OTHER/SPECIAL USE BUILDING FOR SALE: 1105 N Main St, Salinas, CA 93906
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The property at 1105 North Main Street in Salinas is located on a primary arterial through Salinas with signage on North Main Street and set-back from the road. North Main Mini-Storage is located in the northwest corner of The Sherwood Gardens Shopping Center opposite the Rodeo Grounds and Sports Complex. The property is offered free and clear of any debt allowing the investor/buyer to acquire the property utilizing their own preferred debt/equity deal structure.
Sale Note
Colliers Self-Storage Group has been retained as the exclusive advisor by the ownership to offer for sale the property located at 1105 North Main Street, Salinas, California. The property is fully stabilized self-storage asset built in 1985 with 28,301 net rentable square feet in 327 units. This owner-managed facility will be delivered on an as-is, where-is basis and has consistently maintained +/- 99% occupancy at a weighted average rental rate of $1.68/SF. Market rents in the area are reported by Yardi Matrix as $1.93/SF, giving the buyer ample room to raise rents. In-place income for 2020 was reported by the ownership at $328,432 and the property is offered for sale at $7,500,000 or a 4.4% CAP rate on 2020 income prior to any adjustments.
The property at 1105 North Main Street in Salinas is located on a primary arterial through Salinas with signage on North Main Street and set-back from the road. North Main Mini-Storage is located in the northwest corner of The Sherwood Gardens Shopping Center opposite the Rodeo Grounds and Sports Complex. The property is offered free and clear of any debt allowing the investor/buyer to acquire the property utilizing their own preferred debt/equity deal structure.
Sale Note
Colliers Self-Storage Group has been retained as the exclusive advisor by the ownership to offer for sale the property located at 1105 North Main Street, Salinas, California. The property is fully stabilized self-storage asset built in 1985 with 28,301 net rentable square feet in 327 units. This owner-managed facility will be delivered on an as-is, where-is basis and has consistently maintained +/- 99% occupancy at a weighted average rental rate of $1.68/SF. Market rents in the area are reported by Yardi Matrix as $1.93/SF, giving the buyer ample room to raise rents. In-place income for 2020 was reported by the ownership at $328,432 and the property is offered for sale at $7,500,000 or a 4.4% CAP rate on 2020 income prior to any adjustments.
