8-Unit Apartment Building with
For Sale
$2,450,000
979 Hilby Avenue, Seaside, CA 93955
Most residences feature interior upgrades, complemented by shared laundry facilities and covered parking.
Property Size6,048 SF
Price / SF$405.09
Days on Market232
Property Features for 979 Hilby Avenue
General Information
Standard status
Active
Size
6,048 SF
Total Parking Spaces
8
Property subtype
General Commercial
Additional Details
Highway Access
Yes
Multifamily Units
8
Taxes and HOA fees
Annual Taxes
$16,890
Amenities
on-site laundry
3
Composition
R-M
Carport.
Building Details
Year Built
1979
Listing Agency:
36 North Properties
(831) 320-7116
Listed By:
Audrey Wardwell
Source:
Xome
Added: Jan 11
Changed: Aug 30
Last Checked: Aug 30 at 10:51PM
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 36 North Properties
Investment Insights
Based on property information with market context.
This 8-unit apartment property at 979 Hilby Avenue in Seaside contains 6,048 square feet and was built in 1979. Most units have been remodeled, providing updated interiors across the majority of the residential inventory. The property also includes eight covered carport spaces and on-site common-area laundry.
The property is near Highway 1, downtown Seaside, Monterey Peninsula College, CSUMB, retail centers, dining, and major employment corridors. Its R-M designation and established multifamily configuration support continued residential use in a built neighborhood setting.
The property is near Highway 1, downtown Seaside, Monterey Peninsula College, CSUMB, retail centers, dining, and major employment corridors. Its R-M designation and established multifamily configuration support continued residential use in a built neighborhood setting.
Key Highlights
- 8 residential units within a 6,048‑square‑foot apartment property
- Majority of units remodeled
- 8 covered carport parking spaces
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
$97,297
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
3.97%
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%
$1,945,940
$1.9M
Cap Rate 7%
$1,389,957
$1.4M
Cap Rate 9%
$1,081,078
$1.1M
Market Conditions
NOI Build-Up for 6,048 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
$181.4K $30.00/SF
− Vacancy
−$4.5K −$0.75/SF
EGI
$176.9K $29.25/SF
− OpEx
−$79.6K −$13.16/SF
NOI
$97.3K $16.09/SF
Area
Monterey County, CA
Vacancy
2.50%
Lease Rate
$30.00 /SF/Yr
Expense Ratio
45.00%
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%
$1,945,940
Cap Rate 7%
$1,389,957
Cap Rate 9%
$1,081,078
Alternative Uses
Best Use
Apartment 5plus
$1.39M
$1.22M – $1.62M
NOI $97,297 @ 7.0% cap · market cap 3.97%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$2.31M
$2.02M – $2.69M
NOI $161,652 @ 7.0% cap · market cap 6.60%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
8
Residential units
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
1,215
Businesses Nearby
Explore this area
Business Placement
Demographics for 93955, CA
32,703
Population
11,150
Households
2.9
Avg Household Size
34
Median Age
28%
College-Educated
81%
High-School Grad
26.3 sq mi
ZIP Area
1,243
Density / Sq Mi
$82,331
Median Household Income
$35,488
Median Earnings
$2,312
Median Rent
$693,800
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?
Apartment building - Most residences feature interior upgrades, complemented by shared laundry facilities and covered parking.
Where is this apartment building located?
The property is located at 979 Hilby Avenue Seaside, CA.
What is the asking price?
The asking price for this property is $2,450,000.
What are key features of this property?
This property features: 8 residential units within a 6,048‑square‑foot apartment property; Majority of units remodeled; 8 covered carport parking spaces
