203, 211 & 215 gri˜n street, salinas, ca griffin street/203-griffin... · • property is...

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

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203, 211 & 215 Gri�n Street, Salinas, CA | 1 of 6

203, 211 & 215 Gri�n Street, Salinas, CA



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COMPLEX NOTES:

• �e complex consists of 4 duplex apartment complexes, a freestanding studio, a 3 bedroom / 2 bathroom house, a 2 bedroom / one bathroom house, and a freestanding building with the laundry facility and a rented storage area.

• �e duplex apartments are all one bedroom / one bathroom units. Market rents are $1350. �e tenants pay PG&E and garbage. Landlord pays water and sewer.

• �e studio unit apartment (203 Gri�n) tenant pays PG&E and garbage. Landlord pays water and sewer.

• �e two bedroom / one bathroom house (211 Gri�n) tenant pays PG&E, water, garbage, and sewer. • �e three bedroom / two bathroom house (215 Gri�n) tenant pays PG&E, water , garbage, and sewer. • �e laundry facility features three washers and three dryers. �ere is a gas water heater in the laundry

facility. • �e laundry facility building also has a storage area, which is rented for $1200 a month. • All of the residential rental units had a 2014 Wood Destroying Pests Inspection Report Section One

clearance performed in 2014. • Property is located 1.1 miles to Old Town Salinas. • �e lot size is 24,467 square feet. • Property is near bank and �nancial services, restaurants, drug store and grocery markets. • Property is zoned for Roosevelt Elementary School, Washington Middle School, and Salinas High

School. • Assessor’s Parcel Number is 003-062-015-000. • Property is located in a �ood zone. See Natural Hazards Disclosure.

SALINAS & MONTEREY COUNTY FACTS:

• �e estimated population of Salinas is 161,042 according to the US Census bureau in 2013. • �e median sales price of a Salinas single family home for December 2017 is $503,000. �e home

ownership rate for Salinas is 43.8%. • �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 Monterey County, Salinas Valley Memorial Hospital, Natividad Medical

Center, Taylor Farms, Dole Vegetables, 1st Capital Bank, the hospitality 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.

�e information set forth herein has been received by us from sources we believe to be reliable. We do not warrant its accuracy or completeness.


$2,125,000$ 700,000$1,425,000 11.415.65%

Listing Price: Down Payment:

Loan Amount: Gross Rent Multiplier:

Current Rent Cap:

Notes:

1. Landlord pays water and sewer for Apartments A-H. 2. 211 & 215 Gri�n tenants pay all utilities, sewer, and garbage. 3. Repairs & Maintenance are estimated. 4. Building square footage is unknown. 5. Property is in a �ood zone.



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Building: Lot:

APN:ProForma GRM:

ProForma Cap:

sq. ft. 25,467 sq. ft.003-062-0159.766.99%

Total Units: Price Per Unit: Building Age: Unknown

Roof:Type:

11$193,182

Pitched/Flat

Rent Roll: Current: Market: One Bedrooms 8 $1,097 $1,350Two Bed = 211 Gri�n 1 $1,600 $1,600Studios 1 $950 $1,050�ree Bed = 215 Gri�n 1 $2,900 $2,900Shop $1,200 $1,200Monthly Scheduled Rents: $15,525 $18,150Scheduled Gross Annual Income $186,300 $217,800

Less: Vacancy Factor 5% $9,315 $10,890Additional Income: Laundry $650 $650E�ective Gross Income: $184,785 $214,710

Less: ExpensesProperty Taxes 1.140% $25,848 13.99% $25,848 12.04%Repairs & Maintenance $750.00 $8,250 4.46% $8,250 3.84%O� Site Management 6% $11,087.10 6.00% $12,415 5.78%Property Insurance $3,300 1.79% $3,300 1.54%Flood Insurance: $2,700 1.46% $2,700 1.26%Garbage: $720 0.39% $720 0.34%Sewer $3,016 1.63% $3,016 1.40%Water $2,340 1.27% $2,340 1.09%PG&E: $1,920 1.04% $1,920 0.89%Landscaping: $3,600 1.95% $3,600 1.68%Miscellaneous $2,000 1.08% $2,000 0.93%Total Expenses: $5,889.19 $64,781 35.1% $66,109 30.79%Net Operating Income $120,004 $148,601Annual Debt Service: 4.50% $87,483 $87,483Before Tax Cash Flow $32,521 4.65% $61,118 8.73%Principal Reduction: $23,358 $23,358Return Before Taxes: $55,879 7.98% $84,476 12.07%




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Notes: 1. Landlord pays water and sewer for Units A-H. 2. 211 and 215 Gri�n tenants pay all utilities, sewer and garbage.

Address: Unit Type: 2/1/2018 Rent Market Rent203 Gri�n Street Studio $1,050 $1,350203 Gr�n Street # A One Bedroom / One Bathroom $1,200 $1,350203 Gri�n Street # B One Bedroom / One Bathroom $1,000 $1,350203 Gri�n Street # C One Bedroom / One Bathroom $1,350 $1,350203 Gri�n Street # D One Bedroom / One Bathroom $1,000 $1,350203 Gri�n Street # E One Bedroom / One Bathroom $1,000 $1,350203 Gri�n Street # F One Bedroom / One Bathroom $1,000 $1,350203 Gri�n Street # G One Bedroom / One Bathroom $1,225 $1,350203 Gri�n Street # H One Bedroom / One Bathroom $1,000 $1,350

211 Gri�n StreetTwo Bedroom / One Bathroom House $1,600 $1,900

215 Gri�n Street�ree Bedroom / Two Bathroom House $2,900 $2,900

Shop Shop: $1,200 $1,200Monthly Gross Income: $15,525 $18,150Annual Gross Income: $186,300 $217,800

Rent Roll




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203, 211 & 215 gri˜n street, salinas, ca griffin street/203-griffin... · • property is...

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