1900 Main StSalinas, CA 93906

Property Details for 1900 Main St

Year built

1991

Construction

WOOD

Lot size

10.56 AC

Property size (Sq ft)

8,348 SF

Property type

Community centers

APN

253-171-002-000

APU

253171002000

Description

This exceptional investment opportunity presents the Santa Rita Plaza, a 125,296 square foot Class B shopping center in Salinas, California. Located at a high-traffic intersection (North Main & Boronda Roads) with over 58,000 vehicles daily, this property boasts a strong tenant roster including national and regional credits such as FoodMaxx, Buffalo Wild Wings, Starbucks, Verizon, H&R Block, Vitamin Shoppe, Great Clips, and State Farm Insurance. Over 76% of the gross leasable area (GLA) is occupied by these high-credit tenants, contributing to a current occupancy rate of 94%. The property features five single-story buildings situated on a 10.56-acre lot, built in 1991. Currently generating a Net Operating Income (NOI) of $1,548,571, representing an 8.00% capitalization rate, this Core+ investment offers significant upside potential. Projected NOI growth exceeds $531,000 (34%) over a 10-year hold, driven by embedded rent increases and market rate lease renewals. The property is offered on a long-term ground lease with over 60.5 years remaining (if all options are exercised), presenting a compelling long-term investment opportunity. The asking price is $19,357,000, translating to a price per square foot of $154.49. The property's APN is 253-171-002. This grocery-anchored center is strategically positioned to benefit from the strong demographics and high traffic counts of this prime Salinas location.

• CAP approach

  CAP return

  Valuation

  6%

  $3,674,833

  6.5%

  $3,392,154

  7%

  $3,149,857

• Comparable approach

  Method

  Valuation

  Relative Method

  $5,867,418

  Geo Method

  $5,867,418

• Alternative Use

  Use

  Valuation

  Residential

  $2,861,409

  Hospitality

  $2,621,035

  Educational

  $2,180,670

  Medical

  $2,255,667

  Retail

  $3,392,154

Location Insight

City

Salinas

County

Monterey

State

California

Latitude

36.7201

Longitude

-121.655

CBSA code

41500

CBSA name

SALINAS, CA METROPOLITAN STATISTICAL AREA

Property Tax & Assessments

FAQs

How do I add a non-forward facing team member such as a broker coordinator or broker aide to a listing in order to ensure they get notifications on the property?

Please email our support team at [email protected] and they will add the team member.

How do I access a private listing?

Please contact the broker directly with the information provided on the listing. Once the broker approves your credentials he will make the information public to you.

How can I contact the broker?

We strongly encourage to message the broker through our portal by clicking on the “Envelope” icon next to the brokers photo on the property page. We’ve found brokers response time is much quicker via our messaging portal than phone as brokers are always on the go.

How do I unsubscribe from emails?

At the footer of each email you will find links to Reduce Email Frequency, Adjust Email Settings or Unsubscribe altogether. If you choose to Unsubscribe and are still receiving emails please reach out to us at [email protected].