739 Pajaro StSalinas, CA 93901

This exceptional multifamily investment opportunity presents a well-maintained 22-unit apartment complex located in Salinas, California. The property comprises three buildings totaling 14,656 square feet situated on two parcels encompassing 21,933 square feet. The buildings, constructed in 1929 and 1956, boast a mix of studio, one-bedroom, and two-bedroom units, offering a diverse range of housing options. 739 Pajaro Street features six studios, two one-bedroom, and six two-bedroom apartments, characterized by high ceilings, some fireplaces, and spacious closets, reminiscent of San Francisco apartments. 109 Pine Street houses seven one-bedroom units with attractive open beam ceilings. A separate one-bedroom cottage completes the unit count. Significant upgrades have been implemented, including a new electrical main panel and subpanels in 2010, along with engineered and constructed rear stairs. Further improvements encompass window replacements, unit renovations, and fresh paint. The property also includes owned laundry equipment projected to generate $600 per month in additional revenue. Most units retain their original hardwood flooring. The property enjoys a 100% occupancy rate, generating a Net Operating Income (NOI) of $288,935, representing a 4.60% cap rate. The asking price is $6,275,000, with a price per unit of $285,227.27 and a price per square foot of $428.15. The property's address is 739 Pajaro St and 109 Pine St, Salinas, CA 93901, with APN 002-456-023-000. This is a rare opportunity to acquire a well-positioned, income-producing asset in a growing market.