South Salinas
New
For Sale
$930,000
915 Padre Dr, Salinas, CA 93901
Well-maintained triplex with two updated 2BR/1BA units, one 1BR/1BA unit, and parking, with new paint and flooring.
Days on Market5
Property Features for 915 Padre Dr
General Information
Standard status
Active
Property subtype
Investment
Lease Term
Call to inquire
Additional Details
Multifamily Units
3
Building Details
Building Size
2,276 SF
Year Built
1951
Tenancy
Multi
Listing Agency:
(831) 261-1801
Listed By:
Michael Singh · License #01840098
(831) 261-1801
Source:
Elliman
Added: Jul 27
Changed: Jul 28
Last Checked: Jul 30 at 6:52AM
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 Michael Singh
Investment Insights
Based on property information with market context.
This well-maintained South Salinas triplex features two units with 2 bedrooms and 1 bathroom, along with one unit with 1 bedroom and 1 bathroom. The 2BR/1BA units include large backyards and updated bathrooms. All units have new paint and new flooring, and each unit has parking.
The property is described as being within walking distance to local shopping, parks, schools, and medical offices. Reported walkability is very walkable (Walk Score 79), with some transit (Transit Score 29) and a Bike Score of 50.
The layout provides a mix of unit sizes and outdoor space on the 2BR/1BA units, with parking available for each unit and interior updates throughout.
The property is described as being within walking distance to local shopping, parks, schools, and medical offices. Reported walkability is very walkable (Walk Score 79), with some transit (Transit Score 29) and a Bike Score of 50.
The layout provides a mix of unit sizes and outdoor space on the 2BR/1BA units, with parking available for each unit and interior updates throughout.
Key Highlights
- Well‑maintained South Salinas triplex built in 1951, offered as 3 units with parking
- Unit mix: two 2BR/1BA units and one 1BR/1BA unit
- 2BR/1BA units feature updated baths and large backyards
Financial Insights For Multifamily LT 5
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 | $58.2k | $25.56 |
| − Vacancy | −$1.4k | −$0.61 |
| EGI | $56.8k | $24.95 |
| − OpEx | −$17.0k | −$7.49 |
| NOI | $39.8k | $17.47 |
2,276 SF · lease $25.56/SF/yr · vacancy 2.38% · expense 30.00%
Alternative Uses
Best Use
Multifamily LT 5
$567.9K
$496.9K – $662.6K
NOI $39,753 @ 7.0% cap · market cap 4.27%
Second Best
Apartment 5plus
$523.1K
$457.7K – $610.3K
NOI $36,615 @ 7.0% cap · market cap 3.94%
Theoretical Best
Office A
$716.7K
$627.1K – $836.1K
NOI $50,167 @ 7.0% cap · market cap 5.39%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
3
Residential units
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
1,844
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 - Well-maintained triplex with two updated 2BR/1BA units, one 1BR/1BA unit, and parking, with new paint and flooring.
Where is this duplex located?
The property is located at 915 Padre Dr Salinas, CA.
What is the asking price?
The asking price for this property is $930,000.
What are key features of this property?
This property features: Well‑maintained South Salinas triplex built in 1951, offered as 3 units with parking; Unit mix: two 2BR/1BA units and one 1BR/1BA unit; 2BR/1BA units feature updated baths and large backyards
