725 je˜erson street, salinas, ca - albersrealestate.com · • salinas is home to the $8.1 billion...

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725 Je�erson Street, Salinas, CA | 1 of 6

831.372.1922 (p) 831.218.1220 (f ) | www.AlbersRealEstate.com | 2600 Garden Road, Suite 340, Monterey, CA 93940

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725 Je�erson Street, Salinas, CA





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725 Je�erson Street, Salinas, CACOMPLEX NOTES:

• �e complex features 9 units in three buildings. • 725 Je�erson has four units. �e unit mix is three one -bedroom units and one two-bedroom / one-

bathroom unit. • 723 Je�erson has four one-bedroom units and the laundry room. • 723D is a two bedroom / one-bathroom free stranding cottage estimated at 796 square feet. • �e total building square footage according to Realist is 5,560 square feet. • �e lot size is 15,798 according to Realist. • �e units have linoleum, �ooring tile and carpet f looring. • �e counters are tile and Formica. • �e showers are all plastic shower stall inserts, except for two units which have shower over tubs. • �e units are heated with gas wall furnaces and electric heaters. • �e complex has minimal landscaping. �e l awns in front of 723 & 725 Je�erson are maintained by

the tenants. • �e driveway is concrete. • Property is zoned for Sherwood Elementary School, La Paz Middle School, and Alisal High School. • �e complex has a laundry room with two washers and two dryers provided by Coinmach. �e

equipment is leased monthly for $100+ per month. Landlord retains all coins. • �e owner pays water, sewer, garbage, and common area PG&E. Tenants pay their own PG&E, cable,

and internet.

SALINAS & MONTEREY COUNTY FACTS:

• �e estimated population of Salinas is 157,596 according to the US Census bureau in 2017. • �e median sales price of a Salinas single family home for 2017 is $479,000. • �e estimated population of Monterey County is 431,344. • Salinas is home to the $8.1 billion dollar agricultural industry as of 2015. • Major employers include the County of Monterey, Salinas Valley Memorial Hospital, Natividad

Medical Center, many agricultural companies including Taylor Farms and Dole Vegetables, 1st Capital Bank, the hospitality industry, the cannabis 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.





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Listing Price: $1,500,000 Building Sq. Ft: 5,560 Units: 9Down Payment: $600,000 Lot Square Ft: 15,798 Price/Unit: $166,667Loan Amount: $900,000 APN: 004071007 Age: 1948Gross Rent Multiplier: 13.55 Market GRM: 10.48 Roof: Pitched Cap Rate: 4.21% Market Cap: 6.20% Price/ft: $269.78

Rent Roll: Current: Market:

723 One Bedroom / One Bathroom $975 $1,275723 A. One Bedroom / One Bathroom $975 $1,275723 B. One Bedroom / One Bathroom $975 $1,275723 C. One Bedroom / One Bathroom $975 $1,275723 D. �ree Bedroom / One Bathroom $1,250 $1,550725 One Bedroom / One Bathroom $975 $1,275725 A. Two Bedroom / One Bathroom $1,150 $1,450725 B. One Bedroom / One Bathroom $975 $1,275725 C. One Bedroom / One Bathroom $975 $1,275

Monthly Scheduled Rents: $9,225 $11,925Scheduled Gross Annual Income $110,700 $143,100

Less: Vacancy Factor 3% $3,321 $4,293Additional Income: Laundry $304 $304E�ective Gross Income: $111,027 $142,455

Less: Expenses

Property Taxes 1.126% $16,890 15.21% $16,890 11.86%Repairs & Maintenance $750.00 $6,750 6.08% $6,750 4.74%Property Management: 5% $5,551.35 5.00% $7,122.75 5.00%Property Insurance $2,619 2.36% $2,619 1.84%Garbage: $3,720 3.35% $3,720 2.61%Sewer $2,400 2.16% $2,400 1.68%Water $5,700 5.13% $5,700 4.00%PG&E: $1,500 1.35% $1,500 1.05%Laundry Equipment $1,208 1.09% $1,208 0.85%Landscaping: $600 0.54% $600 0.42%Miscellaneous $1,000 0.90% $1,000 0.70%Total Expenses: $5,326.48 $47,938 43.18% $49,510 34.75%Net Operating Income $63,089 $92,945Annual Debt Service: 5.00% $58,546 $58,546Before Tax Cash Flow $4,542 0.76% $34,399 5.73%Principal Reduction: $13,546 $13,546Return Before Taxes: $18,089 3.01% $47,945 7.99%

Notes:

1. Property taxes are based on the 2018/2019 property tax bill and new Proposition 13 rates. 2. Repairs and Maintenance is based on $750 per unit per year. 3. Property Insurance is based on Sellers most recent insurance bill. 4. Building square footage is based on Realist data. 5. Landlord pays water, sewer, garbage, and house PG&E. Tenants pay PG&E.





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725 je˜erson street, salinas, ca - albersrealestate.com · • salinas is home to the $8.1 billion...

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