18810 Eisenhower Circle, Salinas, CA

 

3 Units

18810 Eisenhower Circle 3 Units in Salinas

 

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Complex Notes:

  • The current rents average $1,408. Market rents for two-bedroom apartments are $1,750 to $2,100. This complex has significant potential rental income upside.
  • The property is located near Northridge Mall, Harden Ranch Shopping Center, and Highway 101.
  • The complex features one 2-bedroom / 1.5 bathroom unit and two 2-bedroom / 1 bathroom units.
  • Each unit has a two-car garage. There are washer/dryer hookups in the garages.
  • The 2-bedroom / 1.5 bathroom unit has a large unfinished basement.
  • Each unit has a gas water heater with the tenant paying for the gas.
  • The complex is estimated at 2,908 square feet. The lot size is 8,034 square feet.
  • The complex was built in 1979.
  • The bathrooms have tile flooring, tile shower surrounds, and a ceiling fan.
  • The units have vinyl flooring and carpeting.
  • The units have electric stoves and tile kitchen counters
  • The units are heated with gas wall furnaces.
  • The complex has minimal landscaping.
  • The driveway is concrete.
  • The owner pays for water, sewer, and garbage. Tenants pay their own PG&E, cable, and internet.

 

 

 

Salinas & Monterey County Facts:

 

  • The 2019 estimated population of Salinas is 157,596 according to the US Census Bureau.
  • The 2021 year to date (May 2021) median sales price of a Salinas single-family home is $604,000.
  • The estimated population of Monterey County is 437,907.
  • Salinas is home to the $8.1 billion dollar agricultural industry as of 2015.
  • Major employers include Monterey County, Salinas Valley Memorial Hospital, Natividad Medical Center, Taylor Farms, Dole Vegetables, 1st Capital Bank, the hospitality industry,the cannabis industry, and the construction industry.
  • Monterey Peninsula major employers include Pebble Beach Company, Monterey Bay Aquarium, Naval Post Graduate School, Defense Language School, and the CSU Monterey Bay.
  • Salinas is a commuter community for the Monterey Peninsula, Watsonville, Santa Cruz, Gilroy, Morgan Hill, and the Silicon Valley region.

 

Financials

 

 

Listing Price: $925,000 Building Sq. Ft: 2,908 Units 3
Down Payment: $700,000 Lot Square Ft: 46,609 Price/Unit: $170,455
Loan Amount: $620,000 APN: 253-133-007 Age: 1979
Current Rent GRM: 18.81 Market GRM: 13.12 Roof: Comp
Cap Rate: 2.99% Market Cap: 4.96%
  Current: ProForma:
Unit One: $1,500 $1,975
Unit Two: $1,375 $1,950
Unit Three: $1,350 $1,950
Monthly Scheduled Rents: $4,225 $5,875
Scheduled Gross Annual Income: $50,700 $70,500
Less: Vacancy Factor @ 3% $1,521 $2,115
Effective Gross Income: $49,179 $68,385
       
Less Expenses:
Property Taxes: 1.09% $10,083 20.50% $10,083 14.74%
Repairs and Maintenance: $750 $2,250 4.58% $2,250 3.29%
Property Insurance: $1,052 2.14% $1,052 1.54%
Garbage: $120 $1,445 2.94% $1,445 2.11%
Property Management: 5% $2,459 5.0% $3,419 5.0%
Sewer: $124 $1,485 3.0% $1,485 2.17%
Water: $180 $2,160 4.4% $2,160 3.16%
PG&E: $0 0 $0 0
Landscaping:   $500 1.02% $500 0.73%
Miscellaneous: $100 0.20% $100 0.15%
Total Expenses: $7,178 $21,533 43.79% $22,494 32.89%
Net Operating Income: $27,646 $45,891
Annual Debt Service: 4.00% $35,855 $35,855
Before Tax Cash Flow: -$8,209 -2.69% $10,037 3.29%

 

Notes:

1. Property taxes are based on the 2020/2021 property tax bill and reflect new Proposition 13 rates.
2. Repairs and Maintenance is based on $750 per unit per year.
3. Property Insurance is based on Sellers most recent insurance bill.
4. Building square footage is based on Core Logic data.
5. Tenants pay PG&E for their units.
6. Owner is paying sewer, water & garbage.

 

 

 

Parcel Map

 

 

18810 Eisenhower Circle Floor Plan


 

 

Area Map

 

18810 Eisenhower Circle Parcel Map


 

 

18810 Eisenhower Circle Area Map


 

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