1200 W Market Cir · Boronda, CA 93901

$1,995,000

66 bd · 110.0 ba · 5,853 sqft · MultiFamily · 42 Days on market

Built 1914 5,853 sqft lot

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Why this score? — see what drove the B- grade

The composite is a weighted blend of 9 inputs, each scored 0–100. Each bar is that input's sub-score; the figure is the points it added to the 100-point composite (weight × sub-score).

• Cash flow +30.0/30.0
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• ARV discount +7.5/15.0
• Schools +3.0/10.0
• Livability +3.0/5.0
• Rent growth +2.6/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Multi-family units

County records classify this as Multi-Family (5+ Unit). Listing-text estimate: 11 units. confirmed

5+ unit building — per-unit beds/baths from public records are typically unavailable; the breakdown below (if shown) is an estimate from the listing text.

Listing remarks MLS

Rare 11-unit rental property on a large lot in a convenient Salinas location. 1200 W Market Street offers a strong income-producing opportunity with a fantastic rent roll, steady renter pool, and close proximity to shopping, employment centers, dining, services, and commuter routes. The spacious lot provides ample storage, generous outdoor space, and flexibility for future value-add opportunities. With room for possible expansion and an ideal layout to explore additional development, this property presents meaningful upside potential for investors seeking both current income and long-term growth. A well-positioned multifamily asset in one of Salinas most accessible areas, offering scale, location, and future possibilities. Buyer to verify development potential, unit count, rents, zoning, and all property details.

Key facts

• Large lot
• 5,853 sq ft lot
• 4 garage spots

Tags

• 11 UNIT RENTAL PROPERTY
• LARGE LOT
• CLOSE PROXIMITY TO SHOPPING
• ROOM FOR POSSIBLE EXPANSION

Property features AI

Finance

• Other: Number of buildings: 3; Living area reported (see remarks for details)
• Financial info: Property operates as a multi-unit investment with 11 units total; Annual rental income around $192,864; Annual gross income around $191,559; Gross scheduled income around $195,468; Other income reported ($2,604); Total expenses reported ($73,046); Trash expense reported ($15,508); Utility expenses reported ($8,377); Gross rent multiplier approximately 11.77; Some tenant expenses (sewer, trash removal, electric, gas, water) are tenant responsibility

Exterior

• Parking: Detached garage parking available; Common parking area; Off-street parking; Four garage spaces; Approximately 20 total parking spaces
• Security: Security features referenced (see remarks)
• Utilities: Primary water meter and separate gas meter configuration; Water supplied by well and water treatment system
• Home design: Limited partnership ownership; Three buildings on the property
• Construction: Concrete perimeter foundation
• Exterior features: Composition roof; Lot approximately 1.07 acres; Zoned HDR 8; Septic connected

Interior

• Kitchen: No specific kitchen appliance details provided
• Bedrooms: Five 1-bedroom units; Four 1-bedroom units; One 2-bedroom unit
• Bathrooms: Multiple units with one full bathroom each
• Heating & cooling: Electric heating; Wall furnaces; Other heating details referenced in remarks
• Interior features: Security features noted (see remarks); Other special features noted (see remarks)
• Laundry & utility: Tenant pays utilities including electric, gas, water; Individual electric meters; Individual gas meters

What this means for you Summary

Snapshot

• This is a 11 × 6-bed/10.0-bath units multifamily listed at $2.00M.

Deal economics

• At list price, monthly cash flow is $13k ($152k/yr) — positive. Per door: $1k/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($33k rent vs $2.00M).
• Recommended offer: $1.94M (3.0% below list) — sets the bar for market timing.

