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 total 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 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. Approximately 11 units have been renovated (new cabinets, flooring, lighting, quartz countertops, appliances, etc.) with a premium in rent. 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 4.52% cap rate and 10.59 GRM on current income, the subject property represents a positive leverage opportunity to add value through continuing interior renovations on turnover and pushing rents to market