6 Orange Avenue, Salinas, CA · • Monterey Peninsula major employers include Pebble Beach...

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

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6 Orange Avenue, Salinas, CA

6 Orange Avenue, Salinas, CA | 1 of 6




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COMPLEX NOTES:

• �e Chaney House is a Victorian style apartment complex with 5 units in one building. • Unit One is a large one bedroom / one-bathroom unit with hardwood �oors. • Unit Two is a one bedroom / one-bathroom unit with hardwood �oors. • Unit �ree is a studio. • Unit Four is a large upstairs studio with hardwood �oors, a big bathroom, two closets, and an updated

kitchen. • Unit Five is a large upstairs studio. • �e total building square footage according to Realist is 2,390 square feet. • The lot size is 5,940 according to Realist. • �e units have hardwood �oors, linoleum, �ooring tile and carpet. • �e counters are tile and Formica. • �e units are heated with gas wall furnaces . • �e property has street parking and o� street parking behind the complex. �ere are four covered

carports. • Property is zoned for Mission Park Elementary School, Washington Middle School, and Salinas High

School. • �e complex has a laundry room with Coinmach equipment. �e equipment is leased monthly for

$56+ 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 161,042 according to the US Census bureau in 2013. • �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, major agricultural companies like 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: $925,000 Building Sq. Ft: 2,390 Units: 5Down Payment: $350,000 Lot Square Ft: 5,940 Price/Unit: $185,000Loan Amount: $575,000 APN: 002-911-003 Age: 1922Gross Rent Multiplier: 14.41 Market GRM: 11.05 Roof: Pitched Cap Rate: 4.03% Market Cap: 5.98% Price/Sq. Ft: $387

Rent Roll: Rents 2/1/2019 Market: #1: One Bedroom / One Bathroom $1,450 $1,550# 2: One Bedroom / One Bathroom $1,025 $1,450# 3: Studio $950 $1,275# 4: Studio $975 $1,350# 5: Studio $950 $1,350Monthly Scheduled Rents: $5,350 $6,975Scheduled Gross Annual Income $64,200 $83,700Less: Vacancy Factor 3% $1,926 $2,511Additional Income: Laundry $121 $121E�ective Gross Income: $63,726 $82,641Less: ExpensesProperty Taxes 1.126% $10,416 16.34% $10,416 12.60%Repairs & Maintenance $750.00 $3,750 5.88% $3,750 4.54%Property Management 5% $3,186 5.00% $4,132 5.00%Property Insurance $1,876 2.94% $1,876 2.27%Garbage: $1,680 2.64% $1,680 2.03%Sewer $720 1.13% $720 0.87%Water $2,160 3.39% $2,160 2.61%PG&E: $360 0.56% $360 0.44%Laundry Equipment $672 1.05% $672 0.81%Landscaping: $600 0.94% $600 0.73%Miscellaneous $1,000 1.57% $1,000 1.21%Total Expenses: $5,283.96 $26,420 41.46% $27,366 33.11%Net Operating Income $37,306 $55,275Annual Debt Service: 4.50% $35,300 $35,300Before Tax Cash Flow $2,006 0.57% $19,975 5.71%Principal Reduction: $9,425 $9,425Return Before Taxes: $11,431 3.27% $29,400 8.40%

Notes: 1. Property taxes are based on the 2018/2019 property tax bill and re�ect 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 estimated. 5. Landlord pays water, garbage, sewer, and house PG&E. Tenants pay PG&E.




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6 Orange Drive, Salinas, CA

6 Orange Drive, Salinas, CA | 5 of 6




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6 Orange Drive, Salinas, CA

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6 Orange Avenue, Salinas, CA · • Monterey Peninsula major employers include Pebble Beach...

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