Location & tenants

• Location reads 59/100 on livability (#617 in CA) — a working-class tenant base; expect higher turnover. Strengths: commute A-, crime B+; Watch: amenities D, schools D-, employment F.
• Salinas Union High (urban): math 23% / reading 39% proficiency, ranked #998 of 1,400 in CA (top 71%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases; 66% free/reduced lunch — lower-income household profile, screen leases tightly.
• Market conditions: Rents flat; 32 active listings in the ZIP; solid renter incomes; 530 units permitted in Monterey County in 2024 (50 in 5+ unit buildings).
• At $32,903/mo this rent would consume 433% of the median local household income ($91k/yr) (locally 1381% of renters already pay >50% of income on rent) — very limited rent-growth headroom before tenants either downsize or default.

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $14k of loan paydown is wiped out by about $60k of value loss. Plan a longer hold.
• Monterey County population projected at +10% by 2050 — modest demand growth; plan on rents tracking national, not racing it.
• At projected returns (-3.0% appreciation + 0.3% rent growth), your $559k cash investment doubles in ~5 years — after that, you're playing with house money.

Negotiation context

• It's been on market 42 days — a 3% lower offer ($1.94M) is reasonable based on typical stale-listing flexibility.
• 9 sale attempts since 27y ago; this cycle's ask has dropped $305k (13%) from the opening price — seller is motivated, your offer sets the floor, not the list.

Risks & watch-outs

• Watch-outs: built in 1914 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $1,935,150 (3.0% below list)

Questions for the listing agent

1. It's been on market 42 days. Have you received any prior offers? Is the seller open to a 3% concession, seller financing, or rate buy-down credit?
2. Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
3. What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
4. Built in 1914 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
5. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
6. Schools are D-rated, which usually means shorter tenancies and higher turnover. Who's the typical renter profile here, and what's been the actual vacancy rate?
7. What's the average days-on-market for RENTAL listings here right now (not sales)? A rising rental-DOM trend means longer vacancies and softer asking-rent achievability than the comps imply.
8. What's the recent tenant-quality profile in this submarket — average credit score on applications, eviction rate, late-payment / NSF rate, and stable-employment percentage? A property-management company in the area should have these aggregated.
9. How much new apartment / multifamily construction is in the pipeline within 1–3 miles? Heavy new supply (>2% of stock underway) typically softens rents 12–24 months out; light construction supports rent growth.

Investment metrics

• 1% rule: 1.65% ✓
• Cap rate: 13.91%
• Cash-on-cash: 27.19%
• DSCR: 2.21
• GRM: 5.1

CMA / ARV

No comps found within radius.

Projected returns pro-forma

-3.0% appreciation · 0.32% rent growth · sell at horizon

5-year hold

• IRR: 18.2%
• Equity multiple: 1.71×
• Total profit: $396,781
• Equity at exit: $297,461

10-year hold

• IRR: 24.6%
• Equity multiple: 2.88×
• Total profit: $1,048,508
• Equity at exit: $172,491

Cash invested: $558,600 (down + closing). Projections, not guarantees.

Landlord ↔ Tenant lean methodology

• Overall (STATE): 18 Strongly Tenant-Friendly
• State California: 18 Strongly Tenant-Friendly · D+13
• County: — inherits STATE
• City: — inherits STATE

AB1482 statewide rent cap (10% + CPI). Cities (SF/LA/Berkeley) layer stricter rules. Just-cause statewide.

Methodology + full state rankings →

ZIP-level market 93901

• Rents YoY: 0.3%
• Active inventory: 32
• Price-to-rent: 55.6×

Monthly cashflow live

• Estimated rent: $32,903 medium
• Mortgage (P&I): −$10,462
• Tax from tax record: −$2,041 /mo · $24,495/yr
• Insurance: −$831
• HOA: −$0
• Vacancy / Maint / Mgmt: −$6,910
• Net cashflow: $12,659

Break-even live

Break-even rent $16,879

Max offer price $1,995,000

Occupancy floor 57%

Sensitivity live

Price	-10% $13,788	-5% $13,224	+0% $12,659	+5% $12,094	+10% $11,530
Rent	-10% $10,060	-5% $11,359	+0% $12,659	+5% $13,959	+10% $15,258
Rate	-1.0pp $13,664	-0.5pp $13,166	base $12,659	+0.5pp $12,142	+1.0pp $11,616

