301 Main St - Apartments FOR SALE


Salinas, CA 93901- Downtown Salinas
$13,950,000 USD
831-238-3592
301 Main St, Salinas, CA for Sale
$13,950,000 USD
Apartments - FOR SALE
1/14
null | 5.45% Cap Rate

301 Main St
Salinas, CA 93901
Downtown Salinas


OVERVIEW

Mahoney & Associates is pleased to present to the market 301 Main Street in Salinas CA. This iconic six-story property is located in the heart of downtown Salinas and just blocks away from the recently built +/- 100,000 square foot Taylor Farms Headquarters and Monterey County Superior Courthouse. The ground floor of the building is leased to Alvarado Street Brewery’s art-deco styled restaurant, Alvarado on Main. Floors 2 - 6 were converted from office space in 2022 to fifty (50) residential studio apartment units. The apartments are equipped with wide-plank oak flooring, stainless steel appliances, quartz countertops, LED illuminated vanity mirrors, and spacious showers. Approximately 5,000 SF of Trex decking has been installed on the roof of the building, as well as a viewrail glass railing around the perimeter of the roof space. The building is equipped with a ButterflyMX Smart Intercom service, laundry rooms on each floor (2 washers and 2 dryers per residential floor), mail room, storage spaces (available at an additional cost), on-site manager, and internal ground floor access to the Alvarado on Main restaurant. The property has been designated historic and is part of the Mills Act Program, which provides significant property tax savings.

FOR SALE DETAILS

PRICE

$13,950,000 USD

PRICE/SF

$359 USD /SF

# OF UNITS

50

PRICE/UNIT

$279,000

CAP RATE

5.45%

% LEASED

100%

SALE TYPE

Investment

BUILDING DETAILS

PROPERTY NAME

Completely Renovated Mixed-Use Property

PROPERTY TYPE

Multi-Family

APARTMENT STYLE

Mid-Rise

PROPERTY SUBTYPE

Apartments

TOTAL BUILDING SIZE

-

STORIES

7

YEAR BUILT

1930

PARKING SPACES

-

LAND DETAILS

LAND ACRES

0.15 AC

LAND SF

6,451 SF

ZONING

MX

APN/PARCEL ID

002-233-019-000

ASK ABOUT THIS PROPERTY

Patrick StaffordMahoney & AssociatesMore Info
831-238-3592

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Patrick StaffordMahoney & AssociatesMore Info
831-238-3592

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