Duplex with Detached Garage ADU
For Sale
Under Contract
$499,000
45 Sherwood DR, Salinas, CA 93901
MULTI_FAMILY - SALINAS, CA
Property Size2,044 SF
Lot Size0.15 Acres
Price / SF$244.13
Days on Market30
Property Features for 45 Sherwood DR
General Information
Property type
Residential Multi Family
Property subtype
Duplex
Zoning
MX, Mixed USe
Bedrooms
5
Rooms
Bedroom 5, Bedroom 3, Bedroom 2, Bedroom 1, Bedroom 4
Parking
1
Parking features
Off Street, Garage - Detached
Lot features
Grade - Level
Subdivision
SS
Standard status
Active Under Contract
Size
2,044 SF
Lot size
0.15 Acres
Utilities
Heating system
Wall Furnace
Water source
Public
Building Details
Year built
1962
Number of units
2
Flooring type
Tile, Laminate
Building materials
Wood Frame
Roof type
Shingle
Listing Agency:
Compass
(831) 318-0150
Listed By:
Mark Cohan · License #01309413
(831) 869-2777
Added: Jul 11
Changed: Aug 3
Last Checked: Aug 9 at 7:06PM
MLS# ML82051443
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 duplex at 45 Sherwood Dr includes two residential units arranged with a three-bedroom, two-bath unit in the front and a two-bedroom, one-bath unit in the back. The property sits on a 0.1492-acre lot and totals 2,044 square feet. Constructed with wood frame materials and a shingle roof, the home features tile and laminate flooring and is heated with wall furnaces.
Zoned MX, Mixed USe, the property also includes off-street parking and a detached garage. The city of Salinas indicates the detached garage could be converted to an ADU; buyers should verify details and feasibility independently.
Built in 1962, the duplex is served by public water. The transaction is listed as a cash-only purchase.
Zoned MX, Mixed USe, the property also includes off-street parking and a detached garage. The city of Salinas indicates the detached garage could be converted to an ADU; buyers should verify details and feasibility independently.
Built in 1962, the duplex is served by public water. The transaction is listed as a cash-only purchase.
Key Highlights
- 0.1492‑acre lot with 2,044 SF duplex on Sherwood Dr
- Three‑bedroom, two‑bath unit in front and two‑bedroom, one‑bath unit in back
- MX, Mixed USe zoning
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
$35,701
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
7.15%
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%
$714,020
$714.0K
Cap Rate 7%
$510,014
$510.0K
Cap Rate 9%
$396,678
$396.7K
Market Conditions
NOI Build-Up for 2,044 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
$52.2K $25.56/SF
− Vacancy
−$1.2K −$0.61/SF
EGI
$51.0K $24.95/SF
− OpEx
−$15.3K −$7.49/SF
NOI
$35.7K $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%
$714,020
Cap Rate 7%
$510,014
Cap Rate 9%
$396,678
Alternative Uses
Best Use
Multifamily LT 5
$510.0K
$446.3K – $595.0K
NOI $35,701 @ 7.0% cap · market cap 7.15%
Second Best
Apartment 5plus
$469.8K
$411.0K – $548.1K
NOI $32,883 @ 7.0% cap · market cap 6.59%
Theoretical Best
Office A
$643.6K
$563.2K – $750.9K
NOI $45,053 @ 7.0% cap · market cap 9.03%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
1,474
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
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Duplex - Front three-bedroom, two-bath unit and rear two-bedroom, one-bath unit with a detached garage on MX-zoned property.
Where is this duplex located?
The property is located at 45 Sherwood DR Salinas, CA.
What is the asking price?
The asking price for this property is $499,000.
What are key features of this property?
This property features: 0.1492‑acre lot with 2,044 SF duplex on Sherwood Dr; Three‑bedroom, two‑bath unit in front and two‑bedroom, one‑bath unit in back; MX, Mixed USe zoning
