904 906 908 Acosta Plaza, Salinas, CA

 

36 Units

904 906 908 Acosta Plaza 36 Unit Multi-Family For Sale in Salinas

 

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Co-Listed with: Mangold Property Management

 

Complex Notes:

  • The complex consists of 36 two-bedroom / one bathroom units measuring approximately 730 square feet per unit.
  • The total livable square footage is 25,920.
  • The parcel is 47,148 square feet.
  • The complex was constructed in 1985.
  • Units have been updated as they turnover.
  • Unit turnover has been very limited. 29 residents have lived in their home since 2019 or prior.
  • The downstairs units have back patios. The upstairs units have a private deck.
  • There are 58 onsite uncovered parking spaces.
  • The complex has a 256 square foot laundry room with leased coin operated equipment. Monthly collections average $1,178.  
  • The units have dishwashers, electric stoves with built-in microwaves above, and tile kitchen counters.
  • The units are heated with gas wall furnaces.
  • Property is zoned for Dr. Martin Luther King, Jr. Elementary School, El Sausal Middle School, and Alisal High School.
  • The owner pays water, sewer, garbage, and common area PG&E. Tenants pay their own hot water, PG&E, cable, and internet.

 

 

 

Monterey & Monterey Peninsula Facts:

 

  • The 2020 estimated population of Salinas is 163,542 according to the US Census Bureau.
  • The median sales price, for the March 2021 to February 2022, of a Salinas single-family home is $650,000.   
  • 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, 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: $8,750,000  Building Sq. Ft: 25,920  Units 36 
Down Payment: $2,750,000  Lot Square Ft: 47,916  Price/Unit: $243,056
Loan Amount: $6,000,000  APN: 004-321-045 Age: 1985 
Current Rent GRM: 11.48  ProForma GRM: 9.96  Roof: Pitched Comp
Cap Rate: 4.90%  ProForma Cap: 6.25%  Price/Sq.Ft. $338 
Current: ProForma:
Monthly Scheduled Rents: $62,350 $72,000
Scheduled Gross Annual Income: $748,200 $864,000
Less: Vacancy Factor @ 3% $22,4469 $25,920
Effective Gross Income: $725,754 $838,080
Plus: Laundry Income: $14,140 $14,140
Plus: Pet Rent:    
       
Total Annual Income: $739,894 $852,220
Less Expenses:
Property Taxes: 1.0% $87,500 11.83% $87,500 10.3%
Property Tax Bonds: 0.0124% $1,088 0.15% $1,088 0.1%
Direct Charges: $684 0.09% $6843 0.1%
Repairs and Maintenance: $1,795 $64,620 8.73% $64,620 7.6%
Off Site Management: 7% $50,803 6.87% $58,666 6.9%
On Site Management:   $18,000 2.43% $18,000 2.1%
Property Insurance: $12,171 1.64% $5,275 0.6%
Garbage: $1,838 $22,056 2.98% $22,056 2.6%
Sewer: $1,348 $16,178 2.19% $16,178 1.9%
Water: $1,221 $14,652 1.98% $14,652 1.7%
PG&E: $470 $5,640 0.76% $5,640 0.1%
Landscaping:   $4,740 0.64% $4,740 0.6%
Pest Control: $95 $1,140 0.15% $1,140 0.1%
Reserves: $250 $9,000 1.22% $9,000 1.10%
Miscellaneous: $2,500 0.34% $2,500 0.3%
Total Expenses: $8,633 $310,772 42.00% $311,739 36.6%
Net Operating Income: $429,122 $540,481
Annual Debt Service: 4.50% $368,349 $368,349
Before Tax Cash Flow: $60,773 2.21% $172,132 6.3%

 

Notes:

1. Monthly gross income is based on March 2022 rents.
2. Repairs & Maintenance is based upon the 2021 P & L.
3. Onsite management is estimated at $1500 per month.
4. Garbage bill is based on 2021 P & L 12 month average
5. Sewer bill is based on the March 2022 bill.
6. Water bill is based upon the 2021 P & L.
7. PG&E is based upond the 2021 P & L.
8. Landscaping is based upon the 2021 P & L.
9. Reserves are included for lender purposes.

Area Map

 

904 906 908 Acosta Plaza Salinas Area Map

 

 

Parcel Map

 

904 906 908 Acosta Plaza Plot Map


 

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