1900 Main St, Salinas, CA 93906-2034
- Community centers
- 8,348 SF
- 10.56 lot acres
Current Use by Public Records
- Verizon / Mobile Phone Store / Electronics & Wireless Store
- Verizon Business Services / Business To Business Service
Property Details for 1900 Main St
- Year built
- 1991
- Construction
- WOOD
- Lot size
- 10.56 lot acres
- Property type
- Community centers
- Property subtype
- Shopping centers
- APN
- 253-171-002-000
- APU
- 253171002000
Sales History
| Date | Price | Buyer | Seller | Deed Type | Mortgage |
|---|---|---|---|---|---|
| Oct 10, 2024 | — | Santa Rita Grf2 LLC | — | Deed · related | — |
| Sep 16, 2022 | — | Ross Dress For Less INC | Santa Rita Grf2 LLC | Lease | — |
| Oct 31, 2007 | — | Terramar Retail Centers LLC | — | Deed Of Trust · related | $55.8M · Hartford Life Insurance Co |
| — | — | Nielsen Properties Ltd | — | Deed Of Trust · related | $1.8M · New England Pension Properties |
| — | — | Santa Rita Grf2 LLC | — | Deed Of Trust · related | $10.7M · Bank Of America |
| — | — | Nielsen Properties | — | Deed Of Trust · related | $1.6M · Wells Fargo Bank |
| — | — | Gms Realty LLC | — | Deed Of Trust · related | $5M · Principal Life Insurance Co |
| — | — | Nielsen Properti | — | Deed Of Trust · related | $780k · R M Salinas Vent |
Description
This exceptional investment opportunity presents the Santa Rita Plaza, a 125,296 square foot Class B shopping center in Salinas, California. Located at a high-traffic intersection (North Main & Boronda Roads) with over 58,000 vehicles daily, this property boasts a strong tenant roster including national and regional credits such as FoodMaxx, Buffalo Wild Wings, Starbucks, Verizon, H&R Block, Vitamin Shoppe, Great Clips, and State Farm Insurance. Over 76% of the gross leasable area (GLA) is occupied by these high-credit tenants, contributing to a current occupancy rate of 94%. The property features five single-story buildings situated on a 10.56-acre lot, built in 1991. Currently generating a Net Operating Income (NOI) of $1,548,571, representing an 8.00% capitalization rate, this Core+ investment offers significant upside potential. Projected NOI growth exceeds $531,000 (34%) over a 10-year hold, driven by embedded rent increases and market rate lease renewals. The property is offered on a long-term ground lease with over 60.5 years remaining (if all options are exercised), presenting a compelling long-term investment opportunity. The asking price is $19,357,000, translating to a price per square foot of $154.49. The property's APN is 253-171-002. This grocery-anchored center is strategically positioned to benefit from the strong demographics and high traffic counts of this prime Salinas location.
Value Estimations
-
AI approach
- Method
- Estimation
- ML approach
- $655,000
-
Comparable approach
- Method
- Estimation
- AI Estimate
- $465,000
Market price range: $214k - $465k -
Alternative Use
- Use
- Estimation
- MEDICAL BUILDING
- $825,000
- APARTMENT HOUSE (5+ UNITS)
- $780,000
- COMMERCIAL (GENERAL)
- $750,000
- WAREHOUSE, STORAGE
- $640,000
- RETAIL STORES
- $570,000
Get a detailed, property-specific estimation — fast and free
Location Insight
- Map
- Local Demand
- City
- Salinas
- County
- Monterey
- State
- California
- Longitude
- -121.655
- Latitude
- 36.7201
- CBSA code
- 41500
- CBSA name
- SALINAS, CA METROPOLITAN STATISTICAL AREA
