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Multifamily

Bonnie Doone

991 N Madeira Ave, Salinas, CA 93905

Listing Price: $9,625,000

Cap Rate
4.71%
Number of Units
68
Occupancy
97.0%
Price/Unit
$141,544
Price/Gross SF
$204.53
Gross SF
47,060

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.

Investment Highlights

  • Favorable Unit Mix: (33) One-Bedroom/One-Bathroom and (35) Two-Bedroom/One-Bathroom Units.
  • Thirty-Five Percent Below Market Rents
  • Located in a Strong Rental Market with Less than 3% Vacancy in the Trailing Twelve Months
  • Attractively Priced at a 4.71% Cap Rate on Current Operations/6.88% on Proforma
  • Value Add Opportunity to Do Interior Upgrade and Increase Rents to Market on Turnover
  • Very Rare Opportunity to Find 50+ units in Monterey County For Sale
  • First Time on The Market in Over 20 Years

Exclusively Listed By

Financing By

Multifamily

Bonnie Doone

Listing Price: $9,625,000

Cap Rate
4.71%
Number of Units
68
Occupancy
97.0%
Price/Unit
$141,544
Price/Gross SF
$204.53
Gross SF
47,060

Investment Highlights

  • Favorable Unit Mix: (33) One-Bedroom/One-Bathroom and (35) Two-Bedroom/One-Bathroom Units.
  • Thirty-Five Percent Below Market Rents
  • Located in a Strong Rental Market with Less than 3% Vacancy in the Trailing Twelve Months
  • Attractively Priced at a 4.71% Cap Rate on Current Operations/6.88% on Proforma
  • Value Add Opportunity to Do Interior Upgrade and Increase Rents to Market on Turnover
  • Very Rare Opportunity to Find 50+ units in Monterey County For Sale
  • First Time on The Market in Over 20 Years

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.

Exclusively Listed By

Financing By

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