11-unit breakdown (identical units grouped — click to expand)

Units	Beds	Baths	Est. rent
▸ 11× units	6	10	$32,901
Total (11 units)			$32,903

UW: 25.0% down · 7.5% · 30yr · 1.5% tax · 5.0% vac · 8.0% maint · 8.0% mgmt

Financing live

Cash to close

• Down payment: $498,750
• Closing costs: $59,850
• Reserves months: —
• Total cash needed: —

Listing history 40 events

1. 2026-06-18
   days on market $1,995,000 Active 42 DOM
2. 2026-06-17
   days on market $1,995,000 Active 41 DOM
3. 2026-06-16
   days on market $1,995,000 Active 40 DOM
4. 2026-06-15
   days on market $1,995,000 Active 39 DOM
5. 2026-06-14
   days on market $1,995,000 Active 37 DOM
6. 2026-06-13
   days on market $1,995,000 Active 36 DOM
7. 2026-06-10
   days on market $1,995,000 Active 34 DOM
8. 2026-06-09
   days on market $1,995,000 Active 33 DOM
9. 2026-06-08
   days on market $1,995,000 Active 32 DOM
10. 2026-06-07
    days on market $1,995,000 Active 31 DOM
11. 2026-06-05
    days on market $1,995,000 Active 28 DOM
12. 2026-06-03
    pricedays on market $1,995,000 Active 27 DOM
13. 2026-06-02
    days on market $2,300,000 Active 26 DOM
14. 2026-06-01
    days on market $2,300,000 Active 25 DOM
15. 2026-05-31
    days on market $2,300,000 Active 24 DOM
16. 2026-05-30
    days on market $2,300,000 Active 23 DOM
17. 2026-05-07
    historical

    Show marketing remark (824 chars)

    Rare 11-unit rental property on a large lot in a convenient Salinas location. 1200 W Market Street offers a strong income-producing opportunity with a fantastic rent roll, steady renter pool, and close proximity to shopping, employment centers, dining, services, and commuter routes. The spacious lot provides ample storage, generous outdoor space, and flexibility for future value-add opportunities. With room for possible expansion and an ideal layout to explore additional development, this property presents meaningful upside potential for investors seeking both current income and long-term growth. A well-positioned multifamily asset in one of Salinas most accessible areas, offering scale, location, and future possibilities. Buyer to verify development potential, unit count, rents, zoning, and all property details.

18. 2026-05-07
    listed $2,300,000 Active 824-char remark

    Show marketing remark (824 chars)

    Rare 11-unit rental property on a large lot in a convenient Salinas location. 1200 W Market Street offers a strong income-producing opportunity with a fantastic rent roll, steady renter pool, and close proximity to shopping, employment centers, dining, services, and commuter routes. The spacious lot provides ample storage, generous outdoor space, and flexibility for future value-add opportunities. With room for possible expansion and an ideal layout to explore additional development, this property presents meaningful upside potential for investors seeking both current income and long-term growth. A well-positioned multifamily asset in one of Salinas most accessible areas, offering scale, location, and future possibilities. Buyer to verify development potential, unit count, rents, zoning, and all property details.

19. 2026-05-07
    listed $2,300,000 Active 824-char remark

    Show marketing remark (824 chars)

    Rare 11-unit rental property on a large lot in a convenient Salinas location. 1200 W Market Street offers a strong income-producing opportunity with a fantastic rent roll, steady renter pool, and close proximity to shopping, employment centers, dining, services, and commuter routes. The spacious lot provides ample storage, generous outdoor space, and flexibility for future value-add opportunities. With room for possible expansion and an ideal layout to explore additional development, this property presents meaningful upside potential for investors seeking both current income and long-term growth. A well-positioned multifamily asset in one of Salinas most accessible areas, offering scale, location, and future possibilities. Buyer to verify development potential, unit count, rents, zoning, and all property details.

