83 Castro St · Salinas, CA 93906

$4,199,000

32 bd · 16.0 ba · 12,457 sqft · MultiFamily · 33 Days on market

Built 1983 0.46 ac lot

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Why this score? — see what drove the C 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 +23.6/30.0
• DSCR +7.6/10.0
• ARV discount +7.5/15.0
• 1% rule +4.8/10.0
• Rent growth +3.7/5.0
• Livability +3.2/5.0
• Schools +3.0/10.0
• 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: 16 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

Rarely available Salinas 16-unit apartment complex. 9.64 GRM & a 6.31% cap rate with new Proposition 13 taxes. Unit mix is all 2-bed / 1 bath. Lots of positives: 1983 construction, most of the wood siding replaced in the last 3 years, deck replacement & repairs last 4 years, SB721 clearance, exterior repainted, complex-owned laundry equipment, and Jeld-Wen vinyl windows. Interiors have remodeled the kitchens, installed new lighting, fans, and flooring, and installed new bathroom fixtures. Most units have a private deck, enclosed patio, some of which are quite spacious. There are two offices - one for management and one for ownership. The North Salinas location is close to shopping, amenities, Costco, Target, Safeway, banks, and many restaurants. Easy access to Highway 101 and may employment centers.

Key facts

• Remodeled kitchens
• Deck replacement
• 1983 construction

Tags

• 1983 CONSTRUCTION
• WOOD SIDING REPLACED
• DECK REPLACEMENT
• EXTERIOR REPAINTED
• JELD-WEN VINYL WINDOWS
• REMODELED KITCHENS

Property features AI

Finance

• Other: Landscape expense reported
• Financial info: Complex contains at least 16 units; Annual rental income listed; Annual gross income listed; Gross scheduled income listed; Other income reported; Total expenses reported; Other expenses reported; Vacancy factor of 5%; Trash expense and utility expenses reported

Exterior

• Parking: Assigned parking spaces; Attached garage; Off-street parking; On-street parking; 1 garage space; 8 parking spaces; Carport capacity listed as 14 (minimum)
• Utilities: Primary water meter and separate electric and gas meters; Individual water meter; Sewer connected
• Home design: Individual ownership; Three buildings on the property; Residential high-density zoning
• Construction: Wood construction; Composition roof; Concrete perimeter foundation and concrete slab; Concrete slab
• Exterior features: Backyard; Balcony or patio; Deck; Low-maintenance landscaping; Mostly level lot

Interior

• Kitchen: Formica countertops; Dishwasher; Range hood; Electric oven/range; Refrigerator
• Bedrooms: Two-bedroom units (unit type listed)
• Flooring: Carpet; Laminate; Tile; Vinyl/linoleum
• Bathrooms: One full bathroom in the two-bedroom unit type
• Heating & cooling: Gas heating; Wall furnace
• Interior features: Laundry room; Office area; Storage
• Laundry & utility: Washer and dryer; Individual electric meters; Individual gas meters

What this means for you Summary

Snapshot

• This is a 16 × 2-bed/1-bath units multifamily listed at $4.20M.

Deal economics

• At list price, monthly cash flow is $8k ($95k/yr) — positive. Per door: $495/mo.
• The deal already cash-flows at list — no discount required.
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $4.13M (1.6% below list).
• Recommended offer: $4.07M (3.0% below list) — sets the bar for market timing.
• Cap rate 8.6% vs local median 2.6% in Salinas — top-decile yield for the area; either an underpriced asset or a hidden risk that comps aren't pricing in. Stress-test before assuming the spread holds.

Location & tenants

• Location reads 63/100 on livability (#465 in CA) — a middle-class / working-renter tenant base. Strengths: commute A+, health & safety A+, employment B+; Watch: crime D-, amenities F, cost of living 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.
• Zoned schools: Mckinnon (401 students, 76% FRL); John Gutierrez Middle (594 students, 62% FRL); Everett Alvarez High (2,146 students, 91% FRL).
• Market conditions: Rents rising fast (+4.9%/yr); 43 active listings in the ZIP; solid renter incomes; 530 units permitted in Monterey County in 2024 (50 in 5+ unit buildings).
• At $41,312/mo this rent would consume 508% of the median local household income ($98k/yr) (locally 1736% 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 $29k of loan paydown is wiped out by about $126k 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 + 4.9% rent growth), your $1.18M cash investment doubles in ~10 years — after that, you're playing with house money.

Negotiation context

• It's been on market 33 days — a 3% lower offer ($4.07M) is reasonable based on typical stale-listing flexibility.
• 6 sale attempts since 3y ago with the ask held roughly flat each time — persistent listings suggest the price (not the market) is what's stuck; bring a comps-based counter.
• Current owner paid $90k; list at $4.20M implies a 4566% gain — meaningful room to come down on a strong offer.

