739 Pajaro StSalinas, CA 93901

Property Details for 739 Pajaro St

Year built

1929

Construction

WOOD

Lot size

0.28 AC

Property size (Sq ft)

10,806 SF

Property type

Residential income properties

Property subtype

Other apartment buildings

APN

002-456-023-000

APU

2456023000

Description

This exceptional multifamily investment opportunity presents a well-maintained 22-unit apartment complex situated on a half-acre lot in Salinas, CA. The property comprises three separate buildings totaling 14,656 square feet, strategically located across two parcels encompassing 21,933 square feet. The main building at 739 Pajaro Street, boasting 10,806 square feet on a 12,213 square foot lot, features a desirable unit mix including six studios, two one-bedroom, and six two-bedroom apartments. These units offer a unique San Francisco-style aesthetic with high ceilings, fireplaces in select units, and spacious closets. A second building located at 109 Pine Street, encompassing 3,850 square feet on a 9,720 square foot lot, houses seven one-bedroom units, each featuring attractive open beam ceilings. Completing the portfolio is a charming one-bedroom cottage. Significant upgrades enhance the property's value and appeal, including a complete overhaul of the electrical system (main panel, subpanels, and rear stairs engineered and constructed in 2010), updated windows, remodeled units, and fresh paint throughout. The property also includes owned laundry equipment projected to generate $600 per month in additional revenue. While most units retain their original hardwood flooring, the overall condition reflects a commitment to quality and maintenance. This property offers a compelling investment opportunity with strong potential for immediate cash flow and long-term appreciation. Priced at $6,275,000.

• CAP approach

  CAP return

  Valuation

  6%

  $4,012,588

  6.5%

  $3,703,927

  7%

  $3,439,361

• Comparable approach

  Method

  Valuation

  Relative Method

  $4,671,548

  Geo Method

  $4,671,548

• Alternative Use

  Use

  Valuation

  Residential

  $3,703,927

  Hospitality

  $3,392,777

  Educational

  $2,822,751

  Medical

  $2,919,830

  Retail

  $4,390,946

Location Insight

City

Salinas

County

Monterey

State

California

Latitude

36.6656

Longitude

-121.654

CBSA code

41500

CBSA name

SALINAS, CA METROPOLITAN STATISTICAL AREA

Property Tax & Assessments

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