238 Capitol St Salinas, CA 93901

Property Details for 238 Capitol St

Year built

1925

Property size

550 SF

Property type

Commercial real estate

APN

002-262-007

Description

This exceptional mixed-use investment opportunity in downtown Salinas, CA, presents a rare chance to acquire a well-maintained property with significant upside potential. Located at 238 Capitol Street, directly across from the Monterey County Courthouse, this property boasts a total of three units across two buildings on a 6,482 square foot lot. The main building, a meticulously maintained approximately 1,700 square foot, five-bedroom house with a basement, offers ample space and character. A separate building at the rear of the lot comprises two apartments, one approximately 1,150 square feet and the other approximately 550 square feet. The property features a total of 550-3,400 square feet of rentable space, currently enjoying 100% occupancy since March 1, 2022, generating a Pro-Forma NOI of $58,000 and a 6.00% cap rate. Recent upgrades include newer electrical and plumbing systems throughout, a replaced sewer line, new luxury vinyl tile and granite countertops in the rear units, new LED lighting, and new windows in the upstairs apartment. The property includes three parking spaces and is situated on a lot with APN 002-262-007. Built in 1925, this property offers a blend of historical charm and modern updates, making it an ideal investment for owner-users seeking a strong return on investment in a highly desirable location. The asking price is $975,000, translating to approximately $2 per square foot.