22-Unit Apartment
For Sale
$3,995,000
608 N Sanborn Rd, Salinas, CA 93905
Consistent two-bedroom layouts, on-site laundry, and dedicated covered and open parking serve the property’s residential configuration.
Property Size17,306 SF
Price / SF$230.84
Days on Market67
Property Features for 608 N Sanborn Rd
General Information
Standard status
Active
Size
17,306 SF
Total Parking Spaces
36
Property Condition
Severity
Repairs Needed
Evidence
selective modernization
Units
Unit Mix
22 x 2BR/1BA
Multifamily Units
22
Amenities
on-site laundry
Building Details
Year Built
1974
Listing Agency:
Sotheby's International Realty
Listed By:
Chris Barre
(831) 659-2267
Source:
Myfabuloushome
Added: Aug 22
Changed: Oct 26
Last Checked: Oct 7 at 3:44PM
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 Sotheby's International Realty
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Investment Insights
Based on property information with market context.
This 22-unit apartment property in Salinas includes a consistent mix of two-bedroom, one-bath residences within a 17,306-square-foot building constructed in 1974. The existing layout provides a uniform residential offering, while future ownership may address interior updates selectively as apartments become available. An on-site laundry facility adds a practical resident amenity.
Parking includes 23 covered carport spaces and 13 additional open spaces. The property is located at 608 Sanborn Road in Salinas, California, and offers a straightforward multifamily configuration with repeatable unit layouts and established site improvements.
Parking includes 23 covered carport spaces and 13 additional open spaces. The property is located at 608 Sanborn Road in Salinas, California, and offers a straightforward multifamily configuration with repeatable unit layouts and established site improvements.
Key Highlights
- 22 units with a consistent two‑bedroom, one‑bathroom mix
- 17,306‑square‑foot apartment property constructed in 1974
- 23 covered carport spaces plus 13 open parking spaces
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$278,410
Cap Rate
6.97%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$5,568,200
$5.6M
Cap Rate 7%
$3,977,286
$4.0M
Cap Rate 9%
$3,093,444
$3.1M
Market Conditions
NOI Build-Up for 17,306 SF
Gross rent
$519.2K $30.00/SF
− Vacancy
−$13.0K −$0.75/SF
EGI
$506.2K $29.25/SF
− OpEx
−$227.8K −$13.16/SF
NOI
$278.4K $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 Rate 5%
$5,568,200
Cap Rate 7%
$3,977,286
Cap Rate 9%
$3,093,444
Alternative Uses
Best Use
Apartment 5plus
$3.98M
$3.48M – $4.64M
NOI $278,410 @ 7.0% cap · market cap 6.97%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$5.45M
$4.77M – $6.36M
NOI $381,452 @ 7.0% cap · market cap 9.55%
Zoning and permitted uses should be independently verified with authorities.
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Lease Details
22
Residential units
Location Intelligence
Trade Area within ½ mile
418
Businesses Nearby
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Business Placement
Demographics for 93905, CA
64,209
Population
14,534
Households
4.4
Avg Household Size
29
Median Age
7%
College-Educated
45%
High-School Grad
9.2 sq mi
ZIP Area
6,979
Density / Sq Mi
$75,716
Median Household Income
$30,715
Median Earnings
$1,799
Median Rent
$570,000
Median Home Value
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Market
Vacancy Rate% for Multifamily in West region
Frequently Asked Questions
What type of property is this?
Apartment building - Consistent two-bedroom layouts, on-site laundry, and dedicated covered and open parking serve the property’s residential configuration.
Where is this apartment building located?
The property is located at 608 N Sanborn Rd Salinas, CA.
What is the asking price?
The asking price for this property is $3,995,000.
What are key features of this property?
This property features: 22 units with a consistent two‑bedroom, one‑bathroom mix; 17,306‑square‑foot apartment property constructed in 1974; 23 covered carport spaces plus 13 open parking spaces
