1155 E Laurel Dr - Apartments FOR SALE


Salinas, CA 93905- Greater Salinas
$3,990,000 USD
831-372-1922
1155 E Laurel Dr, Salinas, CA for Sale
$3,990,000 USD
Apartments - FOR SALE
1/11
null | 5.5% Cap Rate

1155 E Laurel Dr
Salinas, CA 93905
Greater Salinas


HIGHLIGHTS

  • 12 Units Remodeled.
  • Market Rents are $2200-$2500
  • Extensive Capital improvements Exterior - Roof, Deck, Railings, Stairs, Electric Panel, Deck Posts, and more
  • Extensive Capital Improvement Interior - Kitchen & Bathroom Remodeling

OVERVIEW

1155 E. Laurel, Drive consists of 14 two-bedroom / one-bathroom apartments. The complex benefits from many capital improvements in recent years including: New composition roof (2018) Stainless steel stairs and walkway repairs The main electric panel has been replaced Water line shutoffs for each unit 12 units have had interior remodeling with new cabinets, appliances, counters, flooring, and bathroom surrounds. New water heater 2024 Most units are due for a 2025 rent increase. Market rents are estimated at $2200. Each unit has its natural gas wall furnace. The buildings were painted in 2020. The parking lot is concrete. There is minimal exterior landscaping. The laundry equipment is leased. The monthly cost is $128. The stoves are electric, and most units have a vent hood. The complex is estimated at 11,200 square feet. The lot size is 14,536 square feet. The owner pays for sewer, garbage, house PG&E, and water.

FOR SALE DETAILS

PRICE

$3,990,000 USD

PRICE/SF

$380 USD /SF

# OF UNITS

14

PRICE/UNIT

$285,000

CAP RATE

5.5%

% LEASED

100%

SALE TYPE

Investment

BUILDING DETAILS

PROPERTY TYPE

Multi-Family

APARTMENT STYLE

Low-Rise

PROPERTY SUBTYPE

Apartments

TOTAL BUILDING SIZE

-

STORIES

2

YEAR BUILT

1970

PARKING SPACES

18

LAND DETAILS

LAND ACRES

0.33 AC

LAND SF

14,536 SF

ZONING

R3

APN/PARCEL ID

004-221-062-000

ASK ABOUT THIS PROPERTY

Hap AlbersAlbers Real EstateMore Info
831-372-1922

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Hap AlbersAlbers Real EstateMore Info
831-372-1922

By clicking the button, you agree to Showcase's Terms of Use and Privacy Policy.