Recommended offer $4,073,030 (3.0% below list)

Questions for the listing agent

1. It's been on market 33 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. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
5. Schools are F-rated, which usually means shorter tenancies and higher turnover. Who's the typical renter profile here, and what's been the actual vacancy rate?
6. Crime grade is D in this area — have there been break-ins, vandalism, or insurance claims at this property in the last 3 years? What carrier currently insures it and at what premium?
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: 0.98% ✗
• Cap rate: 8.56%
• Cash-on-cash: 8.08%
• DSCR: 1.36
• GRM: 8.5

CMA / ARV

No comps found within radius.

Projected returns pro-forma

-3.0% appreciation · 4.87% rent growth · sell at horizon

5-year hold

• IRR: -2.2%
• Equity multiple: 0.92×
• Total profit: $-98,859
• Equity at exit: $626,085

10-year hold

• IRR: 9.2%
• Equity multiple: 1.76×
• Total profit: $892,769
• Equity at exit: $363,053

Cash invested: $1,175,720 (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 93906

• Rents YoY: 4.9%
• Active inventory: 43
• Price-to-rent: 135.5×

Monthly cashflow live

• Estimated rent: $41,312 high
• Mortgage (P&I): −$22,020
• Tax from tax record: −$947 /mo · $11,367/yr
• Insurance: −$1,750
• HOA: −$0
• Vacancy / Maint / Mgmt: −$8,676
• Net cashflow: $7,920

Break-even live

Break-even rent $31,287

Max offer price $4,199,000

Occupancy floor 76%

Sensitivity live

Price	-10% $10,297	-5% $9,108	+0% $7,920	+5% $6,731	+10% $5,543
Rent	-10% $4,656	-5% $6,288	+0% $7,920	+5% $9,551	+10% $11,183
Rate	-1.0pp $10,034	-0.5pp $8,988	base $7,920	+0.5pp $6,832	+1.0pp $5,725

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

Units	Beds	Baths	Est. rent
▸ 16× units	2	1	$41,312
Total (16 units)			$41,312

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: $1,049,750
• Closing costs: $125,970
• Reserves months: —
• Total cash needed: —

Listing history 29 events

1. 2026-06-21
   days on market $4,199,000 Active 33 DOM
2. 2026-06-18
   days on market $4,199,000 Active 30 DOM
3. 2026-06-17
   days on market $4,199,000 Active 29 DOM
4. 2026-06-16
   days on market $4,199,000 Active 28 DOM
5. 2026-06-15
   days on market $4,199,000 Active 27 DOM
6. 2026-06-14
   days on market $4,199,000 Active 25 DOM
7. 2026-06-13
   days on market $4,199,000 Active 24 DOM
8. 2026-06-10
   days on market $4,199,000 Active 22 DOM
9. 2026-06-09
   days on market $4,199,000 Active 21 DOM
10. 2026-06-08
    days on market $4,199,000 Active 20 DOM
11. 2026-06-07
    days on market $4,199,000 Active 19 DOM
12. 2026-06-03
    days on market $4,199,000 Active 15 DOM
13. 2026-06-02
    days on market $4,199,000 Active 14 DOM
14. 2026-06-01
    days on market $4,199,000 Active 13 DOM
15. 2026-05-31
    days on market $4,199,000 Active 12 DOM
16. 2026-05-30
    days on market $4,199,000 Active 11 DOM
17. 2026-05-20
    listed $4,199,000 Active 818-char remark

    Show marketing remark (818 chars)

    Rarely available Salinas 16-unit apartment complex. 9.64 GRM & a 6.31% cap rate with new Proposition 13 taxes. Unit mix is all 2-bed / 1 bath. Lots of positives: 1983 construction, most of the wood siding replaced in the last 3 years, deck replacement & repairs last 4 years, SB721 clearance, exterior repainted, complex-owned laundry equipment, and Jeld-Wen vinyl windows. Interiors have remodeled the kitchens, installed new lighting, fans, and flooring, and installed new bathroom fixtures. Most units have a private deck, enclosed patio, some of which are quite spacious. There are two offices - one for management and one for ownership. The North Salinas location is close to shopping, amenities, Costco, Target, Safeway, banks, and many restaurants. Easy access to Highway 101 and may employment centers.

