Three Contiguous 6-Unit Multifamily
948 Lupin Drive Salinas, CA 93906
948 Lupin Drive, Salinas, CA, 93906
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For Sale
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Assembly of three contiguous six-unit multifamily properties with two-bedroom floor plans, on-site laundry, and covered parking.
Property Size15,895 SF
Lot Size0.62 Acres
Price / SF$245.36
Days on Market91
Property Features for 948 Lupin Drive
General Information
- Standard status
- Active
- Size
- 15,895 SF
- Lot size
- 0.62 Acres
- Property subtype
- Multifamily
Listing agency
Marcus & Millichap - Palo Alto
(650) 391-1700
Listed by
Robert Johnston · License #01853816
Source
Crexi
Added: Apr 23 Updated: Jul 22 at 10:09AM Checked: Jul 22 at 10:09AM
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 Marcus & Millichap - Palo Alto
Investment Insights
Based on property information with market context.
948, 956 & 962 Lupin Dr is a contiguous multifamily assembly consisting of three separate 6-unit properties. The combined site totals 0.616 acres and provides approximately 15,985 square feet of gross rentable area. Units feature two-bedroom floor plans, and residents have access to on-site laundry and private covered parking.
The property is located in North Salinas and offers convenient connectivity to major transportation corridors, including U.S. 101 and State Routes 68 and 183. Local transit is provided by Monterey-Salinas Transit, with connections at the nearby Salinas Intermodal Transportation Center that offers Amtrak and bus service. The surrounding area includes shopping options such as Sherwood Gardens and East Laurel Square, along with nearby dining and services, and regional recreation including Fort Ord National Monument and Marina State Beach.
As presented in the offering materials, the asset is positioned to serve renters with straightforward day-to-day access to amenities and transportation throughout Monterey County.
The property is located in North Salinas and offers convenient connectivity to major transportation corridors, including U.S. 101 and State Routes 68 and 183. Local transit is provided by Monterey-Salinas Transit, with connections at the nearby Salinas Intermodal Transportation Center that offers Amtrak and bus service. The surrounding area includes shopping options such as Sherwood Gardens and East Laurel Square, along with nearby dining and services, and regional recreation including Fort Ord National Monument and Marina State Beach.
As presented in the offering materials, the asset is positioned to serve renters with straightforward day-to-day access to amenities and transportation throughout Monterey County.
Key Highlights
- Three contiguous 6‑unit multifamily assets at 948, 956 & 962 Lupin Dr in Salinas, CA
- Combined 0.616 acres with approximately 15,985 SF gross rentable area
- Tenants have 2‑bedroom floor plans
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 | $476.9k | $30.00 |
| − Vacancy | −$11.9k | −$0.75 |
| EGI | $464.9k | $29.25 |
| − OpEx | −$209.2k | −$13.16 |
| NOI | $255.7k | $16.09 |
15,895 SF · lease $30.00/SF/yr · vacancy 2.50% · expense 45.00%
Alternative Uses
Best Use
Apartment 5plus
$3.65M
$3.20M – $4.26M
NOI $255,711 @ 7.0% cap · market cap 6.56%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$5.01M
$4.38M – $5.84M
NOI $350,351 @ 7.0% cap · market cap 8.98%
Zoning and permitted uses should be independently verified with local authorities.
Property Analytics
Location Intelligence
Current Use by Public Records
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FAQs
What type of property is this?
Apartment building - Assembly of three contiguous six-unit multifamily properties with two-bedroom floor plans, on-site laundry, and covered parking.
Where is this apartment building located?
The property is located at 948 Lupin Drive Salinas, CA.
What is the asking price?
The asking price for this property is $3,900,000.
What are key features of this property?
This property features: Three contiguous 6‑unit multifamily assets at 948, 956 & 962 Lupin Dr in Salinas, CA; Combined 0.616 acres with approximately 15,985 SF gross rentable area; Tenants have 2‑bedroom floor plans
