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Property profile & analytics
OFF-MARKET
Estimated value
$3,420,000
Hospitals
348 Iris Dr 50, Salinas, CA 93906-3514
Entity Owned
1-yr Hold
~
Est. High Equity
Property ID
US09-2802698
Property profile
Verified
Property type
Hospitals
Use group
HOSPITAL - PRIVATE
Year built
1965
Construction
WOOD FRAME
Total area
15,848 SF
Lot
5.5 ac (239,580 SF)
APN
003-782-050-000
UPID
US09-2802698
Cap rate & NOI
Priority signal for investors
Implied cap rate, NOI & suggested price
Cap rate vs submarket · NOI estimate · 3 price anchors
Implied cap rate, NOI & suggested price
Cap vs submarket · NOI estimate · 3 price anchors
Current use
Occupant on record · Public records
-
Windsor Skyline Care Center Nursing Home
Value estimations
Realmo proprietary · 4 methods
AI Approach
AI
by Request
CAP Approach
CAP
$4.11M
Comparable Approach
Comparable
$2.23M
Blend (final)
Blend
$3.42M
Owner & transaction history
348 Iris Dr Propco LLC · 1 yrs held
348 Iris Dr Propco LLC
since 2025
7 recorded transactions
Zoning & alternative use
Permitted uses
Permitted uses
Allowed · conditional · prohibited
Top alternative use upside
Apartment house (5+ units)
$5.6M
+14.8%
Commercial (general)
$5.0M
+2.0%
Cap rate
Implied · in-place · derived from last sale + estimated NOI
Implied Cap rate
#1
Implied · in-place · NOI ÷ last sale
In-place · derived from last sale + estimated NOI
Cap rate, NOI & submarket benchmark
Implied cap rate vs Salinas submarket · NOI estimate · Typical band, median & reading
Implied cap rate, NOI & submarket benchmark
Cap vs Salinas submarket · NOI estimate · typical band, median & reading
Refine your cap rate
8-question underwriting flow
1.
Property current status — Going-In vs Stabilized
2.
Price for denominator — asking / offer / market
3.
Leasing status & lease structure (NNN / Gross)
4.
Tenant risk profile & vacancy assumption
5.
Upload T12 / rent roll / OM (optional)
Refine in 60 seconds, get exact suggested price
T12 upload · Submarket benchmarks · Sensitivity grid
Suggested price · 3 cap rate anchors
Income approach @ 5% / 7% / 9% — aggressive / typical / conservative
Suggested price at 5% / 7% / 9% cap
Aggressive / typical / conservative · Implied $/SF per anchor · Sensitivity grid
Suggested price at 5% / 7% / 9% cap
Aggressive / typical / conservative · implied $/SF · sensitivity
Value
AI, CAP & Alternative Use estimations · Realmo proprietary blendValue Estimations
Based on Realmo’s proprietary methodology
AI Approach
Method
Estimation
Statistic approach
by Request
ML approach
by Request
CAP Approach
CAP Return
Estimation
6%
$4,450,000
6.5%
$4,110,000
7%
$3,815,000
Alternative Use
Use
Estimation
MEDICAL BUILDING
$4,905,000
Current use
APARTMENT HOUSE (5+ UNITS)
$5,635,000
Change: +15% · Conversion: Moderate
COMMERCIAL (GENERAL)
$5,005,000
Change: +2% · Conversion: Easy
OFFICE BUILDING
$4,645,000
Change: -5% · Conversion: Easy
RETAIL STORES
$4,620,000
Change: -6% · Conversion: Difficult
Blend value · Realmo final
$3.42M
Range $3.08M – $3.76M · ±10%
Realmo estimate · informational only.
These numbers are calculated by our models from public records and may not reflect actual market value.
Not an appraisal.
Verify with a licensed appraiser before transacting. Realmo accepts no liability for divergence from real-world outcomes.
