344 Salinas StSalinas, CA 93901

Property Details for 344 Salinas St

Year built

1976

Construction

WOOD

Lot size

0.28 AC

Property size (Sq ft)

27,660 SF

Property type

Office properties

Property subtype

Office buildings

APN

002-345-016-000

APU

2345016000

Description

This exceptional Class A, two-story office building, located at 344 Salinas St in downtown Salinas, CA, presents a compelling investment opportunity. Boasting 27,660 square feet and a 100% occupancy rate across 16 tenants, including the County of Monterey as its largest tenant, this property offers strong, stable cash flow. The building features 74 on-site parking spaces, supplemented by a nearby city parking garage, and sits on a 12,363 square foot lot. Built in 1976, the property is zoned for commercial office use and currently generates a pro-forma NOI of $349,739, with an asking price of $5,250,000 ($189.90/sq ft). The modified lease structure provides potential for future value-add opportunities through rent increases or lease conversions. The property benefits from a supply-constrained office market and historically low vacancy rates in Salinas, with city-wide office vacancy under 5%. The diverse tenant mix and significant presence of the County of Monterey contribute to the property's exceptional stability and long-term investment potential. Seller financing is available. This is a rare opportunity to acquire a high-performing, multi-tenant office building in a thriving California market.

• CAP approach

  CAP return

  Valuation

  6%

  $8,283,046

  6.5%

  $7,645,888

  7%

  $7,099,753

• Comparable approach

  Method

  Valuation

  Relative Method

  $7,714,650

  Geo Method

  $7,714,650

• Alternative Use

  Use

  Valuation

  Residential

  $9,480,901

  Hospitality

  $8,684,454

  Educational

  $7,225,364

  Medical

  $7,473,856

  Retail

  $11,239,455

Location Insight

City

Salinas

County

Monterey

State

California

Latitude

36.6721

Longitude

-121.656

CBSA code

41500

CBSA name

SALINAS, CA METROPOLITAN STATISTICAL AREA

Property Tax & Assessments

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