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    The Largest CRE Database in the US with Over 1 Million Listings
    Property profile & analytics

    15 Palmetto St Salinas, CA 93901-1402

    • Apartment buildings
    • 6,065 SF
    • 0.61 lot acres
    OFF-MARKET
    Last Sale
    Dec 30, 2021
    $750,000
    Value Estimations
    $1,080,000
    Show details
    Cap Rate Potential
    9.5%
    Apartment buildings
    Location Intelligence
    Property ID
    US09-5016620
    The Realmo ID is a unique identifier assigned to every property, incorporating country codes and precise geo-coordinates for 300x300-foot land blocks. It enables standardized data collection and seamless integration of disparate sources such as ownership, tax, title data and physical specifications. By aggregating current and historical records, the Realmo ID powers advanced analytics and delivers deep, verifiable insights for real estate professionals.

    Current Use by Public Records

    • Apartment buildings

    Property Details for 15 Palmetto St

    Year built
    1956
    Construction
    WOOD
    Lot size
    0.61 lot acres
    Property size
    6,065 SF
    Property type
    Apartment buildings
    APN
    002-171-015-000
    APU
    2171015000

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

      Method
      Estimation
      Statistic approach
      $1,025,000
      ML approach
      $1,060,000

    • CAP approach

      CAP Return
      Estimation
      6%
      $1,625,000
      6.5%
      $1,500,000
      7%
      $1,395,000

    • Comparable approach

      Method
      Estimation
      Statistic Estimate
      $1,008,000
      Market price range: $651k - $2.15M

    • Alternative Use

      Use
      Estimation
      APARTMENT HOUSE (5+ UNITS)
      $1,335,000
      Current use

    Get a detailed, property-specific valuation — fast and free

    Location Insight

    • Map
    • Local Demand
    City
    Salinas
    County
    Monterey
    State
    California
    Longitude
    -121.659
    Latitude
    36.6792
    CBSA code
    41500
    CBSA name
    SALINAS, CA METROPOLITAN STATISTICAL AREA

    Property Tax & Assessments

    Tax date
    Tax Amount
    Assessed Land Value
    Assessed Improvement Value
    Total Assessed Value
    Applied Tax Rate
    Land Market Value
    Improvement Market Value
    Total Market Value
    2023
    $9,043
    $663,000
    $103,600
    $766,600
    -
    $0.00
    $0.00
    $0.00

    Comparable in this City

    • Value Estimation
      $685,000
      24,912 SF

      633 Archer St

      APARTMENT HOUSE (100+ UNITS) • 24,912 SF
      633 Archer St, Salinas, CA 93901-1656
      View Details
    • Value Estimation
      $395,000
      4,386 SF

      841 Bautista Dr

      APARTMENT HOUSE (100+ UNITS) • 4,386 SF
      841 Bautista Dr, Salinas, CA 93901-2430
      View Details
    • Value Estimation
      $665,000
      29,353 SF

      75 Nissen Rd

      APARTMENT HOUSE (100+ UNITS) • 29,353 SF
      75 Nissen Rd, Salinas, CA 93901-2242
      View Details
    • Value Estimation
      $350,000
      3,960 SF

      323 Riker St

      APARTMENT HOUSE (5+ UNITS) • 3,960 SF
      323 Riker St, Salinas, CA 93901-1929
      View Details
    • Value Estimation
      $340,000
      507 SF

      751 Sanborn Pl

      APARTMENT HOUSE (100+ UNITS) • 507 SF
      751 Sanborn Pl, Salinas, CA 93901-4544
      View Details
    • Value Estimation
      $290,000
      12,240 SF

      306 Soledad St

      APARTMENT HOUSE (100+ UNITS) • 12,240 SF
      306 Soledad St, Salinas, CA 93901-2777
      View Details

    Similar Nearby for Sale

    • $1,750,000

      South Salinas Multifamily Investment Opportunity

      Multifamily property in established Salinas neighborhood, close to amenities.
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      $1,750,000
      4,815 SF

      Salinas Multifamily Property For Sale

      Multifamily property in established Salinas neighborhood, near amenities and transportation.
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    • $1,050,000

      South Salinas Duplex For Sale

      South Salinas duplex featuring two homes, ideal for investment.
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    • Contact for pricing
      0.29 Acres

      Salinas Mixed-Use Commercial Property

      Prime Salinas location, high visibility, immediate occupancy.
      301 St, Salinas, CA 93901
      View Details
    • $310,000
      0.25 Acres

      Salinas Commercial Lot - Huge Potential

      0.25-acre lot, prime Salinas location. Ideal for various businesses.
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    • $4,200,000
      0.10 Acres

      Historic Salinas Hotel - Prime Location

      Oldtown Salinas Hotel, 32 Rooms + Retail
      16 Gabilan St, Salinas, CA 93901
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    Similar Nearby for Lease

    • $12 SF/Yr
      2,423 SF

      Retail Space in South Salinas

      Retail space with high visibility and on-site parking.
      921-951 S Main St, Salinas, CA 93901
      View Details
    • $24 SF/Yr
      2,700 SF

      Retail Space in South Salinas

      Retail space for lease in South Salinas with high visibility.
      1215-1273 S Main St, Salinas, CA 93901
      View Details
    • Contact for pricing
      7,038 SF

      Retail Space in Sherwood Gardens

      Retail space available in the Sherwood Gardens Shopping Center.
      1007-1045 N Main St, Salinas, CA 93901
      View Details
    • $1,575,000
      7,200 SF

      Salinas Warehouse with Fenced Yard

      7,200 SF commercial building with showroom, warehouse, and yard.
      311 E Alisal St, Salinas, CA 93901
      View Details
    • Contact for pricing
      5,302 SF

      Salinas Creative Office Space

      Prime retail/office, renovated suites.
      908 Main St, Salinas, CA 93901
      View Details
    • Contact for pricing
      2,610 SF

      Medical/Office Space with Street Visibility

      2,610 SF medical/office space with unique architectural design.
      220 San Jose St, Salinas, CA 93901
      View Details
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    15 Palmetto St
    Salinas, CA 93901-1402
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    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

    More about this property
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