View the full estimation — every method, every assumption
Confidence drivers & risk notes · Custom comparable set · Free for first 3 / day
Full estimation methodology
Every method · every assumption · confidence drivers
Price per SF
Sale + rent benchmarks
Subject property
$216 / SF
Submarket sale & rent benchmarks
Median sale $/SF · Asking & closed rent · Submarket vacancy
Submarket sale & rent benchmarks
Median sale $/SF · asking & closed rent · submarket vacancy
Property tax & assessments
Tax year 2023Property tax & assessments
Tax year 2023
Tax billed
$75,947
Tax year 2023
Assessed value
$6,534,089
Assessed 2023
Previous assessed
$6,534,089
+0.0% YoY
Effective rate
1.16%
On assessed value
Assessed land
$2,099,596
Assessed improvement
$4,434,493
Applied tax rate
5.0000
Comparables
6 recent transactions · within 1.5 miComparable in this city
6 recent transactions
Comparable in this City
Similar Nearby for Sale
Similar Nearby for Lease
Recent comparable sales
Sale price & price/SF · Sale date & distance · Adjustments & confidence
Recent comparable sales
Sale price & $/SF · sale date & distance · adjustments
Property description
Physical attributes from public recordsBuilding & lot
Public records
Property type
Hospitals
Use group
HOSPITAL - PRIVATE
Status
Off-Market
Year built
1965
Construction
WOOD FRAME
Heating
NONE
Buildings
3
Stories
1
Rooms
62
Bathrooms
83
Total area
15,848 SF
Lot
5.5 ac (239,580 SF)
APN
003-782-050-000
UPID
US09-2802698
Jurisdiction
MONTEREY
Zoning & alternative use
Zoning · permitted uses
Permitted & conditional uses
Allowed uses · Special-permit conditions · Prohibited uses
Permitted & conditional uses
Allowed · special-permit conditions · prohibited
Alternative use value scenarios
Repositioning upside vs current use
MEDICAL BUILDING Current
Est. value
$4.9M
APARTMENT HOUSE (5+ UNITS)
Est. value
$5.6M
COMMERCIAL (GENERAL)
Est. value
$5.0M
OFFICE BUILDING
Est. value
$4.6M
RETAIL STORES
Est. value
$4.6M
MEDICAL BUILDING Current
APARTMENT HOUSE (5+ UNITS)
COMMERCIAL (GENERAL)
OFFICE BUILDING
RETAIL STORES
Alternative use deep dive — conversion cost, permits, timeline
Conversion cost estimate · Permit path & risks · Stabilized NOI per option
Alternative use deep dive
Conversion cost · permit path · stabilized NOI per option
Building & site characteristics
From public records
Year built
1965
Construction
WOOD FRAME
Heating
NONE
Stories
1
Buildings
3
Rooms
62
Bathrooms
83
Lot
5.5 ac
Current owner
From public records · entity-resolved
348 Iris Dr Propco LLC
Entity
Mailing address
PO BOX 7880, STOCKTON, CA 95267-0880
Ownership since
2025
Owner contacts — direct phone, email, and related entities
Decision-maker phone · Verified email · Related entities & filings
Owner contacts
Email · phone · related entities
Sales History
9 recorded events · public records
Date
Price
Buyer
Seller
Deed Type
Mortgage
Feb 4, 2025
$24,644,000
348 Iris Dr Propco LLC
Monterey Pleasant Hill LP
Grant Deed
$11,015,000 · Oxford Finance LLC
Nov 30, 2016
—
Monterey Of Pleasant Hill LP
—
Deed
related
$5,187,497 · Comerica Bk
Dec 6, 2010
—
Monterey Of Pleasant Hill LP
—
Deed Of Trust
related
$5,947,500 · Comerica Bank
Dec 4, 1989
$3,000,000
B L H Properties
Western Medical
Trustees Deed
—
Dec 4, 1989
—
Monterey,pleasan
Blh Properties
Trustees Deed
related
—
—
—
Monterey Of Pleasant Hill LP
—
Loan Modification
related
$5,187,497 · Comerica Bk
—
—
Monterey Of Pleasant Hill LP
—
Loan Modification
related
—
—
—
Monterey Pleasant Hill LP
—
Deed Of Trust
related
$13,020,434 · Capital Lending & Mortgage Gro
—
—
Monterey/pleasant Hill LP
—
Deed Of Trust
related
$13,700,000 · Finova Capital Corp
Coming soon
Costs & Benchmarks
Operating expenses, capex projections, utility benchmarks, and submarket comparables — all in one view.
Coming soon
Risks
Flood, climate, environmental, title, and tenant-concentration risk — surfaced with mitigations and source citations.
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