Investment Overview

Marcus & Millichap is pleased to present Bonnie Doone Apartments located in East Salinas, CA. Bonnie Doone consists of (9) two-story buildings that totals sixty-eight units. The property was built in 1973 and is a well-maintained building. The property has a favorable unit mix: (33) one-bedroom/one-bathroom units that are approximately 550 square feet and (35) two-bedroom/one-bathroom units that are approximately 650 square feet. The property sits on 2.24 acres. The property has a a laundry room with (6) washers and (6) dryers that the owner leases for additional income. The property has a few amenities: Sparkling pool and Playground for the children. Bonnie Doone Apartments is located off East Laurel Drive and North Madeira Avenue in East Salinas. The subject property is close to many schools: Sanchez Elementary (0.4 miles), El Sausa Middle School (0.9 miles), and Alisal High School (1.7 miles). There are many restaurants and retail in close proximity. Salinas is a vibrant city located in the heart of Monterey County. Home to many outdoor attractions: Salinas River National Wildlife Refuge and Toro Regional Park. Salinas is the most populous city in Monterey County and the population in Salinas has grown 6.6% percent since 2020. Salinas serves as the main business, governmental, and industrial center of the region. Priced at a 4.71% cap rate and 10.52 GRM on current income, the subject property represents a positive leverage opportunity to add value through interior renovations on turnover and pushing rents to market.