Investment Opportunity in South Salinas! This four-unit property offers a desirable unit mix consisting of one 3-bedroom, 1.5-bath unit, one 2-bedroom, 1-bath unit, and two 2-bedroom, 1.5-bath units. Do not disturb tenants. Three units are currently tenant occupied and Unit #3 is available to rent out upon purchase, providing an opportunity for a new owner to make improvements and establish a new tenancy at a market rent, subject to applicable rental laws and regulations. The property has deferred maintenance and is being offered in its present condition, providing an opportunity for an investor to make improvements over time and enhance the property's overall condition and income potential. Convenient South Salinas location with access to shopping, schools, services, and major thoroughfares. A great opportunity for an investor looking for an established four-unit property with existing rental income, and future value-add potential.
Center City, located between N Main Street and S Main Street, is a civic and commercial Salinas neighborhood with historic storefront blocks and a walkable downtown grid. The neighborhood’s character concentrates around Main Street at Gabilan Street, where taquerias, independent cafes, galleries, and late-night bites line the sidewalks under theater marquees. The Fox Theater anchors the streetscape with a classic facade and a steady calendar of performances. The Steinbeck Center adds a museum-like counterpoint, tying local history to the public realm. Oldtown Salinas’ brick-and-stucco buildings frame pocket plazas and patios that keep the pace social. Civic buildings and small offices mix with restaurants, making daytime errands and evening shows share the same blocks.
Provided by Walk Score and Local Logic
Property details
Interior
Exterior
Finance
Kitchen
Bathroom
Bedroom
Living
Interior features
Wall furnace heating
Bedrooms
Unit mix includes one 3-bedroom unit and three 2-bedroom units
Bathrooms
Units include full and half baths (some units have 1 full bath and 1 half bath; others have 1 full bath)
Laundry & utility
Separate electric and separate gas meters
Heating & cooling
Wall furnace
Exterior features
Tar and gravel roof
Parking available (assigned spaces, covered parking, on-street)
Home design
Fourplex (4 buildings listed)
R-M-2.9 zoning
Parking
At least 6 carport spaces (minimum)
Assigned and covered parking plus on-street parking
Construction
Concrete perimeter foundation
Utilities
Public water
Public sewer
Public utilities
Financial info
Total of 4 units
Gross scheduled/annual rental income listed around $49,872
Reported annual gross income shown as $29,923
Annual rental income per unit varies (example rents provided: $1,510; $1,362; $1,284)
Gross rent multiplier: 20.03
Total expenses reported: $40,740 (including other expenses $10,185)
Utility expenses reported: $8,728
Tenant-paid expenses include gardener/landscaping and utilities (electric, gas)
Vacancy factor reported as 40
Other
Living area reported as 4,175 (living area figure provided by listing)
Separate unit sizes reported (approx.): 1,370; 869; 968; 968
Electricity and solar
View estimated energy costs and solar savings for this home
bridgeMLS, Bay East AOR, or Contra Costa AOR #ML82057880
Aug 31, 2026
Pending
—
Aug 31, 2026
Contingent
—
Aug 19, 2026
Listed
$999,000
$239/sq ft
Aug 19, 2026
Listed
$999,000
$239/sq ft
+16
Investment Opportunity in South Salinas! This four-unit property offers a desirable unit mix consisting of one 3-bedroom, 1.5-bath unit, one 2-bedroom, 1-bath unit, and two 2-bedroom, 1.5-bath units. Do not disturb tenants. Three units are currently tenant occupied and Unit #3 is available to rent out upon purchase, providing an opportunity for a new owner to make improvements and establish a new tenancy at a market rent, subject to applicable rental laws and regulations. The property has deferred maintenance and is being offered in its present condition, providing an opportunity for an investor to make improvements over time and enhance the property's overall condition and income potential. Convenient South Salinas location with access to shopping, schools, services, and major thoroughfares. A great opportunity for an investor looking for an established four-unit property with existing rental income, and future value-add potential.