18. 2026-05-20
    price $4,199,000 818-char remark

    Show marketing remark (818 chars)

    Rarely available Salinas 16-unit apartment complex. 9.64 GRM & a 6.31% cap rate with new Proposition 13 taxes. Unit mix is all 2-bed / 1 bath. Lots of positives: 1983 construction, most of the wood siding replaced in the last 3 years, deck replacement & repairs last 4 years, SB721 clearance, exterior repainted, complex-owned laundry equipment, and Jeld-Wen vinyl windows. Interiors have remodeled the kitchens, installed new lighting, fans, and flooring, and installed new bathroom fixtures. Most units have a private deck, enclosed patio, some of which are quite spacious. There are two offices - one for management and one for ownership. The North Salinas location is close to shopping, amenities, Costco, Target, Safeway, banks, and many restaurants. Easy access to Highway 101 and may employment centers.

19. 2026-05-20
    listed $4,190,000 Active 818-char remark

    Show marketing remark (818 chars)

    Rarely available Salinas 16-unit apartment complex. 9.64 GRM & a 6.31% cap rate with new Proposition 13 taxes. Unit mix is all 2-bed / 1 bath. Lots of positives: 1983 construction, most of the wood siding replaced in the last 3 years, deck replacement & repairs last 4 years, SB721 clearance, exterior repainted, complex-owned laundry equipment, and Jeld-Wen vinyl windows. Interiors have remodeled the kitchens, installed new lighting, fans, and flooring, and installed new bathroom fixtures. Most units have a private deck, enclosed patio, some of which are quite spacious. There are two offices - one for management and one for ownership. The North Salinas location is close to shopping, amenities, Costco, Target, Safeway, banks, and many restaurants. Easy access to Highway 101 and may employment centers.

20. 2024-05-22
    historical $2,100
21. 2024-05-01
    price $2,100
22. 2024-04-10
    listed $2,195
23. 2024-04-10
    historical $2,195
24. 2024-03-13
    listed $2,195
25. 2024-03-13
    historical $2,295
26. 2024-02-23
    listed $2,295
27. 2023-12-13
    historical $2,295
28. 2023-12-08
    listed $2,295
29. 1983-03-23
    soldstatus $90,000

ⓘ 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: $11,367 · $947/mo
• Projected year-2 tax: $31,912 · $2,659/mo
• Expected delta: +$20,545/yr (+$1,712/mo · 180.7%)

ⓘ 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 1/10 Low
• 🌡 Heat 3/10 Moderate 6 d/yr ≥81°F today · 12 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: $495,744
• − Mortgage interest: −$235,209
• − Property taxes: −$11,367
• − Insurance: −$20,995
• − Repairs & maintenance: −$39,660
• − Management: −$39,660
• − Depreciation: −$122,153
• Taxable income: $26,701
• Est. tax owed @ 24.0%: −$6,408
• After-tax cash flow: $88,627/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 — Salinas

• Score: 63/100
• State rank: #465
• US rank: #15876

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Salinas, CA
• County: Monterey County · 241,191 people
• City population: 119,069
• Metro: Salinas, CA
• Population (ZIP): 64,199
• Household income: $97,555
• Rent vs Own: 45.7% rent · 54.3% own
• Severe rent burden: 1736.0

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: Predominantly Hispanic (76%)
• Race & ethnicity: Hispanic / Latino 76% Two or more races 13% White 13% Asian 7% Black 2%
• Hispanic origin (detail): Mexican 70% Salvadoran 1%
• Common ancestry: Russian 1% Italian 1% Romanian 1%
• Foreign-born: 33% · Canada, China
• Languages at home: 33% English-only · Spanish 60% Tagalog/Filipino 2% Chinese 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: ▼ -690.60%
• Current HPI: 262.5003
• Rent YoY: ▲ 4.87%
• 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

+4565.6% since first listed

13 events — show timeline

• 2026-05-20 Listed $4,199,000 bridgeMLS, Bay East AOR, or Contra Costa AOR
• 2026-05-20 Price Changed $4,199,000 MLSListings
• 2026-05-20 Listed $4,190,000 MLSListings
• 2024-05-22 Rental Removed $2,100 APPFOLIO
• 2024-05-01 Price Changed $2,100 APPFOLIO
• 2024-04-10 Listed for Rent $2,195 APPFOLIO
• 2024-04-10 Rental Removed $2,195 APPFOLIO
• 2024-03-13 Listed for Rent $2,195 APPFOLIO
• 2024-03-13 Rental Removed $2,295 APPFOLIO
• 2024-02-23 Listed for Rent $2,295 APPFOLIO
• 2023-12-13 Rental Removed $2,295 APPFOLIO
• 2023-12-08 Listed for Rent $2,295 APPFOLIO
• 1983-03-23 Sold (Public Records) $90,000 Public Records

Property tax history

+2.1%/yr

Latest (2025): $11,367 · +3.9% YoY. Source: county tax records.