0M
Cap Rate 9%
$810,233
$810.2K
Market Conditions
NOI Build-Up for 4,175 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
$106.7K $25.56/SF
− Vacancy
−$2.5K −$0.61/SF
EGI
$104.2K $24.95/SF
− OpEx
−$31.3K −$7.49/SF
NOI
$72.9K $17.47/SF
Area
Salinas, CA
Vacancy
2.38%
Lease Rate
$25.56 /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%
$1,458,420
Cap Rate 7%
$1,041,729
Cap Rate 9%
$810,233
Alternative Uses
Best Use
Multifamily LT 5
$1.04M
$911.5K – $1.22M
NOI $72,921 @ 7.0% cap · market cap 7.30%
Second Best
Apartment 5plus
$959.5K
$839.6K – $1.12M
NOI $67,165 @ 7.0% cap · market cap 6.72%
Theoretical Best
Office A
$1.31M
$1.15M – $1.53M
NOI $92,024 @ 7.0% cap · market cap 9.21%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
4
Residential units
75%
Occupancy
Location Intelligence
Trade Area within ½ mile
2,803
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?
Quadplex - Unit mix includes three occupied apartments and one vacant unit for future leasing.
Where is this quadplex located?
The property is located at 447 Soledad ST Salinas, CA.
What is the asking price?
The asking price for this property is $999,000.
What are key features of this property?
This property features: Four‑unit property with 4,175 square feet, built in 1981; Unit mix: one 3BR/1.5BA, one 2BR/1BA, and two 2BR/1.5BA residences; Three units occupied; Unit #3 is vacant
