Single-Level
New
For Sale
$825,000
646-648 Wilson St, Salinas, CA 93901
Two separate residences offer single-level living with garage parking and private outdoor space.
Property Size1,882 SF
Price / SF$438.36
Days on Market2
Property Features for 646-648 Wilson St
General Information
Standard status
Active
Size
1,882 SF
Property subtype
Multi-Family
Additional Details
Multifamily Units
2
Amenities
hardwood flooring
abundant natural light
garage parking
private outdoor space
Building Details
Year Built
1947
Listing Agency:
Coast & Valley Properties, Inc.
Listed By:
Amy M. Salmina · License #01494129
(831) 757-1270
Source:
Pebblebeachproperties
Added: Sep 16
Last Checked: Sep 16 at 2:39PM
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 Coast & Valley Properties, Inc.
Investment Insights
Based on property information with market context.
Built in 1947, this 1,882-square-foot duplex contains two separate residences arranged for single-level living. Interior features include hardwood flooring and abundant natural light, while the property also provides garage parking and private outdoor areas.
The property is located at 646-648 Wilson St in Salinas, near downtown, shopping, restaurants, schools, and major commuter routes. Its two-residence configuration supports a range of ownership arrangements, including multigenerational living, owner occupancy with rental income, or continued use as an income-producing property.
The property is located at 646-648 Wilson St in Salinas, near downtown, shopping, restaurants, schools, and major commuter routes. Its two-residence configuration supports a range of ownership arrangements, including multigenerational living, owner occupancy with rental income, or continued use as an income-producing property.
Key Highlights
- 1,882‑square‑foot duplex built in 1947
- Two separate residences with single‑level layouts
- Hardwood flooring and abundant natural light
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
$32,871
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
3.98%
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%
$657,420
$657.4K
Cap Rate 7%
$469,586
$469.6K
Cap Rate 9%
$365,233
$365.2K
Market Conditions
NOI Build-Up for 1,882 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
$48.1K $25.56/SF
− Vacancy
−$1.1K −$0.61/SF
EGI
$47.0K $24.95/SF
− OpEx
−$14.1K −$7.49/SF
NOI
$32.9K $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%
$657,420
Cap Rate 7%
$469,586
Cap Rate 9%
$365,233
Alternative Uses
Best Use
Multifamily LT 5
$469.6K
$410.9K – $547.9K
NOI $32,871 @ 7.0% cap · market cap 3.98%
Second Best
Apartment 5plus
$432.5K
$378.5K – $504.6K
NOI $30,277 @ 7.0% cap · market cap 3.67%
Theoretical Best
Office A
$592.6K
$518.5K – $691.4K
NOI $41,482 @ 7.0% cap · market cap 5.03%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
681
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?
Duplex - Two separate residences offer single-level living with garage parking and private outdoor space.
Where is this duplex located?
The property is located at 646-648 Wilson St Salinas, CA.
What is the asking price?
The asking price for this property is $825,000.
What are key features of this property?
This property features: 1,882‑square‑foot duplex built in 1947; Two separate residences with single‑level layouts; Hardwood flooring and abundant natural light