BUILDIUM #1
Nov 28, 2024
Rental Removed
$2,195
$1/sq ft
Nov 16, 2024
Listed for Rent
$2,195
$1/sq ft
Public Records
Aug 20, 1987
Sold
$227,000
$54/sq ft
Public Records
Sep 28, 1984
Sold
$68,500
$16/sq ft
Public Records
Mar 2, 1981
Sold
$45,000
$11/sq ft
Year
Property tax
Land + Additions
Assessment*
2025
$5,489 (+9.2%)
$535,500 + $606,900
$1,142,400
2024
$5,028 (+3.5%)
$114,829 + $319,637
$434,466
2023
$4,860 (+3.9%)
$112,578 + $313,370
$425,948
2022
$4,679 (+4.1%)
$110,371 + $307,226
$417,597
2021
$4,496 (+2.8%)
$108,207 + $301,202
$409,409
2020
$4,372 (+0.7%)
$106,086 + $295,297
$401,383
2019
$4,340 (+1.3%)
$104,999 + $292,270
$397,269
2018
$4,285
$102,941 + $286,540
$389,481
2017
$4,289
$98,945 + $275,414
$374,359
2016
$4,291 (−0.9%)
$98,945 + $275,414
$374,359
2015
$4,328 (+7.1%)
$97,005 + $270,014
$367,019
2014
$4,040 (−1.4%)
$93,677 + $260,750
$354,427
2013
$4,099 (+3.3%)
$93,677 + $260,750
$354,427
2012
$3,967 (+1.4%)
$93,254 + $259,572
$352,826
2011
$3,911 (+1.2%)
$91,426 + $254,483
$345,909
2010
$3,865 (−1.3%)
$89,634 + $249,494
$339,128
2009
$3,915 (+5.3%)
$88,965 + $247,630
$336,595
2008
$3,718
$89,177 + $248,219
$337,396
Public record
Public record
Zoning
Permits
Beds
—
Baths
—
Stories
—
Lot width
—
Lot depth
—
Lot size
7,791 Sq. Ft.
Year renovated
—
Finished Sq. Ft.
—
Unfinished Sq. Ft.
—
Total Sq. Ft.
—
Year built
—
Style
Other
County
Monterey County
APN
002354008000
Parking Spaces
—
Basement
—
Accessible
—
HOA Dues
—
Garage
—
Features
—
Last updated by owner on Sep 8, 2026.
R-M-2.9
CC-DN
Residential Medium Density Districts
The purpose of the residential medium density (RM) districts regulations is to: Provide appropriately located areas for single-family and medium density multifamily dwellings consistent with the general plan and with standards of public health and safety established by the Municipal Code; Provide adequate light, air, privacy, and open space for each dwelling unit and protect residents from the harmful effects of excessive noise, inappropriate population density, traffic congestion, and other adverse environmental impacts; Promote development of affordable housing, housing for qualifying residents, and day care facilities by providing a density bonus for projects that meet state and/or city density bonus requirements; Achieve design compatibility through the use of site development regulations and design standards; Protect adjoining lower density residential districts from excessive noise or loss of sun, light, quiet, and privacy resulting from proximity to higher density and multifamily dwellings; Provide sites for public and semipublic land uses needed to complement residential development or requiring a residential environment; Ensure the provision of public services and facilities needed to accommodate planned population densities; Encourage attractive and interesting residential streetscapes, dwelling units, and developments that are pedestrian-oriented and reflect traditional neighborhood design principles; and Promote safe residential neighborhoods through the use of crime prevention through environmental design (CPTED) features in dwelling and site design; To provide for medium density dwellings where the minimum density is more than 8 du per net acre and the maximum density is not more than 15 du per net acre without density bonus.
Zone overlays
Central City Downtown Neighborhood Areas District
Permitted uses
Include but are not limited to:
Housing-Single unit
Housing-Multiple units
Housing-Senior
Housing-Other
Feb 10, 1998 • Final
Reroof
Remove the existing roof and apply a new tar and gravel roof.
Roofing
Dec 17, 1971 • Final
Residential
Construct a four-unit garden apartment building and carports.
Addition
New construction
Permit history is from public records and may be incomplete or inaccurate. Redfin and its agents make no representations about the property condition or permit status. Buyers should independently verify all information.
Climate risks
1/10 Flood Factor
Minimal risk of a flood reaching the building in the next 30 years
1/10 Fire Factor
Unlikely to be in a wildfire in next 30 years
3/10 Heat Factor
6 days above 81° expected this year, 13 days in 30 years
1/10 Wind Factor
Minimal risk of severe winds over next 30 years
7/10 Air Factor
11 unhealthy days expected this year, 11 days in 30 years
Provided by First Street
Historical weather
Salinas, CA • 93901
Average low and high temperatures (°F)
64
42
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72
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57
73
53
66
47
65
45
Jan
Feb
Mar
Apr
May
Jun
Jul
Aug
Sep
Oct
Nov
Dec
Sun exposure
Try the sun simulator tool to see how light moves across the property at different times of day and year.
Provided by Shadowmap
Redfin Estimate for 447 Soledad St
$998,931
$69 under list price of $999K
Nearby comparable homes
The Redfin Estimate uses 6 recent nearby sales, priced between $812K to $1.1M.