214 California Street, Salinas, CA


4 Units


214 California Street Fourplex for Sale in Salinas

Download PDF Brochure

Complex Notes:


  • The current rents average $1,279.  Market rents for two-bedroom apartments is $1,450 to $1,725 per month. This complex has significant potential rental income upside.
  • Property is located four blocks to Old Town Salinas.
  • The complex is seven blocks to The City of Salinas offices and the County of Monterey administrative offices.
  • The complex features 4 two bedroom / one & half bathroom units.
  • Each unit has a large utility room, which has washer/dryer hookups, storage and a natural gas water heater. Gas is provided by tenant.
  • The complex is estimated at 4,872 square feet. The lot size is 6,516 square feet.
  • The complex was built in 1977.
  • The bathrooms have tile flooring, plastic tub surrounds, and a ceiling fan.
  • The units have tile flooring and carpeting.  
  • The units have electric stoves and Formica kitchen counters.
  • The units are heated with gas wall furnaces.
  • The complex has minimal landscaping.
  • The driveway is concrete. The rear parking area fenced and is accessible off the alley in the rear of the property. There are several parking spaces.
  • Property is zoned for Roosevelt Elementary School, Washington Middle School, and Salinas High School.
  • The owner pays water, sewer, and garbage. Tenants pay their own PG&E, cable, and internet.
  • This property is located in an Opportunity Zone, which has some very beneficial tax treatments for investors. Please read about Opportunity zones: www.irs.gov/newsroom/opportunity-zones-frequently-asked-questions


214 California Street Back of Fourplex with Parking

Salinas & Monterey County Facts:


  • The 2017 estimated population of Salinas is 157,596 according to the US Census Bureau.
  • The December 2018 median sales price of a Salinas single family home is $535,000.   The home ownership rate for Salinas is 43.8%.
  • 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, 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.





Listing Price:  $963,000  Building Sq. Ft: 4,872  Units 4
Down Payment: $400,000  Lot Square Ft: 6,516  Price/Unit:  $240,750
Loan Amount: $563,000  APN:  002-221-005  Age: 1977
Gross Rent Multiplier: 16.17  Market GRM: 12.54  Roof: Flat
Cap Rate: 3.80%  Market Cap: 5.35%
Rent Roll:   Current:   Market:  
#1 Two Bedroom / 1.5 Bath $1,450 $1,600
#2 Two Bedroom / 1.5 Bath $1,276 $1,600
#3 Two Bedroom / 1.5 Bath $1,195 $1,600
#4 Two Bedroom / 1.5 Bath $1,195 $1,600
Monthly Scheduled Rents: $5,116 $6,400
Scheduled Gross Annual Income $61,392 $76,800
Less: Vacancy Factor @ 3% $1,842 $2,304
Additional Income Laundry:          
Effective Gross Income: $59,550 $74,496
Less Expenses:
Property Taxes: 1.12% $10,786 $10,786
Repairs and Maintenance: $800 $3,200 $3,200
Property Insurance: $1,194 $1,194
Garbage: $2,202 $2,202
Sewer: $1,131 $1,131
Water: $1,980 $1,980
Gas and Electric: $0 $0
Landscaping: $1,000 $1,000
Miscellaneous: $1,500 $1,500
Total Expenses: $5,748 $22,993 $22,993
Net Operating Income: $36,558 $51,503
Annual Debt Service: 4.75% $35,587 $35,587
Before Tax Cash Flow: $971 $14,916 3.98%
Principal Reduction: $8,844 $8,844
Return Before Taxes: $9,815 $24,761 6.19%




1. Property taxes are based on the 2018/2019 property tax bill and reflect new Proposition 13 rates. 
2. Repairs and Maintenance is based on $800 per unit per year. 
3. Property Insurance is based on Sellers most recent insurance bill. 
4. Building square footage is based on recent appraisal.
5. Landlord pays water, garbage and sewer.
6. Tenants pay PGE.
7. Markets rents are based on Craigslist rent survey and Housing Authority rents.




Plot Map

214 California Street Fourplex Plot Map


Area Map


214 California Street Fourplex in Salinas



Building Sketch


214 California Street Building Sketch


Download PDF Brochure


Subscribe to our Newsletter