20. 2024-03-31
    historical $1,595
21. 2024-03-14
    price $1,595
22. 2024-03-13
    listed $2,500
23. 2021-04-23
    soldstatus $1,790,000 Sold
24. 2021-04-23
    soldstatus $1,790,000
25. 2021-01-21
    historical Contingent
26. 2021-01-14
    listed $1,875,000
27. 2021-01-14
    listed $1,875,000 Active
28. 2004-07-30
    soldstatus $1,067,000
29. 2004-07-30
    soldstatus $1,067,000
30. 2004-07-30
    soldstatus $1,067,000
31. 2004-04-12
    historical
32. 2004-01-19
    listed $1,329,000
33. 2004-01-19
    listed $1,329,000
34. 1999-12-27
    historical
35. 1999-12-27
    soldstatus $440,000
36. 1999-12-27
    soldstatus $440,000
37. 1999-10-25
    soldstatus $440,000
38. 1999-07-20
    listed $450,000
39. 1999-07-20
    listed $450,000
40. 1996-09-25
    soldstatus $275,000

ⓘ Source: listings_history table (triggers on properties + properties_extension) + one-shot backfill from property_details.listing_events for pre-trigger history.

Tax reassessment forecast CA · Resets to sale price

• Current annual tax: $24,495 · $2,041/mo
• Projected year-2 tax: $24,495 · $2,041/mo
• Expected delta: $0/yr ($0/mo · 0.0%)

ⓘ Screening estimate from a state-policy table — verify with the county assessor before closing.

Climate risk First Street

• 🌊 Flood 1/10 Low FEMA zone X (shaded) · 0% chance over 30 yrs
• 🔥 Wildfire 2/10 Low
• 🌡 Heat 3/10 Moderate 6 d/yr ≥81°F today · 14 d/yr by 30 yrs out
• 💨 Wind 1/10 Low
• 🫁 Air quality 7/10 Severe 11 unhealthy d/yr today · 11 by 30 yrs out

Taxation est. · year 1

• Rental income: $394,836
• − Mortgage interest: −$111,751
• − Property taxes: −$24,495
• − Insurance: −$9,975
• − Repairs & maintenance: −$31,587
• − Management: −$31,587
• − Depreciation: −$58,036
• Taxable income: $127,405
• Est. tax owed @ 24.0%: −$30,577
• After-tax cash flow: $121,329/yr

For passive investors: Depreciation is non-cash, so a rental often shows a tax loss while cash-flowing — sheltering income. Rental losses are passive: they offset passive income freely, and up to $25,000/yr can offset ordinary (W-2) income if you actively participate and your MAGI is under $100k (phasing out to $0 by $150k); unused losses carry forward. On sale, claimed depreciation is recaptured at up to 25%, and gains may owe capital-gains tax (a 1031 exchange can defer both). Figures are a year-1 estimate at your 24.0% rate — not tax advice; consult a CPA.

Schools (NCES district)

• District: Salinas Union High
• NCES district ID: 0633980
• Math proficiency: 23% ▲ 2.00%
• Reading proficiency: 39% ▲ 1.00%
• Median HH income: $50,670
• Composite: 29.86/100
• National rank: #11691
• State rank: #998 of 1400 in CA

Livability — Boronda

• Score: 59/100
• State rank: #617
• US rank: #19593

Category grades

Amenities D Commute A- Cost of living F Crime B+ Employment F Housing F Health & safety D- User ratings A

Schools grade is shown separately in the Schools card above.

