Three-Building Multifamily Apartment
83 Castro Street Salinas, CA 93906
83 Castro Street, Salinas, CA, 93906
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For Sale
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Three-building complex with 16 two-bedroom, one-bath units, private outdoor spaces, and recent exterior and unit improvements.
Property Size12,457 SF
Price / SF$337.08
Days on Market56
Property Features for 83 Castro Street
General Information
- Standard status
- Active
- Size
- 12,457 SF
- Property subtype
- Multifamily
Building Details
- Year Built
- 1983
Listing agency
Albers Real Estate
(831) 372-1922
Listed by
Hap Albers · License #CA 01006595
Source
Crexi
Added: May 29 Updated: Jul 22 at 9:25PM Checked: Jul 22 at 9:25PM
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 Albers Real Estate
Investment Insights
Based on property information with market context.
83 Castro Street is a three-building multifamily apartment complex with 16 two-bedroom, one-bath units. The property was constructed in 1983 and includes two offices: one for management and a second used for storage by the ownership group. Many units feature private decks or enclosed patios, including some that are described as spacious. Interior updates include remodeled units with new bathroom fixtures, bathroom fans, kitchens, lighting, and flooring, along with mini blinds.
Recent capital improvements are highlighted throughout the complex, including replacement of most wood siding within the last three years, deck replacement and repairs within the last four years, exterior repainting, and new Jeld-Wen vinyl windows in all units. The SB721 Inspection is noted as cleared with no red flags. A new water pressure regulator was installed in January 2026.
Overall, the property’s unit interiors and select exterior components have been maintained and updated, supporting a turnkey physical presentation for prospective buyers.
Recent capital improvements are highlighted throughout the complex, including replacement of most wood siding within the last three years, deck replacement and repairs within the last four years, exterior repainting, and new Jeld-Wen vinyl windows in all units. The SB721 Inspection is noted as cleared with no red flags. A new water pressure regulator was installed in January 2026.
Overall, the property’s unit interiors and select exterior components have been maintained and updated, supporting a turnkey physical presentation for prospective buyers.
Key Highlights
- Three‑building apartment complex built in 1983 with 16 two‑bedroom, one‑bath units
- Most units include a private deck or enclosed patio
- Recent exterior upgrades: wood siding replaced in last 3 years and exterior repainted
Local Financial Insights For Apartment 5plus
Simulate Cap Rate and NOI
NOI Build-Up
- 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.
| Component | $ | $/SF |
|---|---|---|
| Gross rent | $373.7k | $30.00 |
| − Vacancy | −$9.3k | −$0.75 |
| EGI | $364.4k | $29.25 |
| − OpEx | −$164.0k | −$13.16 |
| NOI | $200.4k | $16.09 |
12,457 SF · lease $30.00/SF/yr · vacancy 2.50% · expense 45.00%
Alternative Uses
Best Use
Apartment 5plus
$2.86M
$2.51M – $3.34M
NOI $200,402 @ 7.0% cap · market cap 4.77%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$3.92M
$3.43M – $4.58M
NOI $274,572 @ 7.0% cap · market cap 6.54%
Zoning and permitted uses should be independently verified with local authorities.
Property Analytics
Location Intelligence
Current Use by Public Records
Ridgeview Apartments
Apartment Building
Reyes Carpet Cleaning
Carpet Cleaning Service
L services garcia
Construction Company
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FAQs
What type of property is this?
Apartment building - Three-building complex with 16 two-bedroom, one-bath units, private outdoor spaces, and recent exterior and unit improvements.
Where is this apartment building located?
The property is located at 83 Castro Street Salinas, CA.
What is the asking price?
The asking price for this property is $4,199,000.
What are key features of this property?
This property features: Three‑building apartment complex built in 1983 with 16 two‑bedroom, one‑bath units; Most units include a private deck or enclosed patio; Recent exterior upgrades: wood siding replaced in last 3 years and exterior repainted
