Listing Agency: Mahoney & Associates Commercial Real Estate Show Phone

Listed By: Ian Jones · License #DRE:02165792 Show Phone

Source: Moodyscre

Added: Aug 18 Changed: Oct 2 Last Checked: Oct 5 at 8:29PM

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Investment Insights

Based on property information with market context.

This medical office property offers 2,500 square feet of functional space with reception areas, private offices, and support areas. Five private parking spaces are provided per building, supporting convenient access for occupants and visitors. An existing medical office tenant occupies the property under a month-to-month lease.

Located at 47-51 E Romie Ln in Salinas, the property provides access to Downtown Salinas, Highway 101, and surrounding commercial amenities.

Key Highlights

• 2,500 square feet of medical office space
• Reception areas, private offices, and support spaces
• Five private parking spaces per building

Financial Insights

Estimated NOI and Cap Rate

NOI / Yr

$42,120

Cap Rate

5.27%

Suggested Prices Based on Cap Rates

Cap Rate 5%

$842,400 $842.4K

Cap Rate 7%

$601,714 $601.7K

Cap Rate 9%

$468,000 $468.0K

Market Conditions

NOI Build-Up for 2,500 SF

Gross rent

$78.0K $31.20/SF

− Vacancy

−$7.8K −$3.12/SF

EGI

$70.2K $28.08/SF

− OpEx

−$28.1K −$11.23/SF

NOI

$42.1K $16.85/SF

Area

Salinas, CA

Vacancy

10.00%

Lease Rate

$31.20 /SF/Yr

Expense Ratio

40.00%

Simulate Cap Rate and NOI

Suggested Prices Based on Cap Rates

Cap Rate 5%

$842,400

Cap Rate 7%

$601,714

Cap Rate 9%

$468,000

Alternative Uses

Best Use

Healthcare Medical

$601.7K

$526.5K – $702.0K (±1% cap)

NOI $42,120 @ 7.0% cap · market cap 5.27%

Second Best

Office B

$551.6K

$482.6K – $643.5K (±1% cap)

NOI $38,610 @ 7.0% cap · market cap 4.83%

Theoretical Best

Office A

$787.2K

$688.8K – $918.4K (±1% cap)

NOI $55,104 @ 7.0% cap · market cap 6.89%

Zoning and permitted uses should be independently verified with authorities.

Property Analytics

Current Use

Medical Office Space

Suggested Use

Top Pick HVAC Service Parking Lot & Garage (Bike/Boat/Book/etc) Store Tattoo & Piercing Shop Pet Grooming Service Locksmith

Score = modeled unmet demand for each use within ~1 mi (higher = bigger opportunity). Zoning and permitted uses should be independently verified with local authorities.

Lease Details

Yes

Highway access

Location Intelligence

Trade Area within ½ mile

2,258

Businesses Nearby

Balanced

Demand for This Use

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 Office in West region

11% 2019

14.1% 2020

15.5% 2021

17.2% 2022

19.9% 2023

21% 2024

20.8% 2025

Questions? Ask Rey

Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.

What type of property is this? Where is this medical office space located? What is the asking price? Find similar properties What are key features of this property?

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Similar Off Market Nearby

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Frequently Asked Questions

What type of property is this?

Medical Office Space - Functional layouts feature reception areas, private offices, and supporting workspaces for medical operations.

Where is this medical office space located?

The property is located at 47-51 E Romie Ln Salinas, CA.

What is the asking price?

The asking price for this property is $800,000.

What are key features of this property?

This property features: 2,500 square feet of medical office space; Reception areas, private offices, and support spaces; Five private parking spaces per building