This property is located in an Opportunity Zone. Please research Opportunity Zones. This property features 5-two bedroom units in South Salinas near Old Town. Rents are low ($1010 average). Market rents are $1400 to $1725+ per month. GRM at $1600 rents is 10.24. Cap Rate at $1600 rents is 6.95%. There is a lot of potential rent upside. The complex had a fire in 1999 or 2000 and was extensively remodeled with new roof, vinyl windows, plumbing, electrical, and interior improvements. The large units show well with laminate flooring. Units 2 & 3 have new bathroom floors. Three units have new bathtub/shower enclosures. Tenants can easily walk to downtown Salinas with its restaurants, nightlife, shopping, Taylor Farms, and services. The property is a short walk to many Monterey County offices and the City of Salinas. South Salinas schools.
Listing courtesy of Hap Albers from Albers Real Estate Investment Company
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