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32278110
32278131

301 Main St., Salinas, CA 93901

PS
CA 01857243
Mahoney & Associates
JJ
CA CA 01352818
Mahoney & Associates
RE
CA 01403313
Mahoney & Associates
Mahoney & Associates
Listed by Mahoney & Associates
$13,950,000
31 days on market
Updated 8 days ago
Opportunity zone

Completely Renovated Mixed-Use Property

Details
APN 002-233-019
Property Type Mixed Use, Multifamily (+1)
Sub Type Apartment Building, Restaurant
Square Footage 39,327
Units 50
Cap Rate 5.61%
NOI $782,136
Occupancy 100%
Tenancy Multi
Year Built 1930
Year Renovated 2022
Buildings 1
Stories 6
Lot Size (SqFt) 6,200
Zoning MX - Mixed Use
Investment Type Stabilized
Ground Lease No
Ownership Fee Simple

Mixed Use | 5.61% CAP | 39,327 SqFt

Marketing description

Mahoney & Associates is pleased to present to the market 301 Main Street in Salinas CA. This iconic six-story property is located in the heart of downtown Salinas and just blocks away from the recently built +/- 100,000 square foot Taylor Farms Headquarters and Monterey County Superior Courthouse. The ground floor of the building is leased to Alvarado Street Brewery’s art-deco styled restaurant, Alvarado on Main. Floors 2 - 6 were converted from office space in 2022 to fifty (50) residential studio apartment units. The apartments are equipped with wide-plank oak flooring, stainless steel appliances, quartz countertops, LED illuminated vanity mirrors, and spacious showers. Approximately 5,000 SF of Trex decking has been installed on the roof of the building, as well as a viewrail glass railing around the perimeter of the roof space. The building is equipped with a ButterflyMX Smart Intercom service, laundry rooms on each floor (2 washers and 2 dryers per residential floor), mail room, storage spaces (available at an additional cost), on-site manager, and internal ground floor access to the Alvarado on Main restaurant. The property has been designated historic and is part of the Mills Act Program, which provides significant property tax savings.

Listing Contacts

PS
CA 01857243
Mahoney & Associates
JJ
CA CA 01352818
Mahoney & Associates
RE
CA 01403313
Mahoney & Associates
Mahoney & Associates
Listed by Mahoney & Associates

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Loan Amount
$0.00
Annual Debt Service
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Annual Cash Flow
$782,136.00
$65,178.00/mo

Valuation Metrics

0
DSCR
5.61%
Cap Rate
5.61%
ROI

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Additional Information

Name
Patrick Stafford
License
01857243
Name
Josh Jones
License
CA 01352818
*All information is deemed reliable but not guaranteed. Buyer to verify all information.
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