Census & demographics

• County: Monterey County · 241,191 people
• Metro: Salinas, CA
• Population (ZIP): 29,724
• Household income: $91,233
• Rent vs Own: 56.6% rent · 43.4% own
• Severe rent burden: 1381.0

Population outlook (Monterey County) Hauer SSP2

• Today (2025): 458,436 people
• By 2030: 469,418 · +2.4%
• By 2040: 489,615 · +6.8%
• By 2050: 506,696 · +10.5%
• By 2075: 531,048 · +15.8%
• By 2100: 519,153 · +13.2%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Majority Hispanic (62%)
• Race & ethnicity: Hispanic / Latino 62% White 30% Two or more races 16% Asian 4% Black 1% Native American 1%
• Hispanic origin (detail): Mexican 55% Puerto Rican 1%
• Common ancestry: Italian 1% Slovak 1% Lithuanian 1%
• Foreign-born: 22% · Canada, China
• Languages at home: 53% English-only · Spanish 43% Tagalog/Filipino 1% German/W. Germanic 1%

Political lean MEDSL · Monterey

• 2024 margin: Strong D (+29.9) · D 63.4% · R 33.5% · Other 3.0%
• 2008→2024 swing: -8.4pp toward R · 2008: 38.3pp · 2024: 29.9pp
• All cycles: 2024: D+29.9 2020: D+41.3 2016: D+39.7 2012: D+33.9 2008: D+38.3

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -592.14%
• Current HPI: 276.5169
• Rent YoY: ▲ 0.32%
• Metro: Salinas, CA
• State GDP YoY: ▲ 3.21%
• F500 in state: 116

Industry mix (Fortune 500 HQ in CA)

Industry	F500 HQs	Revenue
▸Technology	27	$1,492B
▸Financial Services	3	$174B
▸Retail	3	$44B
▸Insurance	3	$26B
▸Media / Entertainment	2	$115B
▸Pharmaceuticals / Biotech	2	$62B

Price history

+736.4% since first listed

24 events — show timeline

• 2026-05-07 Listing Removed — bridgeMLS, Bay East AOR, or Contra Costa AOR
• 2026-05-07 Listed $2,300,000 MLSListings
• 2026-05-07 Listed $2,300,000 bridgeMLS, Bay East AOR, or Contra Costa AOR
• 2024-03-31 Rental Removed $1,595 APPFOLIO
• 2024-03-14 Price Changed $1,595 APPFOLIO
• 2024-03-13 Listed for Rent $2,500 APPFOLIO
• 2021-04-23 Sold (MLS) $1,790,000 bridgeMLS, Bay East AOR, or Contra Costa AOR
• 2021-04-23 Sold (MLS) $1,790,000 MLSListings
• 2021-01-21 Contingent — MLSListings
• 2021-01-14 Listed $1,875,000 bridgeMLS, Bay East AOR, or Contra Costa AOR
• 2021-01-14 Listed $1,875,000 MLSListings
• 2004-07-30 Sold (Public Records) $1,067,000 Public Records
• 2004-07-30 Sold (MLS) $1,067,000 bridgeMLS, Bay East AOR, or Contra Costa AOR
• 2004-07-30 Sold (MLS) $1,067,000 MLSListings
• 2004-04-12 Listing Removed — MLSListings
• 2004-01-19 Listed $1,329,000 bridgeMLS, Bay East AOR, or Contra Costa AOR
• 2004-01-19 Listed $1,329,000 MLSListings
• 1999-12-27 Sold (Public Records) $440,000 Public Records
• 1999-12-27 Sold (MLS) $440,000 bridgeMLS, Bay East AOR, or Contra Costa AOR
• 1999-12-27 Listing Removed — MLSListings
• 1999-10-25 Sold (MLS) $440,000 MLSListings
• 1999-07-20 Listed $450,000 bridgeMLS, Bay East AOR, or Contra Costa AOR
• 1999-07-20 Listed $450,000 MLSListings
• 1996-09-25 Sold (Public Records) $275,000 Public Records

Property tax history

+3.9%/yr

Latest (2025): $24,495 · +9.2% YoY. Source: county tax records.