22-Unit Apartment
For Sale
$3,995,000
608 Sanborn Road, 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 Market14
Property Features for 608 Sanborn Road
General Information
Standard status
Active
Size
17,306 SF
Total Parking Spaces
36
Property subtype
General Commercial
Property Condition
Severity
Repairs Needed
Evidence
selective modernization
Units
Unit Mix
22 x 2BR/1BA
Multifamily Units
22
Taxes and HOA fees
Annual Taxes
$43,945
Amenities
on-site laundry
3
Composition
13 Parking Spaces. Carport.
Level
Security Lighting. Level.
Building Details
Year Built
1974
Listing Agency:
Sotheby's International Realty
(831) 659-2267
Listed By:
Chris Barre
Source:
Xome
Added: Aug 17
Changed: Aug 28
Last Checked: Aug 30 at 1:07PM
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
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 = 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
$278,410
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
6.97%
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%
$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
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
$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 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%
$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.
Property Analytics
Property Profile
Current Use
Lease Details
22
Residential units
Location Intelligence
Trade Area within ½ mile
418
Businesses Nearby
Explore this area
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
Market
Vacancy Rate% for Multifamily in West region
Questions? Ask Rey
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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 Sanborn Road 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
