Four-Unit
New
For Sale
$999,000
447 Soledad Street, Salinas, CA 93901
Multifamily property with a varied unit mix, three occupied residences, and one vacant unit for future leasing.
Property Size4,175 SF
Price / SF$239.28
Days on Market3
Property Features for 447 Soledad Street
General Information
Standard status
Active
Size
4,175 SF
Property subtype
Multi Family
Property Condition
Severity
Repairs Needed
Evidence
deferred maintenance
Units
Unit Mix
1 x 3BR/1.5BA, 1 x 2BR/1BA, 2 x 2BR/1.5BA
Multifamily Units
4
Taxes and HOA fees
Annual Taxes
$5,489
Building Details
Year Built
1981
Listing Agency:
Compass
(831) 809-4100
Listed By:
Chantel Henson · License #01271580
(831) 809-4100
Source:
Exitrealty
Added: Aug 20
Changed: Aug 22
Last Checked: Aug 22 at 4:01AM
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 Compass
Investment Insights
Based on property information with market context.
This four-unit multifamily property at 447 Soledad Street includes one 3-bedroom, 1.5-bath residence, one 2-bedroom, 1-bath residence, and two 2-bedroom, 1.5-bath residences. Constructed in 1981, the property is being offered in its present condition and has deferred maintenance. Three units are occupied, while Unit #3 is vacant and available for improvements followed by new tenancy, subject to applicable rental laws and regulations.
The property is located in South Salinas with access to shopping, schools, services, and major thoroughfares. The established unit configuration provides existing occupancy alongside a vacant residence that can be addressed as part of a future property improvement plan. Prospective buyers must be accompanied by an agent when accessing the property.
The property is located in South Salinas with access to shopping, schools, services, and major thoroughfares. The established unit configuration provides existing occupancy alongside a vacant residence that can be addressed as part of a future property improvement plan. Prospective buyers must be accompanied by an agent when accessing the property.
Key Highlights
- Four‑unit property with one 3‑bedroom and three 2‑bedroom residences
- Unit mix includes one 3‑bedroom, 1.5‑bath unit, one 2‑bedroom, 1‑bath unit, and two 2‑bedroom, 1.5‑bath units
- 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
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 - Multifamily property with a varied unit mix, three occupied residences, and one vacant unit for future leasing.
Where is this quadplex located?
The property is located at 447 Soledad Street 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 one 3‑bedroom and three 2‑bedroom residences; Unit mix includes one 3‑bedroom, 1.5‑bath unit, one 2‑bedroom, 1‑bath unit, and two 2‑bedroom, 1.5‑bath units; Three units occupied; Unit #3 is vacant
